Living Paycheck-to-Paycheck

In the August 24, 2017 issue of USA Today, the paper states that according to CareerBuilder, 78% of all full-time working Americans are living paycheck-to-paycheck. Further, about 56% save $100 or less each month. The key to success, moving out of living from paycheck-to-paycheck, is developing and executing a plan.

[External Resource: Most Americans Live Paycheck-to-Paycheck]

Have Something to Aim at

With your career, you should have a definite idea of what you want to be doing in the next ten to fifteen years.  Do your research and find that career that you want to have. Otherwise, you will stall out, wandering from opportunity to opportunity, losing out on valuable time.

Dream Again

Imagine what a typical day would be like in the future with the successful accomplishment of your ideal career. Take the time to dream in detail what your life would be like as you do what you feel made to do, using your skills and talents.

Make a Plan

Now that you have a clear picture of where you want to go, it’s time to make a plan. Be detailed as to where you want to be financially, at very specific times in your life. Make your plan to hit certain goals at certain periods of time, say in five-year increments.

In the Meantime

For now, get control of your finances in three specific ways. First, create and follow a monthly budget. This will establish a habit that will benefit you for the rest of your life. Second, pay off your debt as quickly as possible. Finally, save to create an emergency fund, so you can handle those unexpected financial challenges.

[Related: 11 Ways to Build Up Your Emergency Fund]

If you find yourself living paycheck-to-paycheck, realize that you are not stuck or doomed. By taking intentional action steps, you can move your financial situation forward to become more fulfilling and satisfying.

Article for this topic by David Bassett.