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23 Apr 2019   /   0 comments

Stop Living from Paycheck to Paycheck

Fernando Castaneda
paycheck cycle

Your Paycheck has finally arrived! Now is the time to buy that gadget you’ve wanted for a while and also go out for a meal. But wait! You’ll have to sort out your mortgage/rent. Oh, it seems the utility bills are also due. What of those monthly subscriptions that will auto-draft next week? Forgot about that, eh? Do you still have room for things on your wish list? No? Maybe the next payday…


More than 25 million middle-class families in America, according to The Guardian Magazine, are unfortunate to be living from paycheck to paycheck. Due to the fact that most of the monthly income is allocated to fixed spending, there isn’t much left for asset allocation or savings.

It can be quite difficult to continue living like this. However, it is possible to end this paycheck to paycheck cycle. Here are several steps that will be helpful in ending the cycle:

  1. Pretend that you earn less than you actually do

This is easier to say than to go through with, but if you decide to “cut” your paycheck, you might just be on the way to ending the cycle. As soon as you commit and begin to have money in the bank at the end of each pay cycle, your finances will start to get better. You can then start to put some away – whether it’s for an upcoming vacation or for the gadget you’ve wanted. Just ensure you start small by putting aside 10% of your pay. An automatic transfer will make things easier.


  1. Create a budget

Make good use of the budget trackers and planners that are rife online. These people offer consistency and the organizational advantage.

paycheck cylce

  1. Create an emergency fund

Medical bills not relenting? Household repairs you didn’t budget for? Even though what you have is small, it is still important to have money aside for emergencies. You can also decide to use TFC Title Loans. We provide help to our customers in terms of cash that they need for their respective urgent needs. We’ll be here to help you in your time of need.


  1. Consider downsizing

Depending on how low your flexible spending is, you should be considering a change in lifestyle. This might mean that you have to drop your gym membership and opt for home workouts, eat out less or move to a smaller and less expensive house. Consider where your budget can be trimmed and begin things from there.


  1. Pay down debt

The main reason for a paycheck to paycheck cycle is debt. The quicker you get out of any debt, the quicker you can be able to break the cycle. Make it an objective to immediately pay off any debt you have. Maintain the minimums of all the debts except for one. Pay double the minimum on the debt you exempted. Once that one is paid, move to the next one.


  1. Remember the future

Take advantage of an IRA or 401(k) at work if you have any access. Begin at 3-4 percent, then increase it as you start to become more comfortable. Also, take advantage of any company match because you’ll be leaving free money if you don’t.

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