Enhance your financial direction from the start to make 2022 the year of finance! Taking a few simple steps to change the way you approach money can make a big difference, even if you’re living paycheck-to-paycheck. You can always start again and reverse course if you don’t like what you see!
Start with these simple ideas:
A budget is the first step in stopping living paycheck-to-paycheck. If you are just getting started, Google Docs, or other online tools, are great options for creating a budget.
Put yourself in the position of earning less than you do:
Set yourself up to earn less. Save 10% of your income from each paycheck. You can do this by transferring money automatically from your chequing account to your savings account every pay period.
Get rid of credit card debt:
If you have many credit cards and unsecured debt, do your best to pay just the minimum on all but one of them and pay down that one quickly. As soon as the first one is paid off, work on the second. You may be able to use a second mortgage to help you clear your state if your debt is so deep that you cannot probably get out on your own. Check with MyCreditfixer about your debt consolidation options. You can discuss your debt with them, and they may be able to help you consolidate it into one simple payment with a single interest rate.
You should start an emergency fund after you have an outline of your budget and have broken it down from non-discretionary (rent, groceries, utilities, etc.) to discretionary (eating out, entertainment, clothes, etc.). Look for areas in which you can cut back on discretionary spending so that you can add it to your emergency fund. The habit of saving can be built even with a small amount.
Investing at least 3% of your paycheck in a retirement fund is a good idea, or you could simply opt to put your first raise into a fund. In the future, you’ll appreciate having it available.
You may want to consider changing your lifestyle by downsizing. If possible, live in a smaller apartment. Spend less by going to the local park instead of that expensive gym. Consider if you really need a brand new car or if you would be better off with a used one.
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