How to Stop Living Paycheck to Paycheck [Sooner Rather Than Later]

Living paycheck to paycheck — to put simply — is the worst. It just plain sucks. And many times during this time period, you feel hopeless and that there is no end insight.

What Is Considered Living Paycheck to Paycheck?

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.

Paycheck to Paycheck Statistics

- 59% of U.S. adults said they live paycheck to paycheck, according to a recent survey from Charles Schwab. - Only 38% of people have an emergency fund, according to this Motley Fool article. - 1 in 5 Americans don’t have a dime saved for retirement, according to a survey from Northwestern Mutual.

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.

Steps to Escape Living Paycheck to Paycheck

2. Start a side hustle that pays immediately

Building your career and increasing your salary takes time, so a side hustle that generates income right away is huge.

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