THE GRAVENESS OF THE MATTER : PAYCHECK TO PAYCHECK

Living paycheck to paycheck is a common way of life for some American families. In 2008, 47 percent of American households lived in a paycheck-to-paycheck situation. By 2011, the number of families living in this situation increased to 77 percent. The alarming number of people points out the dire need for understanding and controlling our money scripts. These households had no savings and no emergency preparedness. It means that most of them are one emergency away from going broke. Yet, the situation persists, and most people are okay with their financial situation.

On a scale of 1 to 10, how satisfied are you with your paycheck?

What are you doing to improve your financial situation?

Can you conveniently save 20% of your check every month?

Write down five things you need to do to build your financial portfolio in a more substantial manner.

BOUND TO PAYDAY

Living by each paycheck limits a person from ever fulfilling many of their needs, especially those that come mid-month. At times, the person barely survives the issues that come within a month. Most money decisions have to wait until the next check, and any swift resolution is improbable unless the person borrows or gets cash injection from elsewhere. This makes it hard to save and invest because the money is always used up.

What are your secondary sources of income apart from your job?
If your job is your only source of income, what skills do you have that can fetch you extra income?
Similarly, what skills can you acquire that can earn you extra cash?

Being in debt can be overwhelming, but worrying will even make it worse. Objectively, write down in doable steps realistic ways you will clear your debts. Give yourself a timeframe.

Check out: TAKING STEPS TO IMPROVE YOUR MONEY HABITS

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