Saving on a paycheck to paycheck lifestyle
by: Lance Cothern
Living paycheck to paycheck is flat out stressful.
Stretching your last $20 bill until your next paycheck hits your bank account on Friday is an enormous challenge when you need gas, groceries and your kid needs money for a field trip on Thursday.
While it may seem impossible, you can save money while living paycheck to paycheck.
In fact, saving money is exactly what will get you out of the paycheck to paycheck lifestyle. So, what can you do to save?
Here are four ways how to save money while living paycheck to paycheck and a guide covering what to do with the money you save.
Pay Yourself First
The easiest way to save money when you’re living paycheck to paycheck is to pay yourself first.
You can accomplish this a few different ways, but I find it is most effective to have your workplace split your direct deposit into two parts.
The first and largest part will go to your checking account, as always, while a second smaller portion will go directly into a savings account you vow to never touch. I personally like using an online savings account, like Capital One 360 (read our review here), so it makes it harder to get the money for splurges.continue reading »