Time for A Change: When Your Paycheck Isn’t Enough

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Happy, smiling young man with check (cheque) in hands, looking at camera

Many of us have at some time in our lives lived paycheck to paycheck, so we know how stressful it can be. If you aren’t able to put away any money into savings, and everything you make just goes right back out the door, it may be time for a change. This could mean you spend less or in some cases you need to find a way to make more each month. If you are unsure if this describes your situation, here are some signs that the time for that change has come.

The biggest sign that it is time for a change in your financial situation is the simple fact that you can’t pay your bills each month. Even if you are just paying the minimum amount on your credit cards, that’s not enough. You would be shocked at how long it would take to pay off most credit card balances by just making the minimum payments each month.

If you can pay your bills each month but to pay other monthly expenses like food and clothing you rely on your credit cards, it’s time for a financial change.

If you get your paycheck on Friday and by Monday it’s gone, then it’s time for a change. Your paycheck should last longer than just paying the bills that are due.

If you are not able to save enough for even a small emergency savings account, it’s time to make a change. The emergency savings is just one savings goal you should have. No matter your age it is always important to start saving for retirement as well.

When you determine it’s time for a change, sit down and create your budget. If you feel like you have already created a tight budget, and cut back in every area possible, and you still can’t get anything in savings, it’s time to find a way to make more money. This may be changing jobs or taking on a side job or even a weekend job.