People may end up living paycheck to paycheck for various reasons. According to CNN, 76% of Americans live from paycheck to paycheck. Sometimes it isn’t a lack of savings that led to the paycheck-to-paycheck cycle. Even high-income professionals are trapped in the cycle after covering rent, child care, food, car and toys. If you have fully deplete your checking accounts by the time their next paycheck arrives, it is time to break the cycle and get on a comfortable budget. Money Ning explains 4 tips you can use to avoid living paycheck to paycheck:
- Change your lifestyle
- Reduce discretionary spending
- Earn more money
- Stick to a strict budget