Financial Wellness Tips To Stop Living Paycheck To Paycheck
June 1, 2021 | Emma Frost
There are ways to help yourself if you're living paycheck to paycheck. Here are some financial wellness tips to stop living paycheck to paycheck.
Living paycheck to paycheck is an epidemic in America. In a recent survey by Highland, 63% of respondents reported living paycheck to paycheck since the COVID-19 pandemic. Millennials were the hardest-hit group; with 64% saying they were living paycheck to paycheck.
But living paycheck to paycheck was a serious problem in the United States before the pandemic. One CareerBuilder study conducted by Harris Poll in 2017 found that a whopping 78 percent of U.S. workers lived paycheck to paycheck each month.
Rising unemployment rates, increasingly expensive goods, and services and mounting debt means that even those who earn above $100,000 a year can experience living paycheck to paycheck. That expands the definition of “working poor.” You're not alone in needing financial wellness tips.
Use These Financial Wellness Tips When You Need To Save
1. Get On A Budget
Simple and effective, budgeting each month is one of the most effective financial wellness tips to get back on a good financial track.
If you’re living without a budget, you’re often setting yourself up to live paycheck to paycheck. You’re not tracking expenses and spending whatever you want on what would be considered “wants,” not “needs.”
The first step is to outline all of your expenses in a given month and set some goals. After determining what you’re spending on necessities — rent, mortgage, utilities, food, etc. — set small budgets each month for extras, including eating out, clothing, and other special treats.
And it is important that, once you have that budget, you stick to that budget.
2. Pay Down Debt
Most Americans live with debt, sometimes at crippling levels. One March study found that the average debt per American family is $6,270. Overall, Americans owe $807 billion across almost 506 million card accounts. Paying down debt is among the best financial wellness tips.
Budgeting will help get you into a place to pay that down, a big part of ending living paycheck to paycheck. Some people even can fit in “debt payment: on their monthly budget rundown. Every little bit helps.
Of course, reducing spending significantly reduces your debt load. If you are in debt, review exactly what is contributing the most to your debt.
Is it a particular credit card or spending habit, perhaps always buying the latest electronics or eating out far too much? It may be time to cut a certain card or significantly lowering certain categories in your spending budget. When it comes to financial wellness tips, this is the required first step.
3. Get A Side Hustle
In 2020, 33% of people in one survey reported earning $500 or more per week with a side hustle, a part-time specialized gig outside of your full-time work.
Whether it’s selling your own crafts online or signing up to walk dogs or deliver groceries, side hustles can significantly impact your monthly income, helping you bust out of the living paycheck to paycheck bubble. Sometimes, financial wellness tips include going outside of your box to get your money shape in check.
4. Don’t Live Outside Your Means
There’s what you spend money on each month, and then there’s the mindset that leads you to overspend each month.
Everything is tempting — keeping up with the latest clothing trends, traveling to see the world, getting the biggest and best new cellphones and televisions. The problem is it’s likely not realistic for you.
Instead, set small goals that fit into your realistic budget. Reward yourself occasionally, maybe a small trip every other year ago.
Once you get into a better financial place and can stop living paycheck to paycheck, start integrating more of the finer things in life into your routine. They aren’t going anywhere. Any list of financial wellness tips should include taking a long, hard look at yourself and your spending lifestyle.
Get Some Utah Payday Loan Help
Most people are not happy with their paychecks, especially for the amount of work they put in every day. Consider getting some help with a Utah payday loan. It's one of the biggest financial wellness tips worth considering.
A payday loan helps bridge the gap between pay periods when you really need help. When you need emergency cash before your next paycheck hits, this could be the help you need. Things like medical bills, vet bills, late utility bills, or urgent home repairs are all situations that a payday loan could help you with. Basically, it is for any situation that could just get worse if not taken care of right away.
What Are The Benefits Of Payday Loans?
There are plenty of benefits when it comes to getting a Utah payday loan. Here are some of the more notable ones:
- You can handle pressing emergencies;
- You can get the cash on the same day;
- You can still qualify even with bad credit;
- You do not need collateral to get the Utah payday loan cash.
How Do I Find A Payday Loan Near Me?
Getting a Utah payday loan is simple and convenient for anyone to go through. And our loan representatives are always available to help you out whenever you need them. Here is our guide that quickly explains how our process will go:
- Go to our website and fill out the online form. Wait for our loan representative to give you a call back to confirm your information;
- Bring the required items – your driver’s license, most recent pay stub, blank check in your name – to the nearest Utah payday loan location;
- Let the loan representative assess your information to determine if you qualify for approval. If you do, they will go over the loan terms and have you sign the paperwork;
- Once you understand everything and all the paperwork is complete, the loan representative will give you the cash amount you qualify for.