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Why Trying to Live Rich is Keeping You Broke..8 ways to stop living paycheck to paycheck

"I don't have any extra money to pay for a $200 school trip for my kids why am I always struggling?", " I need new tires , but I can't afford it." I am sure we have all either heard or said those words before. Here's is how you can end the being broke cycle today

1.Don't make your lack of funds situational. If you can't afford new tires, then you definately cannot afford to pay for $300 concert tickets or a trip to Jamaica on your birthday.

2. Downgrade if possible. That means the $79.99 unlimited phone plan is not necessary when you can lower your plan to a $49.99 plan with 6GB and use wifi whenever possible. Most people are spending over $100 for home internet, so why not benefit and use it for your phone as well. Also some internet servicers offer public hotspots where you can use your home internet log in information to connect to as well.

3.Learn how to say no. Saying no to friends and family that solicit for help when you are down yourself is important. Don't lend money to family or friends if you can't survive without it because nine times out of ten you won't get it back.

4.Determine your wants vs your needs. Do you want a new 50" TV since the previous one you had is broken? Or can you settle for a much smaller and inexpensive one until you get your finances in order. Do you need to stop at Starbucks every morning for mocha latte or can you make your coffee at home or join a coffee club at work for a$ 5-$10 monthly fee?

5.Invest. Learning should be an ongoing process no matter what age. Take a course on investing( I have enrolled in many on groupon for only $5). Learning how to make your money work and grow for you for you, especially since you worked so hard to get it can benefit you in the long run.

6. Save. Make sure you save just as often as you get paid. Whether it is $5 or $50 save every paycheck,by depositing money into a savings account. Research local credit unions and other local banks to determine the best rates on gaining interest on the money you save. Each paycheck set aside a designated amount to add to your savings account. Start as low as $5 every pay period and gradually increase that amount per month. Don't look at it as extra spending money, leave it there and let it grow. The money is to be used for true emergencies such as a car repair that can't wait until the next pay check or a flat tire. Don't use it for non emergencies such as leaving your lunch at home or just decided you want to buy lunch or a shirt that is on sale that you have been eyeing for a while. No you should not be working just to pay bills but be patient once you have saved up to your savings goal and beyond then you can reap the benefits.

7. Manage bills responsibly.Make or purchase a calendar that you can write the due dates for each of your bills as well as your pay dates that correspond them. Estimate your bills due for your upcoming pay date. If all of your bills are due at the beginning of the month and it requires all of your paycheck you can do one of two things: Use that pay check to pay a majority of your bills and have the remaining checks for savings, or contact the bill collector and request some of the dates be pushed further into the month so your bills are more spread out.

8. Set a savings goal. Use the 50-20-30 rule as a guide to how much you could and should be saving. Once you reach your savings goal set a new higher one.

Comment below and share your savings tips!!

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