7 Realistic Ways to Stop Living Paycheck-to-paycheck ...


If you're sick of never having enough money, there are ways to stop living paycheck-to-paycheck. For many people, this is a regular monthly occurrence; and all their money is gone as soon as they receive a paycheck. But even if this is your reality today, there are seven realistic ways to stop living paycheck-to-paycheck.

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Refinance Your Mortgage Loan

If you have good credit and enough income, refinancing your mortgage loan is one of the best ways to stop living paycheck-to-paycheck. A refinance accomplishes several goals, such as reducing your house payment. If you’re able to refinance and save a few hundred dollars a month, that's extra cash in your pocket. This money can go towards fun or building your savings account.


Rethink Your Car Payment

You might be fortunate enough to drive the car of your dreams but if your car payment is keeping you from enjoying life, it's time to downsize and purchase a car that you can actually afford. Owning an expensive car involves more than keeping up with your car payment. The more your car is worth, the more you’ll pay in personal property tax. Plus, expensive cars typically have higher maintenance costs.


Get a Roommate

Living alone might provide the peace and quiet that you desperately need. But given that incomes don't always keep pace with the cost-of-living, living alone might break your budget. Even if you keep things simple, your income might not allow for extras. However, you can stop living paycheck-to-paycheck by getting a roommate and sharing household expenses. This individual can help cover the cost of your rent or mortgage, utilities, food and other monthly costs.



Simply put, your house payment might be too extravagant for your modest income. Some people end up living paycheck-to-paycheck because they want to enjoy a certain lifestyle or impress others. Unfortunately, trying to maintain a lifestyle that you can't afford can lead to burnout, depression and stress. However, if you accept your limitations and move into a home or apartment that fits into your budget, you’ll have more cash in the bank.


Look for Better Employment

Re-evaluating your employment might improve your cash-flow. With your skills and experience, you might qualify for employment opportunities that offer additional pay. If not, you could look into other ways to generate cash, such as getting a part-time job on the weekends or evenings, or perhaps starting your own business on the side.


Go on a Spending Diet

Some people earn enough to afford their monthly bills, yet extra spending takes too much out of their budget. For example, if you shop constantly, eat out all the time, and participate in expensive recreation, you could end up living paycheck-to-paycheck. Check your budget and determine where you can cut unnecessary expenses. A spending diet is a practical way to free up cash in your budget.


Cut a Few Services

Too many monthly expenses can also drain your salary. You might not be able to eliminate your cell phone or utility bills, but you might be able to cut other services, such as your gym membership, housekeeping, or lawn care.

There is nothing fun about living paycheck-to-paycheck. If you don't have wiggle room in your budget, it becomes extremely difficult to handle unexpected expenses. But if you adhere to the following tips, you can get out of this rut.

What steps have you taken to increase cash flow?

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