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How You Can Stop Living Paycheck to Paycheck

The statistics are sobering: 62 percent of Americans reported having less than $1,000 in savings. A full 20 percent have no savings accounts at all. And 78 percent of full-time workers indicate they are living paycheck to paycheck. Living paycheck to paycheck is a frustrating reality that many Americans feel trapped by, but it doesn’t have to last a lifetime. Analyzing your current financial situation, tracking your spending and taking small steps right now, it is possible to break the paycheck-to-paycheck cycle. Tally Your Debts One of the biggest reasons 71 percent of American workers find themselves trapped in the paycheck to paycheck rut is debt. When a portion of your paycheck is already earmarked for something else, it is hard to get ahead. That is why it is essential to understand how much debt you owe. To tally debt properly, calculate the running balance on every single credit card,…

Real-World Options to Pay Down Debt

Debt—it seems to sink its claws into just about everyone at some point. From student loans and credit cards to car loans and mortgages, eight out of ten Americans have debt of some sort according to a July 2015 study from The Pew Charitable Trusts. Still, becoming debt free isn’t impossible. In fantasy land, you might inherit a cool million from a long lost aunt thrice removed and voila, you have the windfall you need to eliminate your debts. But for those of us facing reality, fear not. These real-world steps will work for anyone who is on a journey to pay down outstanding balances. Understand Your Numbers Total up your debt Before you can begin to slay your debt, it is essential to know exactly where you stand. While you are running the numbers, make sure you are clear on what debt actually is. Anything you don’t own outright…