Tips & Advice
3 Ways to Stop Living Paycheck-to-paycheck
If saving money seems impossible, you're not alone. Reportedly, more than half of Americans have less than $1,000 to their name.
While it's hard to imagine keeping extra cash when you live paycheck-to-paycheck, there is hope. If you take a big-picture view of your spending habits, you'll be surprised at the savings opportunities you might find.
Here are three habits you should break today to help build a stronger financial future:
1. You don't track your spending
Start by reviewing expenses from the past three months, and look for areas of excess.
Consider using My Financial Life Personal Money Manager in Online Banking and the Mobile App. This FREE, simplified, user-friendly system makes it easy to monitor your spending, control debt and stay on budget, without any software to install.
2. A big appetite for eating out
In 2015, Americans spent more money eating in restaurants than they did buying groceries at the supermarket. Eating out often, especially if you're feeding a family, adds up fast.
One great way to save money is to simply eat at home more often. If you're pressed for time, prepare meals during the weekend and defrost them for quick, and affordable, meals throughout the week.
3. The credit card curse
If you rely on credit cards to fund day-to-day purchases, stop; save them for emergencies only. The interest and credit fees can drive up your monthly expenses, keeping you in debt longer.
Instead, go old: school and try to exclusively use cash. That way, if an impulse purchase costs more than what's in your wallet, you won't be tempted to buy it.
Need a little extra help reining in expenses or paying down debt? Contact a Certified Financial Coach at BALANCE today!