For so many people world-wide are living paycheck to paycheck with little or no cushion. Especially towards the end of the month, it’s all too common. The cost of living continues to rise but your paycheck stays the same. It’s increasingly difficult to maintain a decent quality of life without making sacrifices and finding ways to cut back. Most people either can’t afford to keep an emergency fund or had one and had to tap into it to pay an unexpected expense. Working out a budget in todays economy can be a tall order for many Americans. Trying to save can be almost impossible. Here’s a few ways that could help you start saving some money and break free from living paycheck to paycheck.
1) Track Your Spending
Even with the best of intentions, it’s hard to stick to a budget. There are always unexpected expenses and it’s easy to lose sight of small daily expenditures that add up fast. Coffee, gas, and food, to name a few things, are easy to lose track of. A good way to track your spending is through a debit card so you can check your spending. Make it a habit to check it at least once a day. It also may help to open a bank account just for your daily expenses, so you don’t risk tapping into funds otherwise marked for bills, rent or utilities. Give yourself a weekly allowance, then at the end of the week put any money you have left over into a separate savings.
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