We get it. You’re tired of living paycheck to paycheck, and you’re looking for a way to end the vicious cycle.
Well, worry no longer. We got you covered. 😊
Here we’ll share 12 simple tips that will help you stop living paycheck to paycheck, FOR GOOD.
In fact, these tips below have helped my wife and I save over 70% of our paycheck and live a debt-free life for over 15 years!
So if you’re interested in learning what the best budget apps are, how to get free gift cards, cashback on your purchases, and more…
Check out the helpful blog below. 😊
How To Stop Living Paycheck To Paycheck (12 Simple Steps)
1. Budget
Like some Americans, you may be living paycheck to paycheck. This can make it difficult to save money or pay down debt. But there are ways to break this cycle.
One way to stop living paycheck to paycheck is to create a budget (if you have a partner, you can create a family budget). A budget will help you track your spending and make changes if necessary. You can create a budget by yourself or with the help of a financial advisor.
“But budgeting is soooooo boring! (And extremely time-consuming…).”
Well then…
Another way to stop living paycheck to paycheck is to use Personal Capital.
Personal Capital is a free money management app that allows you to organize your personal finances by creating a tailored plan that fits your specific needs. You also have free access to professionals for budgeting assistance. You can do all this easily from the palm of your hand on your cell phone.
It’s much easier than jotting down stuff on a piece of paper or doing a spreadsheet once a month.
If you’re struggling to make ends meet or having a hard time living within your means, try using Personal Capital to help you create a budget and get your finances under control. With its easy-to-use tools and expert assistance, you’ll be on your way to financial freedom.
2. Get A Side Hustle
We’ve all been there before. You’re scraping by, barely making ends meet. You’re living paycheck to paycheck, and it feels like there’s no way out. But there is a way out: you can start a side hustle.
A side hustle is anything that you do in addition to your regular job to make extra money. And trust me, there are plenty of ways to make extra money. You can start a blog, for example, and use Bluehost to create a self-hosted website for only $2.75 a month.
Blogging is a great way to make extra money because you can do it on your own time and make as much money as you want. In addition, there are some cool things about blogging, like sharing your skills or making new friends.
So if you’re sick of living paycheck to paycheck, consider getting a side hustle or a job that pays under the table. It could be the key to finally breaking out of debt and financial insecurity.
3. Get Free Gift Cards
If you’re living paycheck to paycheck, it can be tough to make ends meet, especially during the holidays. But what if I told you that there’s a way to get free gift cards that can help you with your holiday shopping?
Swagbucks is an app that allows you to receive free gift cards from your favorite stores like Amazon and Walmart. All you have to do is fill out surveys. It’s that easy!
One of the cool things about the gift cards is that they can help you with your holiday shopping for your family nieces and nephews. With Swagbucks, you can get everything you need without debt.
So what are you waiting for? Download Swagbucks today and start getting free gift cards!
4. Save Money With Cash Back Apps
Like most people, you’re always looking for ways to save money. One way to do this is to use cashback apps like Ibotta.
Ibotta is a free app that gives you cash back on your purchases. All you have to do is download the app and start shopping. Then, take a photo of your receipt whenever you make a purchase, and Ibotta will give you cashback.
It’s easy to use, and it’s totally free. So why not give it a try? You could start saving money today.
5. Use Cash Only (No Credit Card)
You may think that you’re saving money by using a credit card, but you’re actually spending more. When you use cash, you’re more likely to be mindful of your spending because you can see the money leaving your hands. Unfortunately, credit cards make it too easy to spend without thinking about it, and before you know it, you’ve racked up a huge bill.
If you really want to save money, use cash only. Make a budget and take out the cash you need for the week. Once the money is gone, that’s it – no more spending. This may be difficult at first, but it will force you to be more mindful of your spending and help you save money in the long run.
Try the cash-only method (one of many money-saving challenges) for one month and see how much you save. You may be surprised at how easy it is to stick to your budget when using cash. So give it a try and see for yourself!
6. Live Within Your Means
Living within your means is a great way to stop living paycheck to paycheck. It may sound counterintuitive, but it’s true. You are always one step away from financial disaster when you live paycheck to paycheck. If something unexpected comes up, you may not be able to afford it. This can lead to a downward spiral of debt and more financial stress.
Living within your means spending less than you earn. This can be difficult if you are used to spending everything you make, but it is possible. Start by tracking your spending for one month. This will help you see where your money goes and where you can cut back. Then, start making changes.
For example, try brown-bagging your lunch instead of buying it every day. Also, cut back on nights out or other unnecessary expenses. If you can stick to a budget, you will be much better financially.
Living within your means takes discipline, but it is worth it. You will be less stressed and more prepared for unexpected expenses. It is an essential step to taking control of your finances and achieving your financial goals.
7. Practice Gratitude
Saving money can be challenging, and it’s easy to get caught up in the paycheck lifestyle. But did you know that practicing gratitude can help you save money? That’s right, gratitude can help prevent you from living paycheck to paycheck.
How does gratitude help? When you take time to appreciate the things you have, you start to see that you don’t need to keep up with the Joneses. You can find happiness in simple things like walks or watching the sunset instead of busting out the credit card and buying the latest and greatest car or watch.
So next time you’re feeling stressed about money, take a step back and practice gratitude. It just might help you save a few bucks in the long run!
(Oh, I forgot to add, here’s a guide to help you live without money; here’s a guide to help you enjoy life without money. Check them out. They’re extremely helpful!)
8. Lower Your Phone Bill
Like most people, you’re probably used to paying a pretty hefty phone bill each month. In fact, the average cell phone bill in 2021 was a whopping $127 per month! Yikes. But what if we told you that there are ways to get your monthly phone bill down to a much more manageable number? For example, Mint Mobile offers plans for just $15 per month, and Tracfone has a prepaid service that starts at only $7 per month.
Now, we know what you’re thinking – how can services that cost so much less than the average phone bill possibly be any good? So we did a little research, and it turns out that both Mint Mobile and Tracfone are excellent choices for people looking to save a few bucks each month and stop living paycheck to paycheck.
Mint Mobile is a low-cost carrier that uses the same cell towers as major carriers like AT&T, Verizon, and T-Mobile. This means you’ll get the same coverage with one of the bigger carriers but at a fraction of the cost. And if you’re worried about having to sign a long-term contract, don’t be – Mint Mobile plans are month-to-month, so you can cancel anytime.
Tracfone is another excellent option for people who want to save money on their phone bills. With Tracfone, you can either pay for your service as you go or buy a prepaid plan that gives you a certain amount of minutes, texts, and data each month. And like Mint Mobile, Tracfone doesn’t require a long-term contract, so you can cancel at any time.
So there you have it – two great ways to lower your phone bill and stop living paycheck to paycheck. Give Mint Mobile or Tracfone a try today and see how much you can save!
9. Reduce Cable and Internet Bills
If you’re living paycheck to paycheck, the last thing you want is to spend more money than you have to on your monthly cable and internet bill.
Luckily, there’s a way to lower that bill without giving up your favorite shows and movies. Roku devices offer a variety of streaming services at an affordable price. For only $13.99 a month, you can access Hulu, Disney+, and ESPN+.
So if you’re looking for a way to save money, consider investing in a Roku device. It could be the answer to your prayers.
10. Create An Emergency Fund
If you’re living paycheck to paycheck, there’s a chance you might not have enough if something comes up. In fact, about 40% of us don’t have enough savings to cover an unexpected $1,000 bill. That’s why an emergency fund is so important.
An emergency fund is a savings account that you use for unexpected expenses. This could be anything from a house repair to a medical bill. Having an emergency fund can help you avoid going into debt when something unexpected comes up.
Creating an emergency fund may seem daunting, but it’s actually pretty simple. The first step is to set aside some money each month to put into your emergency fund. You can start with as little as $50 per month. Once you have a few months of savings built up, you’ll be on your way to financial security.
If you’re struggling to make ends meet, an emergency fund can be a lifesaver. It can help you avoid going into debt and provide peace of mind knowing that you’re prepared for whatever life throws your way. So take this vital step today and start saving for your future.
11. Get Out of Debt
Debt…
Very very bad…
No one wants to be in debt (especially the credit card type), but so many of us are paycheck to paycheck because of it.
In fact, 80% of Americans are in debt, with an average amount of $38,000!
NOT GOOD.
So you’re in debt, and you need to get out as soon as possible. And one of the best ways to do that is by using Quicken’s Debt Reduction Plan.
Quicken’s Debt Reduction Plan will help you get out of debt quickly and easily. All you have to do is enter your current debt information, and Quicken will show you a chart of when you’ll be out of debt based on your current payment plan. Then, if you can afford to make higher payments, you can just change the information and the system will then show you how fast you can become debt-free.
So don’t wait. Get out of debt now with Quicken’s Debt Reduction Plan.
12. Create A Financial Independence Goal
One of the best ways to stop living paycheck to paycheck is to set a financial independence goal. You are less likely to spend your money on unnecessary things when you have a plan to save up for and work towards. Having a financial independence goal also forces you to be more mindful of your spending in general.
If you are unsure where to start, many online calculators can help you figure out how much money you need to save to reach your financial independence goal. Once you have a target number in mind, start setting aside money each month to reach your goal. Even if you can only save a little bit each month, it will add up.
If you are serious about reaching your financial independence goal, you can do a few other things to help make it happen.
One is to create a budget and stick to it. This will help you track your spending and ensure that you put enough money towards your goal each month.
Another is to automate your savings to you don’t have to think about it every month.
Once you have set up your financial independence goal, you can start working towards it and break the paycheck cycle.
FAQ
Is Living Paycheck To Paycheck Normal?
Living paycheck to paycheck is not normal, but it has become increasingly common due to the high cost of living. There are ways to break the cycle and get out of this challenging situation, but it will require effort and determination.
Does Living Paycheck To Paycheck Mean You Have No Savings?
No, not necessarily. It just means that your expenses are equal to or greater than your income, so you cannot put any money into savings. This can be due to various factors, like low income, high cost of living, or expensive debts. Living paycheck to paycheck can be difficult and stressful, but there are ways to break the cycle, such as budgeting, paying off credit card debt, and reducing expenses.
How Much Should You Save of A Paycheck?
Most people recommend saving anywhere from 10-30% of your paycheck to have a cushion in tough times or emergencies. This can be difficult for some people, especially if they are living paycheck to paycheck, but it’s essential to try to save as much as possible.
What Is The 50 30 20 Rule Budget?
The 50/30/20 rule is a simple budgeting method that can help you control your spending and save money. The basic idea is to divide your income into 50% for essential expenses like housing and food, 30% for discretionary items like entertainment and travel, and 20% for savings and debt repayment.
Is it good to save 50% paycheck?
It can be good to save 50% of your paycheck, but it depends on your individual situation. For example, saving 50% may not be possible if you are paycheck-to-paycheck. However, if you have some extra money each month, saving 50% is a great way to build up your savings.
Summary
You can do this!
It’s not going to be easy, but it will be worth it.
Start by picking one of the 12 methods we talked about and formulating a plan. Next, implement that plan and then move on to another method. Before you know it, you’ll have broken the cycle and be well on your way to financial independence.
We believe in you!
So what method above will you use?
Will you use the free Personal Capital to help you manage your money?
Or will you earn some free gift cards using the sweet Swagbucks app?
Hello! I'm Charles. 1st gen millionaire, real estate investor, health enthusiast, and military veteran. In the last 17 years, I have managed billions of dollars of resources for the Department of Defense. Created financial management plans that enabled fellow service members to get out of thousands of dollars in debt and tailored wellness plans that helped people reverse and eliminate high-blood pressure, pre-diabetes, and obesity. Learn more about me here.