When you can barely cover the rent and food expenses, your last thought may be on saving for a rainy day, but it is important to save as much as possible. You never know what emergency tomorrow may bring. You may need new tires for the car or a sudden medical expense may crop up. Best to prepare.
Checking your account balances regularly is good, but fearing when your debits will hit your account is stressful. Budget carefully and plan for money to be available before making purchases.
Some people opt to use credit when their paycheck isn’t enough to cover the bills. Borrowing money to cover expected and unexpected expenses will add to your financial burden. Avoid if possible.
Fees may result when you don’t manage your money properly. Say you decide to buy new clothing instead of paying the electricity, this will put you in a precarious situation. Not only do you risk late fees, but being in the dark due to your electricity being shut off.
Over time it will add up. Set a goal before start saving to motivate yourself. Look for an interest savings account and/or a retirement account for a financial safety net in the future.
If you can not afford to live a certain lifestyle, then you need to seriously think about changing it. Are you willing to live in different area? Can you take public transportation instead of driving? Can you change your diet? Or stop smoking? You need to ask yourself some hard questions about your expenses and be willing to make a change.
There are many ways of earning more. You can pick up a second job waiting on tables at a local restaurant or start a self-employed gig such as cutting grass, writing online, or tutoring. Think about what you are great at and try to market it for a price.
If you are an employee for a company, look for opportunities to work overtime or pick up extra hours. Check with your company’s policy first to see if this is something you can do.
Would you like to share a tip on how to escape living check to check? Please feel free to leave a comment below.
Video credit: American Express | Youtube
If you would like to send financial support, please give back to Virgo Philosophy here. Or send money to our Cash App: $MIHMedia. No amount is too little. We are thankful for every dollar.