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living paycheck to paycheck

Are You Living Paycheck to Paycheck? Here’s How To Get Ahead

Living paycheck to paycheck is more common than you may think. But it’s also as difficult as you’d expect. But if you are interested in your financial wellness, you need to learn about budgeting, savings, and debt management. Getting a good financial education can help you navigate your finances so you can work towards a salary increase or even getting a new job. Keep reading this article to learn more about achieving financial wellness.

Why Is Financial Literacy Important?

When it comes to your financial education, as many financial books will tell you, it is important you are financially literate. Financial literacy means you have a solid and basic understanding on things like making a budget, saving more money, and just all in all managing your money effectively. Being financially literate means you can work your way out of living paycheck to paycheck. But if you’ve never gotten a financial education, it’s never too late to learn! Here are seven ways you can overcome your struggles.

7 Ways To Overcome Living Paycheck To Paycheck

1. Make A Budget Or Revamp Your Current One

Financial wellness goes hand-in-hand with having a solid budget, especially when you’re living paycheck to paycheck. In fact, using budgeting tips is the first step to debt management. In addition to writing out your monthly income and monthly expenses, outline some financial goals, such as paying down debt or a percentage of your income that will go to savings to prepare for the future. If you’re struggling financially even with a budget, it’s time to give it another look and make some serious changes.

2. Focus On Savings

Sure, focusing on savings seems incompatible with living paycheck to paycheck – but establishing a steady savings account is essential to breaking free from just being able to make ends meet. After finding a savings account that will earn interest, commit to saving as much money as you can, when you can. It may be small amounts to begin with – perhaps $10 or $15 a week – but you’ll be surprised by how much your savings will add up over time.

financial growth over time

3. Explore Options With Your Bills

When you make your budget, don’t just write out all of your bills. Instead, see if there are ways you can cut back or renegotiate with your bill collectors. Renegotiation is always a possibility with many of your bills, including home and car insurance, your cell phone plan, or your credit card. Look at your utility and cable bills and see if some simple adjustments can be made that will help you get out of living paycheck to paycheck faster.

4. Ask For A Raise

It may not be the most reliable path to go down, but now is a good time to discuss a salary increase with your boss. With so many people leaving their physical workplace in favor of working entirely from home, employers have encountered a big jump in vacant positions and have possibly even saved money on in-office expenses. If you’re in good standing at work, have a talk with your boss and come armed with examples of why you deserve a raise, including picking up extra work or increased duties.

5. Find A New Job

On the other hand, if you’ve had the same job as long as you’ve been living paycheck to paycheck, getting ahead financially may mean finding a new job or changing careers. Depending on the economy and industry, many employers right now are operating on less than 100%. Because of this, they may be more willing to negotiate a salary or benefits, such as covering your moving expenses if willing to relocate or offering a hybrid schedule that works best for you.

6. Address Your Debt

As long as you have debt, it will continue to be difficult to break out of living paycheck to paycheck. As part of your budget, list your debt sources, the amount owed, and their respective interest rates. Since you’re living paycheck to paycheck, it may be more feasible to begin paying down your smallest debt and moving up from there to each larger debt. On the other hand, you can instead tackle your highest debt first and just pay the minimums on your smaller debts.

woman budgeting finances

7. Pursue A Car Title Loan

Those struggling financially should explore all of their options to leave living paycheck to paycheck far behind. Getting a car title loan from us at Southwest Title Loans is one option that can help those who are dealing with a financial emergency that has the potential to dig a paycheck-to-paycheck hole even deeper. The help is often substantial if you qualify for approval. In fact, you may qualify for a quick car title loan of up to $15,000. It can take as little as 30 minutes to get through the process, and you can keep your car.

To get things going here, all you need to do is head to our homepage to fill out the online form. Soon after it is submitted, a Southwest Title Loans representative will give you a call, review the required items, and help you through the rest of the process. After bringing the required items to one of our locations near you, and having a quick vehicle inspection, you’ll find out if you can get the cash you need as soon as that same day.

Get Started Today With Improving Your Financial Wellness

Living paycheck to paycheck doesn���t have to be your new normal if you know about things like debt management and budgeting. These seven tips can help you improve your financial wellness so you can improve your situation in the near future. And if you run into an emergency, a car title loan with us from Southwest Title Loans is an option to help you get money quickly. Just start by filling out the online form on our website, paying us a visit at one of our locations, or giving us a quick call to begin.


Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.

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