Paycheck to paycheck living is a common financial challenge that many Americans – 49% to be exact, according to the survey - will struggle with, every month this year. More strikingly, 53% reveal that they don’t have an emergency fund that will cover at least three months of expenses. All these facts are simply to let you know that you’re not alone.
But, what can you do to move beyond the paycheck to paycheck struggle?
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| | Hello Friend,
Most people live paycheck to paycheck. According to a survey, 49 percent of US adults expect to live paycheck to paycheck every month this year. In fact, most people cannot deal with a $500 unexpected expense without borrowing the money or dipping into savings. What’s worse is that 53 percent of the population in the USA reveal that they don’t have emergency fund that will cover at least three months of living expenses.
All these facts are to let you know that you’re not alone.
However, it doesn’t have to be that way. There are steps you can take to move past it that will make your life a little bit easier and happier without breaking the bank.
Identify the scope of the problem
The very first thing to do if you want to fix your struggle is to identify the scope of the problem. There could be one or more major reasons that you’re struggling to live paycheck to paycheck. Not everyone is struggling due to lack of funds. Some people struggle due to lack of planning and simply overspending. When you figure out your issue, you can correct it. Here are some common reasons for struggling. In many cases, money problems do not come from overspending but instead from lack of income. If you’re underemployed, or you simply are not making enough money to live the way you need or want to live, you’ll need to figure out a plan to remedy that situation. You can get a part-time job, freelance part time, or sell off some assets to pay down bills to fix this problem.
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Positively Practical Network Team |
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