These days, it is not uncommon to meet people who live paycheck to paycheck. It is also not uncommon to see these people and others living on only one income, and still paycheck to paycheck. So how in the world do you wind up saving money when you are living this way?
It takes some serious energy, first and foremost. It requires a positive attitude, and both minor and major adjustments.
Budgeting
The first step in trying to live paycheck to paycheck is simply to budget. You will need to keep track of your purchases and bills for at least two or three months before you can get an accurate picture of what your expenses really are.
The problem with budgeting is, that even though you adhere to your budgeted plan, there will still be months when you fall short, with other months where you come out on top. Unforeseen circumstances can wreak havoc on a budget, and so can credit cards.
Controlling Spending
Along with the budget, there will need to be other adjustments made. No more $4.00 coffee from the local coffee shop. Either make it at home before you leave, or cut it out all together. It is a wasteful expense and if you want this to work, you have to be willing to make some sacrifices. Perhaps you could limit yourself to one every other week, or even one a month.
Clothing shopping should be done off season, coupons used, and sales frequented. There are many items that one needs to survive, and they are a necessity, but there are more frugal ways to obtain these items. Check out the frugal blog for more information.
Make It a State of Mind
Remember, there is no way to be frugal, if you don’t work at it continuously. You need to make it a lifestyle. You need to think about it each time you leave the house, each store you enter, and each bill that you pay. Think of ways to cut costs, think of easy ways to eliminate debt and for pete’s sake, cut up the credit cards and don’t use them. They are a temptation just waiting to happen.
Adjusting to a paycheck to paycheck lifestyle is very difficult, but with time, patience and dedication, it can be done, and you can even bank the savings!
Related Articles:
Finding Extra Cash in New Ways
Pinching Pennies Has Its Benefits
What Happens When You Aren’t Being Frugal
Frugal Lifestyle: Simply Adapted