Why does there have to be so many payments to keep track of living the adult life?
Month after month, the rent needs to be paid, car and cellphone payments need to be met, and that student loan payment piles on top of it if you’ve finished up college.
Monthly payments always seem to hit hard all at once, but those payments you have to make in between are killers, too. Those fill ups at the gas station, a trip to the doctors when you’re not feeling well and the bill to cover if your car happens to break down.
With so many bills to be responsible for paying when they’re due, many young adults find themselves living paycheck to paycheck with little to no freedom to spend even a couple bucks to do their favorite activities or buy a snack. Needing every last penny from your weekly or biweekly paycheck can be such a struggle, but there are a few things you should do to combat this financial madness.
The most important thing you can do for your mental health if you’re struggling with a paycheck-to-paycheck is to try and maintain a positive attitude. Being right on the edge financially is really stressful, especially with a checklist of payments to make, but allowing it to constantly weigh down your mind will only make it worse.
Keep your head up. It’s a tough phase to be in as a young adult, but you will persevere.
This is the most important thing you should be doing if you’re living paycheck-to-paycheck.
First, you’ll want to lay out a budget plan and highlight all of the things that are necessities and will have to have money go toward. Typically, this will be things like your bills, your groceries and gas for your car. Once you subtract those expenses and estimate where you’ll be after, it will be much easier to map out how much breathing room you may have.
Try buying cheaper meals at the grocery store and try to avoid cashing out on too many snacks, and if you can, try to pay for a lesser amount of gas that gets you from the places you prioritize going to. Unfortunately, being on a budget is going to take away paying to do the fun activities you like to go out and do, but responsibilities take over everything in the real world, especially when you’re living by each paycheck.
And as hard as its going to be, avoid all of those impulse purchases! That shirt might look cute and those donuts might look appetizing, but if they’re not going to benefit you in a major way, don’t waste $12 on it. Every single penny counts when you’re depending on each paycheck!
Needing everything you can possibly squeeze out of your paycheck makes putting any money to the side and saving it seem like impossibility, but if you can even spare yourself a few bucks each paycheck, you’re putting yourself ahead for the future.
Following through on your budget plan and calculating and estimating your money totals can help you determine how much cash can be stored away without any worry. Even if it’s just $5 bucks per biweekly paycheck, you’ll be holding on to an extra $10 a month, and $120 a year at that rate. It may seem like such a high value, but that saved money will be great to have in case you ever have an emergency or if you do get the opportunity to go out and have some fun.
Treat all of the coins you get back as change with the same importance as the bigger bills you get from you paychecks!
Coins may be the last thing you’re looking for if you’re needing cash now, but saving your pocket change is a smart thing to do when you’re living paycheck-to-paycheck. Much like saving up small amounts, it may take some time to accumulate a solid amount of change in the piggy bank, but when its full and ready to cash in, that extra $100 will feel real nice hitting your checking account!
Maybe the reason you’re struggling to live by each paycheck is because while you may be working fulltime hours, the hourly wage isn’t as high as it may be at other places. If this is the case, you should at least consider picking up a new job all together.
Job searches aren’t always easy, and this option isn’t always available, but if an opportunity arises, don’t wait to jump on it.
If one paycheck isn’t quite getting the job done, why not go for two?
If you have time on your hands during your time away from your job, you should consider picking up a second job with part time hours to earn a second paycheck. Putting your free time to earn some extra money is always a good investment, and can help you have more financial freedom, even if it’s just a little bit.
Picking up another paycheck will help lessen the stress of making ends meet each month, and will give you some more cash to stash away into your savings!
Living paycheck-to-paycheck is never easy. Being in this situation can eat away at your mentally, emotionally and maybe even physically if you take on a ton of hours. While it might be an overwhelmingly stressful time, the best thing you can do is remain calm.
Understanding that it is all a rough patch in life and that things will start looking up is the right attitude to have, but this alone won’t help you through these difficult times. Being wise and managing your money correctly is equally important.
Knowing how to manage the ways you spend your money outside of your bill payments, holding on to cash whenever possible, and valuing your change as much as your dollar bills will put you in excellent position to survive living by the paycheck.
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