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How to Stop Living Paycheck to Paycheck Living paycheck to paycheck is stressful, and it doesn't take much to turn a paycheck-to-paycheck lifestyle into a financial disaster. What if your car breaks down? Or, you need to take extended sick leave from work? Or, your company lays you off?
1. Take a survey. When it comes to personal finances, many people try to make changes without knowing what they need to adjust. You might think you're spending too much on groceries, for instance, but maybe you're really overspending on entertainment. Or, you may assume paying off your credit cards will be the fastest way to free up extra money, when you really need to downgrade your car. So before you set any financial goals, take time to do a thorough personal financial audit. What are your biggest bills each month? Where are you spending money that you don't even realize you're spending? You might be surprised at how much you don't know about your spending habits. Arming yourself with knowledge is a great way to get started.
By St. Boogar and all the saints at the backside door of Purgatory! | |
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Good advice! | |
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By St. Boogar and all the saints at the backside door of Purgatory! | |
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Here's a tip. Pick up all the loose change you see on the ground, even the pennies. You'd be surprised how much adds up after a while. I ain't too shamed to bend over to pick up a penny. I had a neighbor who used to routinely throw his loose change in his yard, dimes, nickels, pennies and even a few quarters. One time I collected $1.85 in change just from his yard! | |
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By St. Boogar and all the saints at the backside door of Purgatory! | |
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Sounds like an invitation | |
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I get paid sporadically. When I have some work. Same for the master. It's taught me I cannot depend on the next payment whenever that may be! We pay credit card in full each month and have no loans, lucky for that. I'm the mistake you wanna make | |
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Oh! You've got deep pockets, eh? | |
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I've been penny pinching and save all the (extra) money I make. I make about $215 every 2 weeks and in the last 2 months saved up $700. I will only buy what I need and pay my phone bill and if I ever get hungry for some restaurant I'll eat but otherwise I try not to eat out too much. I try to not just spend just because I have money but use it only for what I need. [Edited 2/11/14 18:07pm] | |
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By St. Boogar and all the saints at the backside door of Purgatory! | |
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How about getting a high paying job that doesn't require you to live from paycheck to paycheck? Or investing in income-producing real estate or a side business? Those things will probably help most people.
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The most important lesson I am still teaching myself might seem obvious, but: My Legacy
http://prince.org/msg/8/192731 | |
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Found or extra money is always saved for a rainy day. (That would include tax returns). 99.9% of everything I say is strictly for my own entertainment | |
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All sound, sensible advice. #4 is the one that’s been most important to me. Certainly it’s good to trim around the edges, brown bag your lunch, take it easy on $4 coffee & so on, but the large ticket fundamentals of how you live are where you can really recognize savings. I’ve never owned a car (money-killing beasts, IMO), I walk everywhere, I live in the smallest, cheapest apartment available to me in a neighborhood where I only slightly have to fear for my life at times, and I never take vacations & don’t eat in restaurants. It may not be the most dynamic way to live, but it’s paid pretty good dividends for me, and I’m particularly happy to have the resources available to me now since I’m quite a bit less happy about my work situation these days than I had been in the past. | |
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Here's my view on it. I've been broke and had to sell part of my record collection to get by. But when you do have the money, don't be hard on yourself! Buy that nice jacket! That Rolling Stones collectors item LP! But make sure you save something for bad times. | |
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I have a problem with sticking to a budget. By St. Boogar and all the saints at the backside door of Purgatory! | |
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That's really common. One technique I read (and it's what I am trying) to work with that kind of personality is to simply pay your bills first--including your savings, retirement, college fund, etc--and then go crazy with the rest. Just be responsible first. I think it works. My Legacy
http://prince.org/msg/8/192731 | |
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By St. Boogar and all the saints at the backside door of Purgatory! | |
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IMO It's okay to be broke if you are putting money into savings & retirement. I am pretty sure that unless you're stinking rich, you will always feel broke from time to time. The important thing is that you're not actually broke, not whether or not you feel broke from time to time. My Legacy
http://prince.org/msg/8/192731 | |
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