Forget about the financial hole: how not to live “paycheck to paycheck”

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In order to forget about the poor and avoid situations , when money is barely coming from paycheck to paycheck, it's worth using some financial planning strategies to improve your budget.

Budgeting and Controlling Your Spending

Track your income and expenses. Write down every expense, even the smallest, to see the full picture of your financial situation. Eventually, you'll be able to identify spending items that can be cut or eliminated.

Set limits on non-essential purchases. For example, limit spending on coffee in cafes or shopping for unnecessary things.

Increasing income

Consider additional sources of income. Freelancing, tutoring or online services can be a good side job. Even a small extra income can help build up a reserve or pay off debt faster.

Invest in your skills. Find free online courses that will improve your skills or teach you new skills. This can increase your potential income in the future.

Building a financial cushion

Build an emergency fund. Save even small amounts (for example, 5-10% of salary) in a separate account that can be used only in case of emergencies

Automate savings. Set up automatic transfers of small amounts to your savings account immediately after you receive your paycheck. This will help not to miss the postponement.