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Financial stress happens for two reasons:
1) You’re not making enough money to cover all of your bills.
2) Your debt is more than your income.
I constantly had a knot in my chest stressing over my finances and every dollar I spent. After facing a period of unemployment I was at my lowest. However, one day I woke up and I realized that I never wanted to feel that again. I decided that I was no longer going to allow my money to manage me. I took control and learned a lot along the way towards a brighter financial future.
You have to understand that we are taught to earn not how to spend or money. It is up to you to take control of yourself. Play an active role in your financial health and make the time to make the difference.I’m not saying crunch numbers all day but once or twice a week evaluate your spending and balance your account. I recommend to do this daily.
What to Do:
Living paycheck to paycheck can make you feel like you’re working for nothing. Only being able to afford the basics and necessities is a blessing. However sometimes you want to do better and you want more for yourself. Decision making can be difficult in times of stress especially when it comes time to pay the bills.
Well no more being afraid of your bank account. The stuck stops here! Here are 3 tips to stop living paycheck to paycheck!
#1 Accept your situation.
Life will happen. Emergencies will happen. It is going to be okay. You can plan, but you can’t plan for everything. Once your at point where you’re set overtakes your income it is time to act. Accept where you are. Forgive yourself. Move on. Take it one step at a time but keep it moving. Your past has already happened but you history does not have to keep repeated itself.
#2 Check your spending.
I did not want to use the word budget but please take time to make one. Sit down and write down all of your bills and the amount. On another sheet of paper write down your expected income. This can help you to see how you can improve. If your bills are more than your income see if there is something you can live without. For example if your cable bill is costing you too much consider using Netflix or Hulu for a while to help you pay down more important debts.
Your priorities should be your mortgage or rent, utilities, car payment, insurance, gas and food ( these can change based on your situation) If you have child support, unpaid taxes or medical bills you would want to make those a priority as well due to the consequences of forefoing non payment!
#3 Choose between building a savings or paying off debt.
It is your choice but you must choose. You can do both but it can be negative reincforcement. If you are constantly having to spend your savings you should pay more towards debt. Also if you are avoiding debt to build a savings you need to address your debts.
Again, life happens and we are all on different pages in our lives but money impacts us all. I hope these tips help you towards a brighter financial future.
Learn how to start your budget here: Start your budget!