Despite earning higher wages, a majority of Americans are still living paycheck to paycheck, regardless of how much they make. Even high earners are struggling to stay afloat. Here are a few ways to get your finances in check.
Are you living beyond your means?
If you are living paycheck to paycheck, the answer to this question is most likely yes. Make sure you aren’t spending your entire paycheck on rent, or driving around a car that requires a hefty monthly payment. There may be bills you could lower such as your cellphone or cable bill. Look for ways to cut back on your monthly bills.
Do you have bad money habits?
Take a look at things you do in your spare time. When bored do you online shop? Go to a bar? These are expensive habits. Instead try something free like going on a walk or getting a low cost gym membership and make a habit of working out when you have a few hours laying around.
Do you spend too much on food?
Food is a necessity, but eating out for lunch every day is not. Typically food is the #1 thing people spend money on aside from bills (rent, car, etc). Take a look at your bank statements to identify how much you’re spending at the grocery store and eating out. Maybe you shop in bulk on the items that make sense instead of going to Whole Foods twice a week. Try making sandwiches for lunch three times a week to reduce how often you’re eating out.