Michael Newman’s latest ‘e-Wealth Daily’ article is titled “How to Stop Living Paycheck to Paycheck”. [‘Saving Money’ Article]


Michael Newman’s latest ‘e-Wealth Daily’ article:

How to Stop Living Paycheck to Paycheck

The other day I read a report from Canada stating that roughly 60% of Canadians were having trouble managing their finances. The report showed that six in 10 of our northern neighbors were living paycheck to paycheck, putting next to nothing away in savings for the future.

After learning this information, I looked into our situation here in the U.S. and found that the percentage of people living in this same situation was also about the same.

Obviously, both of our countries were severely affected by the economic crises of the last two years, but this number was still alarming. After all, the people surveyed were still generating
an income.

It’s quite easy to start living paycheck to paycheck, especially if you’re comfortable in your job. You don’t think it’s going anywhere, so it’s easy to spend what you have when you’re
confident that next check will show up in a couple of weeks.

Now are people simply underpaid, or does the issue have more to do with overspending?

It’s true the cost of living in our countries can be pretty high, but at the end of the day, people should always make a concerted effort to put money away for the future. You never know when a rainy day might appear, and it’s always good to have some cash saved up to help you get past the clouds and into the sun.

So, if you need help reorganizing your finances to make room for a little bit of savings, here are some tips:

First off, evaluate your daily/monthly expenses. This will paint a picture of where, exactly, your cash is going. Look for areas where you may be spending a little too much, and try to figure
out ways you could scale back. It could be something as simple as making your coffee at home instead of buying it at Starbucks that could free up some good savings every month.

Another way to start saving is to stop using your credit card. What is supposed to be a convenience for people can easily turn into a crutch, making it nearly impossible to put cash away each month. Leave your card at home for a month or two and pay attention to the difference in your account.

Finally, go into your bank and give them permission to skim, ideally between six percent and 10%, of your paycheck to put in a savings account. Doing this forces you to save, and you’ll
never even notice the money is gone. You’ll never be in that situation with a few extra bucks in the account, trying to find a way to spend it!

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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