If you countdown to payday, you are NOT alone! 78% of people do!
32% of people actually stick to a strict budget, and only 56% get to save $100 or LESS each month!
But don’t worry! There are a few things that you can do to help get back on track.
- Make A Budget & Stick To It! Track your spending. You need to know where your money is going. Start an Excel spreadsheet or even keep your receipts and put them into categories so you’ll know what area you spend the most in.
- Save For Emergencies! It’s been said before to be safe, you should have 3-6 months worth of expenses set aside in case you lose your job or are unable to work. Things happen unexpectedly like car repairs, or home repairs if your hot water tank goes out. Plan for difficult times in advance!
- Develop A Payment Plan. Try to consolidate your debt. Call credit companies to see if you can get a lower % rate, set up a payment plan or any other perks they might be able to offer. List your outstanding debt in order from highest interest to lowest interest and pay off the highest one first.
- Manage Your Retirement Plan. Most workers are in charge of their savings. Educate yourself and get a solid game plan going even if it’s a very minimal amount, it will add up over time.
- Get A Side Job. A little extra cash never hurts. This will allow you to gain a little extra spending money so you don’t have to use so much of your normal pay. Look for something that peaks your interest or could be a hobby.
73% of people are in some kind of debt. A couple simple steps in the right direction can help you out big time in the long run.
Careerbuilder.com – Ladan Hayes – August 24, 2017 https://www.careerbuilder.com/advice/five-ways-to-stop-living-paycheck-to-paycheck