Getting over living paycheck to paycheck
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Getting Over Living Paycheck-to-Paycheck. Seven Steps. Make sure income exceeds expenses Maximize 401K or other matched savings Establish an emergency fund Pay off high cost credit Consider purchasing a home Maximize tax sheltered opportunities Develop specialized investments. Emergency

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Getting Over Living Paycheck-to-Paycheck

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Getting Over LivingPaycheck-to-Paycheck


Seven Steps..

Make sure income exceeds expenses

Maximize 401K or other matched savings

Establish an emergency fund

Pay off high cost credit

Consider purchasing a home

Maximize tax sheltered opportunities

Develop specialized investments


Emergency

Medical

Legal

Auto repair

Home or property repair emergency

Unanticipated major appliance replacement

Monthly living expenses when income is lost

Overdraft of checking account

Unexpected Expense

Invitation to an event

On the job expenses

Fundraiser at child’s school

Birthday gift

Unplanned purchase

Emergency & Unexpected Expenses


Unplanned expenses often cause families to live paycheck-to-paycheck. Then they can’t deal with real financial emergencies.


Plan spending

Identify and stop spending leaks

Keep a record of your spending

Pay yourself first

Sell something you can do without

Take a second job

Practice being frugal

Other possibilities

Tax refund

After installment loans are paid up, continue to pay yourself.

Bonuses

Contract work

Where to find the money…


Fixed expenses

Housing

Utilities

Credit payments

Auto and other payments

Family care

Insurance

Controllable expenses

Savings

Food

Household expenses

Personal expenses

Transportation

Entertainment

Plan spending


Plan spending

  • Seasonal expenses

    • Property taxes

    • Insurance

    • Auto tags and registration

    • Birthday gifts

    • Vacations

    • Holiday expenses


Track spending to stop money leaks

  • Pocket record

  • Receipt method

  • Tracking (handout)


Practice being frugal


Trimming Expenses

  • Pack lunch for work or school

  • Shop for store or generic brands

  • Use the public library

  • Choose free recreational activities

  • Check resale shops or garage sales for bargains

  • Eat out less often

  • Handle home maintenance and repairs yourself

  • Use public transportation when possible

  • Take advantage of free activities


Spending your Money

Developing a Personal Spending Plan will show you…

  • What money is coming in during the next weeks or months

  • How much you spend on the basic needs, fixed and variable

  • How much you need to set aside for periodic or unexpected expenses

  • What is left over for your wants or goals


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