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. Around 60% of Americans report living paycheck to paycheck, and there are many reasons for being stuck in such a financial state.
Sometimes, it’s the economy — inflation certainly does not help — or a financial emergency that can lead to a substantial setback.
Getting out of a financial hole is challenging — but it’s not impossible. Here are a few of the ways you can begin to move away from living paycheck to paycheck and never look back.
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. If you’ve never created a budget, start today.
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 — Any Savings
Sure, focusing on savings seems incompatible with living paycheck to paycheck, but establishing a 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 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.
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. 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, chat 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 gig or even 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 one.
7. Pursue A Car Title Loan
Those struggling financially should explore all of their options to leave living paycheck to paycheck far behind. A car title loan is one option that can help those who qualify and are dealing with a financial emergency that has the potential to dig a paycheck-to-paycheck hole even deeper.
The help is often substantial. At Southwest Title Loans, you may qualify for a car title loan of up to $15,000. It can take as little as 30 minutes to qualify, and you can keep your car for the duration of the loan.
To get things going, head to our homepage to fill out the online request 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 get the cash you need as soon as that same day.
Get Started Today
Living paycheck to paycheck doesn’t have to be your new normal. A car title loan is an option for assistance with a financial emergency as you work to improve your financial well-being and plan for the future. Just start on our homepage, pay us a visit at one of our locations, or give us a quick call. We’re here to help.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.