How to Escape Living Paycheck to Paycheck

Living paycheck to paycheck — to put simply —  is the worst.

Living paycheck to paycheck means you have no funds leftover at the end of the month because you are using your paychecks to cover your monthly expenses — and you have little to no savings or money to invest.

What Is Considered Living Paycheck to Paycheck?

Paycheck to Paycheck Statistics

- 59% of U.S. adults said they live paycheck to paycheck - Only 38% of people have an emergency fund - 1 in 5 Americans don’t have a dime saved for retirement

Below are a few steps  I personally took to escape living paycheck to paycheck.

Steps to Escape Living Paycheck to Paycheck

1. Pay yourself first

Start putting a percentage of money into a separate savings account automatically. Keep this away from your main bank account so you are less tempted to access or spend it.

If your paycheck just isn’t cutting it, then you definitely should look into a side hustle. Even if your paycheck is decent,  I always recommend another stream of income. 

2. Start a side hustle that pays immediately

3. Downsize your lifestyle

As much as you might not want too, escaping paycheck to paycheck requires downsizing your lifestyle.

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