Many people struggle, living paycheck to paycheck, but luckily there are some steps you can take to remedy this. One is to recognize the problem. Once you do this, then you live within your means and keep a budget. You should also cut back on your spending in areas that you’re able to. Additionally, pay your bills promptly and don’t shop unless it’s absolutely necessary. Lastly set goals, set priorities. and build an emergency fund.
- In fact, a 2014 study found that 1 in 5 Australians had little or no money left at the end of their pay period.
- The first step in dealing with a financial situation like living pay to pay is to recognise the problem and figure out what it stems from. In most cases, there’s really just two choices. Either you spend too much money, or you don’t make enough money.
- . Take a month (or a single pay period) and keep a spending diary taking note of every single item you buy (no lying) and every bill you pay. Tally it up daily, weekly, fortnightly and monthly to track what you’ve spent from the money available.
“The first step in dealing with a financial situation like living pay to pay is to recognise the problem and figure out what it stems from.”