How To Save Money While Living Paycheck to Paycheck

How To Save Money While Living Paycheck to Paycheck

( – Nearly two-thirds of Americans are currently living paycheck to paycheck. Trying to save money when you’re already struggling can seem almost insurmountable or even impossible, but that couldn’t be further from the truth. There are always ways to save — even when you’re living on almost nothing.

Create a Budget — And Stick to It!

A budget is your best friend when you’re managing a tight income. List out all of the expenses you pay out each month. Identify any unnecessary expenditures and cut out what you know for sure you can live without, such as expensive coffee on the way to work or unnecessary fast food visits. Then, move toward pruning back costs on necessities, including groceries. Even just deciding to buy budget branded products can help.

Increase Income

If you’re having difficulties saving money with your current pay rate, the bottom line is that you probably have a shortage of income. That means it’s time to explore other ways to bring in more money. Pick up a second job, babysit, offer to mow your neighbor’s lawn or clean their house, or complete surveys online for an extra few dollars here and there. Uber, Uber Eats, DoorDash, and Instacart may also help you generate income if you have a vehicle.

Automate Bills and Savings

Set up your accounts so that bills automatically come out. Doing so will simplify your finances and make it easier for you to stay on track. Just remember to keep yourself aware of when the money comes out and how much you need to have in the account to avoid overdraft fees.

Automating your savings account can also help simplify saving money, especially if it never reaches your checking account. Transfer whatever you can to your savings on a regular basis — weekly, monthly, or even quarterly. Even $5 per check can add up eventually.

The best tip for saving money is to start from wherever you are and think of the process as a marathon, not a sprint. Whether you save $1 a month or $500, your savings will add up over time.

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