Get Away From Living Paycheck To Paycheck
Living from paycheck to paycheck refers to the situation, mostly experienced by the poor, in which a person either doesn’t or is unable to meet his or her financial needs such as paying bills and making necessary purchases such as food and clothing due to having a limited income and little to no savings for emergencies and/or luxuries. How can someone possibly plan for such things when his or her financial situation is unstable? The simple answer is that they can’t. This is not just difficult for a person it is also a source of anxiety due to the uncertainty of how his or her most basic needs are going to be met.
It is my opinion that individuals being forced to live from paycheck to paycheck leads to the exploitation of employees by their employers. Companies understand that their employees depend on their earnings in order to meet their most basic needs; therefore, some unscrupulous companies implement policies and procedures that that force workers to intertwine their jobs with their personal lives.
Although it can be difficult to stop living paycheck to paycheck it can be done. First, it is important for a person to admit and accept that there is a problem. Secondly, it is important for a person to research his or her personal employment situation on the internet and social media to see if anyone else is having or has had the same experiences. Simply doing these two things will provide a person with enough education in order to begin formulating a plan for his or her own situation such as eliminating non-essential bills like gym memberships, telephone, and cable. Other items that could be considered are the use of public transportation in areas where it’s available and cooking at home instead of going out. Not only will these simple changes help reduce the stress they will also help a person to be more successful in managing his or her personal finances.
Expensive clothing and electronics can be tempting. However, it is advisable to limit the purchase of these items, or at a minimum purchase a comparable generic item at a lower price. Let’s face it; many of the items people purchase are non-essential to their lives. Struggling to earn more and more money is pointless if the person is unsure of how his or her current income is being utilized. The best way to do this is for a person to be patient and take the time to make a decision about how his or her money should be allotted for those special purchases as well as his or her reoccurring bills.
Usually people want to focus on attaining a better future for him or herself and/or his or her family. It’s important for a person to first believe that there is a way to improve his or her financial status and for that person to have the desire to want something different for his or herself. There are several ways that someone can increase and/or supplement his or her income: obtain a second job, request a promotion or pay increase, open a small business that his convenient, and/or obtain more education and/or training.
It’s important for families to work together to develop a budget that not only enables them to pay their bills each month, but for them to also save a little money each month. Any savings should remain in the bank untouched unless of course there is an emergency and bills should be paid as they are received.
Getting into the habit of paying bills on time not only eliminates late fees, but is also a step in the direction of creating better and more efficient spending habits. On a final note, it is advisable for people to only carry one credit card with them at a time. A single credit card should be enough to cover an unexpected expense or emergency. Limiting oneself to a single credit card will not only reduce the temptation of frivolous spending but it also reduces the risk of over spending as well as theft. In conclusion, people should want to stop living paycheck to paycheck in order to relieve unnecessary stress and mental pressure.