Money Stress: Living Paycheck-to-Paycheck

One of the biggest causes of stress for many people is money. Some don’t have enough to cover bills, others don’t know how to budget so they spend on the wrong things, and many people just don’t know what to do in order to achieve financial freedom. If an unexpected bill pops up, for many people, this is the final straw.

If you are living from one paycheck to the next and feeling as if you are barely getting by, you need to make some serious changes to your lifestyle. This is a terrible feeling and in order to eliminate the stress of not having enough money, you need to stop the cycle.

First, figure out what you have coming in. Look at your pay stub and see where the money goes. There are taxes and maybe your retirement contribution. You’ll likely have deductions for medical and dental, too. Then look at your net amount, which is the amount that you get in the form of a check or a direct deposit or maybe even a debit card.

Next, look at your fixed expenses. These include your rent or mortgage, and the utilities that keep your lights on, the showers warm and so on. This does not include TV/cable/dish and Internet. Look at your transportation costs, grocery expenses (not restaurants or fast food), and so on.

If you are struggling to pay even the basics, then you need to look at your lifestyle spending. Is your home too big? Are you paying for a TV service you can’t afford? Is that car payment killing you each month? Do you really need high speed internet? Are you going out for drinks with friends, then struggling to pay the gas bill?

Food is a variable you can really make cuts while keeping well-fed. Many Internet sites are devoted to cutting food costs. You can take in a roommate to share costs, you can ditch the vehicle and use public transportation. You can also take on a second part-time job to pay off some bills and get ahead with contributing to an emergency expense account.

Get rid of money stress, especially the stress of living paycheck-to-paycheck, and life will feel better and more relaxed.

NDQ

 

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