🏦Are you living the paycheck to paycheck life?
Have you ever felt that there is more month left than money? I know that I have. The uncomfortable truth is that many people deal with the challenges of living from paycheck to paycheck. I’ve been there. The stress that this pattern produces in our lives is real. A global pandemic hasn’t helped matters when it comes to money. Nearly 9 out of 10 individuals say that the COVID-19 pandemic has resulted in financial stress. The top concern is having enough in emergency savings to navigate the crisis. The sad fact is that most of us are not prepared for a crisis in the best of economic circumstances. A recent survey indicated that 69% of Americans have $1000.00 or less in savings. It isn’t difficult to imagine that $1000.00 won’t go very far when dealing with a major financial setback.
What do you do to help with the anxiety of “not having enough money?” It would seem that there are two basic options: earn more and/or spend less. It’s not always that easy though if you’re out of work or living with a reduced income. The best advice is to first make sure your basics are covered: food and shelter. The next step is, whether in a time of crisis or not, creating a budget based on whatever monthly income you have. A budget will help you prioritize essentials and become intentional about where money is going. When cutting costs, some tough decisions are necessary. We are required to examine our “wants” verses our “needs.”
My family and I recently moved to the Northwest. This has necessitated doing some of our shopping at thrift stores and bargain outlets…and looking at the 50% off/clearance items. I’d prefer to buy new and name-brand, but sometimes I simply can’t afford it at this time.
Another idea is to check online for anything you want to purchase. You may be able to find an online retailer with the same item for much less money. Increase your savings by using a multiple store retailer like, Rakuten, or Ibotta which will give you a percent back on items you purchase from many different stores. There are sites that will search for any online coupons to apply before you buy. One of them is Honey (shop). Grocery Outlet has become a favorite place to find bargains on food. My youngest son and I enjoy looking for bargains together when the stores restock on Friday’s. For other great resources on financial health, visit www.daveramsey.com.
Whatever your current financial circumstances, greater intentionality in this area can help all of us reach our goals and avoid unwanted stress.
I’ve just produced a new online video resource entitled, “7 Questions for Intentional Living.” You can view this series by clicking the following link: www.MaxLifeEvents.com/questions. If finances are an area you want to focus on, you can select that domain and experience customized coaching questions to help you identify your “next step.” There are seven other domains to select from as well. If this tool proves helpful to you, be sure to share it with someone else.
All the best!
Tom Evans
Director, MaxLife Events
