Most Americans Are Living Paycheck to Paycheck - Are You?
Life is getting harder and harder, and with the current economic climate, even before the start of the pandemic, Americans living paycheck to paycheck has become the norm.
There are ways to break that pattern and to start saving money so that you can start living without financial burdens and stress. Ending such an awful cycle is important for not only are financial health but our overall health.
So, let's take a look at the basics of how you can start to restore order to your finances and in your life.
The Basics of Living Paycheck to Paycheck
1. Figure Out What Your Leaks Are
Every structure has its weak points, much like finances, which is why so many Americans living paycheck to paycheck are in the situation they are in.
In order to figure out where you are leaking money from, you need to examine all your expenses.
To do this, keep track of everything you buy or pay for. It‘s not just about how much you are spending, you need to be able to account for where you are spending.
It is your money, you must know what it is doing and how it is working for you or against you.
You can use an Excel spreadsheet, a Google document, an app on your phone, or even the old-fashioned pen and paper to keep a record.
2. Fix the Leaks
At the end of the month, you need to learn what you can cut out. Is it the Netflix subscription? Food waste? Bottled water? Cigarettes?
According to some research, Americans living paycheck to paycheck, spend up to $18,000 every year on non-essential items. This means throwing away money on things they could live without.
Even if you are one of the special few who minimize waste, you probably still spend too much on things that you don’t need.
Analyzing the list of expenses that you put together, can help you to become conscious, and reduce waste to a minimum, all while saving money in the process.
3. Be Consistent
Let’s face it, like most Americans living paycheck to paycheck, the most difficult part of being a financially responsible adult is to not give into temptation and purchase something you don’t need.
The first few weeks, or even the first month may be easier than the next. In the beginning, its new, so enthusiasm keeps you afloat. But then, you may be weak and frustrated, causing you to shop like you haven’t shopped before. This can result in the emptying of your account and will throw you right back into the cycle of so many other Americans living paycheck to paycheck.
In order to overcome this psychological threshold you need to work on yourself and stay motivated. If you need help, you can involve your friends and family in your plans and ask them to motivate you and to help you avoid temptation.
Our culture has helped to create addictions, like excessive buying and shopping. Whether it is food, clothing, or shopping in general, like any other addition, it brings us satisfaction. In order to rid ourselves of this habit we need to address it properly.
4. Set Milestones
It is easy to get distracted if you don’t have a well-defined plan. Having a step-by-step plan, that starts with very small steps can encourage you to stay motivated.
Start off small. Set a target to have a small amount of money left in your bank account at the end of the month. Then, aim to save some of that money in your bank account.
5. Take Advantage of New Technology
There are many cards an apps that offer the option of saving spare change. So, every time you shop, the provider will transfer a few cents in a savings account.If all Americans living paycheck to paycheck, start with small amounts like this, financial struggle as we know it may cease to exist, or at least exist on such a large scale.
This may not seem like much, but once you get a hang of it, you can set it to add $5 a week, or whatever amount you are comfortable with. Just make sure it is low enough to be considered spare change and you won’t even notice it.
Sadly, if you are like most Americans living paycheck to paycheck, you might be in a situation where you how to make money fast same day, and only then, can you think about escaping this cycle.
Luckily, there is a good option that can offer you the relief you need with a title loan. Missouri Title Loans Inc. can offer you such a title loan with amounts up to $15,000 available to you regardless of your credit. This type of title loan is created for most Americans living paycheck to paycheck, because it is easy to access and easy to pay.
How Do I Obtain a Title Loan?
- The first step is to visit missourititleloansinc.com to fill out the online request form for a Missouri title loan online.
- Next, you will be contacted by a representative to discuss further details and schedule a time to meet at a location convenient for the both of you.
- Bring your vehicle, so that a quick inspection can be done to determine its value. Be sure to also bring your paperwork with you. Note: As long as make on-time payments, you can keep driving while you repay the car title loan.
In order to overcome financial difficulties and overcome the pattern of most Americans living paycheck to paycheck, you will need to use this information wisely and do the best you can to stay on track. But, if you run into a problem and need an emergency cash title loan in Missouri, don’t worry, Missouri Title Loans Inc. is here to help.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.