We made good money, and we still lived paycheck to paycheck because of me! Yep! We made 6 figures for most of our marriage (minus 9 months of unemployment), and because of my lack of financial knowledge and upbringing, I didn’t have the tools to really make good financial decisions. So we earned, and I spent. And I cannot even tell you what I spent money on. I cannot because if I was sad, I spent. If I was happy, I spent. While some people use food to cope with things, I used spending money and “doing/perfectionism” to deal with all the things! So we lived paycheck to paycheck until God showed me a different way, I went to therapy, and I envisioned a life beyond paycheck to paycheck! I needed to get to the root of the why I felt I needed to spend money! Why I felt spending money would make me feel good! Why not living a disciplined financial life seemed so far out of reach for me! I needed help! So I sought help, and with the help of incredible mentors, teachers, coaches, therapists, I was able to pay off over $65,000 worth of debt AND create a life beyond paycheck to paycheck! We’ve created a life of abundance, and I want that for you friend! SO let’s do it! God has more for you!
So here are 5 Ways to Stop Living Paycheck to Paycheck!
Create a Monthly Operating Budget that works for you and your family! It has to start with a budget! Yall, I talk to so many people who are struggling financially and don’t even know what’s coming in and going out. It has to start with knowing where your money is going! And being honest with yourself! How much do you make per month? How much do you make per week? How much are you spending? How much does it cost to operate your house? Need help? I have free resources in the shop! Click here!
Track your spending daily/weekly/monthly. So next step to stop living paycheck to paycheck is actually tracking your spending. It’s not enough to just have a budget, now you have to actually have a tracking system using pen to paper, an app, a planner, or some kind of tracking system. Early on I used Dave Ramsey’s Every Dollar App. In another season I used YNAB (you need a budget app). In another season, simply pen to paper! And I found I love pen to paper most! I have a few resources in the shop. The But God Planner has a weekly and monthly budget, tracking, and everything you need for your budgeting journey! Or our Envision Abundance Blueprint! Whatever you decide, find something that works for you and your family!
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3. Cut back on groceries and eating out. Studies show people overspend in eating out and groceries AND then waste tons and tons of food by throwing food away. Food waste is at an all time high, so make sure you shop sales, cut back on eating out, and use what you have! Try to reduce your food waste by only making food for a day or two instead of the whole week (if you’re wasting a lot of food).
4, Create another source of income. Creating another source of income will help you in living beyond paycheck to paycheck. In one season, my husband worked a side hustle selling items for people. I worked a few side hustles selling scarves, building websites, selling oils and natural remedies. We did all the things to pay off debt faster to create more room in our budget. This helped tremendously! So we try to have at least 5-6 streams of income at one time! The goal is more because the more we make, the more we are able to tithe and give back to our community which is super important to us. Because of those extra side hustles and creating margin in our budget, we were able to adopt a family and bless children in need this Christmas through Families Helping Families organization!
5. Do a No Spend Month to really focus on the discipline of spending only in the categories that you budget for! I love doing a No Spend Month to start the year or in the fall after school starts to really set the tone for the year, and also I like to do it in the fall for a fall reset! I’ll have a No Spend Month Printable soon! So be on the lookout for that!
Bonus: Get an accountability partner or hire a coach to help work through some of the struggles of spending and mindset around money. Not a shameless plug to our Envision Finance Coaching Program, but sometimes it takes someone on the outside taking a look at the budget or chatting through things to really get to the root of what’s going on! Sometimes that’s one session! Sometimes that’s quite a few sessions, but that investment to your financial future is worth it! I’ve done it! I’ve paid thousands of dollars in classes, courses, and learning how to win with money! I’ve had coaches, mentors, and accountability partners throughout my finance journey! It’s so helpful, so don’t discount an accountability partner, mentor, or even financial coach!
You can live beyond paycheck to paycheck! God has so much more for you! Put a budget in place, track your spending, cut back in categories especially groceries and eating out. Find another source of income and create one! And/or do a no spend month so you can really focus on the discipline part of spending! Hey! I was there living paycheck to paycheck! I’m a living witness that MORE and beyond paycheck to paycheck is possible! So let’s go friend!
Until next time,
Shelly
