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Justin is the co-owner and grammarly impaired author of My University Money and Young and Thrifty. If you like what you read, consider signing up for email updates.

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Are You Living Paycheck to Paycheck? Here’s How to Get Out

By on May 21, 2013 in personal

Living paycheck to paycheck is a trap, one that once you are in it’s almost impossible to get out of it. Yet millions of people live that way. It’s a destructive financial lifestyle, that results in stress and sense of hopelessness that can’t possibly benefit you. The bright side is that once you get out of it, you begin to reverse all the negatives that accompany it, and actually begin moving forward. It’s worth the effort!

How do you go from paycheck to paycheck and on to some measure of financial freedom?

Put your credit cards away for good

This will be a painful first step, but an absolutely necessary one. Debt is one of the biggest causes of people living paycheck to paycheck. The problem is that you can never achieve balance in your finances if you’re constantly paying for yesterday’s obligations.

That is exactly what credit cards are – they are the cumulative total of old cash deficiencies. Anytime you can’t pay for something out of earnings or savings, if you put it on a credit card, it will haunt you in the future.

You must put a stop to this as soon as possible. It will not be easy to begin learning to live without credit cards, but once you do everything else will begin to fall in place. It may mean that you have to begin learning to live without certain items and expenses, and that’s our next topic.

Living Paycheck to PaycheckThere is a bonus that comes along with ending your reliance upon credit cards. Once you stop using them, the balance owed begins to drop. And as balances drop, your payments fall as well. This will provide you with additional breathing room in your monthly budget, especially as the declines in your balances become more pronounced.

Trim your living expenses where ever possible

Most people can live without least a few products and services. You can eliminate them without making any material changes in your basic standard of living. This doesn’t mean that you have to take a meat cleaver to your budget, but rather that you carefully scan your expenses for any that are not absolutely necessary. Continue Reading →

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Weekend Rambling – May 18

By on May 18, 2013 in weekend ramblings

Steve @ Grocery Alerts writes How to shop at Costco for free – without a membership - We had a Costco membership in 2012 but for this year we decided not to renew our Costco membership. I am going to show 3 ways how you can shop at Costco without a membership (so you can shop at Costco for free).

Gary @ Gajizmo.com writes Reasons You Should Change Jobs – The best ways to improve your future financial security are to increase your earned income through a career or home business, invest wisely, and limit your spending. This article advises readers on when and why it may be time to change jobs.

John S @ Frugal Rules writes 5 Things I Wish I Knew Before I Graduated From College – It’s sadly been too long since I graduated from college. There are a number of things I wish I knew before I did, chiefly among them avoiding debt, investing early by taking advantage of a 401k and networking all with the intention of growing professionally as well as growing my wealth.

Mr.CBB @ Canadian Budget Binder writes Financially Savvy Teen Budgets Her Money Using The Cash Envelope System – At just 17 years old Eva is well on her way to becoming financially independent because she is investing in building her knowledge up about personal financial literacy. Teens today really do need a kick-start like Eva has gotten from her parents from a young age. Now she budgets her money using the envelope system. Enjoy this inspiring story as it brings upon you strength, a desire and a passion to see the children of tomorrow succeed.

Steven @ Canadian Personal Finance writes Bitcoins: Will They Make a Viable Currency? – The recent hype in the bitcoin market has drawn a lot of attention to this digital currency. The question in many people’s minds is whether or not these can make a viable currency. It leads many to question the feasibility of bitcoins to stand the challenges it is currently facing.

Philip @ PT Money writes What Happens to Your Debt When You Die? – Handling a loved one’s debt after they die can be tricky. Make sure you know what to expect and that all the necessary preparations are made to keep things easy. Continue Reading →

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Weekend Ramblings – May 11

By on May 11, 2013 in weekend ramblings

Sean @ One Smart Dollar writes 5 Popular Craigslist Scams to Watch Out For – Craigslist can be a great place to buy and sell items however it also comes with risks. Here are some of the biggest Craigslist scams to watch out for.

Nick @ A Young Pro writes How to Advance in Your New Career as a Gen Y Employee – So you are a Gen Y employee starting a new career? Learn how to follow the 20/80 rule to get your career of to a great start and rise through the ranks.

Dividend Growth Investor @ Dividend Growth Investor writes Twenty Dividend Stocks I Recently Purchased for my Dividend Portfolio – I had an old 401 (k) with Fidelity, which was eligible for a rollover. In early April I cashed out the index funds in it, and rolled the money over into an IRA. After that I decided to equally allocate the money in twenty individual dividend stocks.

Glen Craig @ Free From Broke writes Do I Need Life Insurance In Retirement? – Generally you use life insurance until you retire but there are times when you still need life insurance in retirement. See when and why.

Jason Hull @ Hull Financial Planning writes Why You Shouldn’t Obsess Over Your Net Worth – The financial planning industry likes to focus on a target number – your net worth. It’s the wrong metric. Here’s why.

Ryan @ Cash Money Life writes PayPal vs. Dwolla: Which is Right for You? – PayPal has been around a long time, but Dwolla has really low transaction rates – which should you choose? Here’s a comparison of the two! Continue Reading →

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