Receiving your paycheck is like holding ice. It is gone before you know it. This is a reality among middle class workers. They live from paycheck to paycheck. Each time they receive their salary, it is just enough to pay for the basic needs such as rent and food.
You may also suffer from the same problem. You can do something about this situation. Start by changing your lifestyle. Don’t act as if you earn a lot of money when you don’t. Stop buying clothes you don’t need or partying every weekend when you can’t afford this kind of lifestyle.
You should also let go of magazine subscription or local golf club membership if you can no longer afford to pay them. If you really want to read magazines, go for online blogs that are for free. There are also other forms of entertainment aside from golf. You don’t have to stick with the game just to make you feel like you are a part of the elite.
When you have already buried yourself in debt due to our old lifestyle, you must start fixing it first. Make sure that you consolidate your loans. Find a bigger loan to pay off all these smaller loans and just pay off that major loan at once. Don’t let your loans keep rolling as penalties could be very high. Sometimes, the principal amount remains the same as you are only paying the fines.
If you really don’t have enough income from your day job, why don’t you get an extra job? Try searching for online jobs that you can do at home or after your day job. This might be stressful as you are already tired with one job. Just get this job temporarily until you are back on your feet.
Once you have recovered from your previous financial problem, start changing your ways. Don’t be tempted to be a shopaholic again. Stop pretending to be someone whom you are not. The goal is to be rich and not just to look rich. Buying things you don’t need just so you give an illusion of being wealthy does not help in any way.
Finally, you should have a savings account. This is important so you have something left out of your paycheck. Create a separate account that you won’t be able to touch. Make it a time deposit if possible. By then, the interest rate is higher. It also keeps growing without even noticing it. By the time it is ready for withdrawal, it is big enough that you can afford a major project.
Changing your lifestyle to be relieved of financial problems is not easy. It is also not something that happens overnight. You have already been used to the same lifestyle for years. However, if you are serious in solving your financial woes, you have to start now.
Get more ideas on how to save money from the infographic below. You are the only one who can solve your financial problem.
This post was contributed. Family friendly posts are welcome.
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