Ways on How Not to Live Paycheck to Paycheck

Living paycheck to paycheck can be an unfortunate and impossible way to make ends meet. Plus, it’s incredibly stressful to live life never having enough money to cover bills, pay for weekly food shopping, and pay rent. Not to mention, living paycheck to paycheck makes it hard to get ahead of your finances.
However, with the help of our guide below, we’ll show you a few ways that can help you learn not to live paycheck to paycheck. 

Adopt Budgeting Skills

One of the easiest ways to avoid living paycheck to paycheck is to effectively budget your life. This involves writing down monthly, weekly, and yearly budgets to keep your finances on track. However, it usually doesn’t take too much effort, and it will only help you save your money wiser. But, keep in mind that creating budget and budgeting are not the same thing. Writing down a budget on a piece of paper is one thing, but actually budgeting in real life can be hard to do.
Effectively budgeting your life can help you lower your spending and make your money worthwhile. For example, if you go food shopping, budgeting means only getting what you need, nothing else. If you don’t adopt this necessary skill, you’ll end up spending more than you can and topple your budget.

Reduce Your Spending

Once you’ve got a budget in motion, it’s time to work on reducing your spending. Although this can be a real challenge at first, the better you get at it, the more you can save and have money for more crucial spending. To start, work on cutting down at least $50 your first week and then work on reducing every spending category by $10 to $20. Over time, this will all add up to your savings and you’ll be glad you learned how to budget your money.

Pay Off Debt

If you have old debt nagging you and causing you to live paycheck to paycheck, it’s time to finally start paying it off. Not only to help get some savings but paying off old debt can open you up to credit-based opportunities, such as loans and credit cards. Although getting out of debt isn’t an overnight ordeal, taking the time to establish a plan can help you start living life as an adult that isn’t stuck financially.

Put Money in Your Savings Every Month

An easy way to stop living paycheck to paycheck is to actually have money in your bank accounts. However, you can do this by putting money in your savings account every month. Do this by setting aside a certain percentage of every paycheck you receive. Additionally, you should have an emergency fund that has at least one month’s worth of bills and regular expenses.
Once you get out of debt and stop living paycheck to paycheck, you can start compounding money into your emergency fund. Overall, your emergency fund can help you be financially healthy long-term. Even if you start your emergency fund with $5, it’s better than not putting anything in there at all.

Refinance Your Mortgage

By refinancing your home, you can cut down on your monthly expenses and save some cash. When you refinance, you can often find a different type or lower interest rate which means you will be paying less every month. Plus, this is a great time to refinance as rates are very low. Don’t miss out on this opportunity.

How Healthy Living is Frugal Living

Frugal living isn’t about depriving yourself of the things you enjoy and it’s not about sacrificing the things you love. Frugal living is about smarter living.  And smarter living means that you are able to live the life that you want to live because you can afford to do so.  Frugal living means smart spending, smart money management and harnessing your creativity.  It is easy to learn how healthy living is frugal living.

Buy Over the Counter Meds Online

Why pay more money for your over the counter medication like cough syrup, pain relief or allergy medication when you can go online to sites like Amazon and save yourself some money.  Sites like Amazon not only carry the name brands of medications to keep you healthy but they also have generic versions for a lot less.  The key thing to look for in the name brand and the generic brand is the active ingredient.

Shop at Ethnic Stores

If you have ever been in the ethnic aisles of your grocery store or at an ethnic store, you will find meats and fresh produce that is less expensive. These stores sell lots of raw produce and meats than you will find at your local supermarket. There are so many ways that healthy living can be frugal living.  Using cash or credit instead of taking out payday online loans is one way as well.  Payday loans have high rates and many people just end up in a huge debt cycle. Ethnic supermarkets cater to large families and those on a tight budget.

Locate Affordable, Healthy Recipes

When planning the family meals for the week or the month, you want to look for money minded recipes that are healthy at the same time.  Eating at home is a huge way to cut your food bill.  Choose some of the healthiest meals from your local grocery store like beans, vegetables and grains.  Other affordable, healthy choices include whole wheat bread, nonfat Greek yogurt, multigrain pasta, oats, pita bread and dried lentils.

Keep Your Home Tidy

Keeping your home clean has two frugal benefits.  One is that you don’t have to buy expensive cleaning products to cut through all the dirt and grime.  The other benefit is that if your home is organized, you know what you have so you are not constantly buying duplicates.  On your next vacuum purchase, buy one with a HEPA filter.  They are low cost and good for the health of everyone in your home.  Try making your own cleaning supplies at home.  If you have baking soda, white vinegar, lemon juice, cornstarch and Borax, you can easily make your own supplies without all the harsh chemicals.