hey guys if you are ready to stop living paycheck to paycheck this is the video for you now i'm
hoping this video will really just change the game for you guys so if you have learned anything out
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all right let's get started now first if you think that you are the only one going through this think
again because career builder did a survey and they found that three out of four people are living
paycheck to paycheck and it's not just those who are you know living on a minimum wage salary
it's also those people who are earning a hundred thousand dollars or more a year
it just all comes down to if you are spending the same amount that you're making you are always
going to live paycheck to paycheck no matter how much you make so the first way to get out of this
rut is to figure out why you want to stop living paycheck to paycheck now i know you might be
thinking well of course i want to get let's stop living this way but what i'm trying to say is that
you need a real reason that will make you you know hold off on buying that new outfit that you want
or you need enough reason to tell your friends i can't go out this weekend because i'm trying
to save money because of this reason you know it needs to be a big enough reason that will
drive you to live like you are broke temporarily now just so you can get right back on the right
track now what is that reason because i just know too many people that struggle living paycheck to
paycheck and it's because i believe that they just don't have anything that's driving them enough
to make the tough decisions to stay home and cook instead of going out you know my reason
was my kids i wanted to be able to quit my job and stay home with my kids so i had to make drastic
lifestyle changes in order to do that you know you have to figure this out before you can move on to
the next step because that's what's going to drive you to make these tough decisions along the way
because this is not easy i don't want to make this to seem like it's going to be a cakewalk
that's why i'm telling you guys that you need to have a reason i mean your reason really
could be just that you're tired of living this way and you want better and if you want a real
motivator i always say just go drive take a drive go look at the houses that you can't afford yet
this is something my husband and i would do and still do just to dream and think about what we
could have and every single time we leave i always find myself feeling so motivated
to get myself together and get to work because i know i could have that if i did the work
and it doesn't have to be a house if that's not going to motivate you you know it could be a car
dealership you know go to a car dealership to look at the different cars you might want you
know just whatever whatever will drive you once you have that lock onto that and keep that as your
driving force you know we have to constantly keep motivating ourselves with goals just to keep us
going and motivated or at least i know that i do so i'm a true believer that you can literally have
whatever you want if you want it bad enough so how bad do you want to get out of this rut this cycle
now i can thankfully say that my husband and i we now live in the type of neighborhood
we would go ahead and dream about and just drive around in and most of the credit i have to give
it to god you know i can't sit here and act like we just did this on our own you know we
said what we wanted we believed god for it we were obedient and he gave us the desires of our hearts
but faith without works is dead we had to do the work alright now the next step is to get
clear about where your money is going now i use a spreadsheet just like this because
it is a nice way to capture a snapshot of all of my income and expenses for the entire year
now i'll link this one in the description below if you want to use something like this now if i were
you i would recommend recording your last month income and expenses just to give you an idea of
what you're spending your money on and where it's going now when you do this list i want you to put
these lists of expenses in order you know put in your rent utilities grocery and transportation
these are all your necessities then list all your other expenses in the order of importance to you
now once you have everything listed go through each one and see what you can either reduce or
cut now your grocery bill i'm sure there's something you can reduce there now how i do
it is that i order my groceries online to prevent impulse shopping because i'm an impulse shopper
and i know if i'm at the store i'm just going to be grabbing anything so what i do is i just order
my groceries online while i'm already full so i won't just be putting anything in the cart and
i stick to my buddy that i set for myself and i go to the curbside admire to pick it up all free
very convenient and it's the best and it keeps me on budget next is your rent so if you have a
mortgage see if you can refinance for a lower interest rate so you can have a lower monthly
mortgage bill you know see what you can do in all these different areas play around with the numbers
and see how much you can have at the end of each month left over and if you have any debt i have a
great article that can help you get out of debt so i'm gonna link that in the description below
just to give you more tips and more more guidance on how to do that the next step is to automate
your savings so once you have an idea of how much you have left over set up an automatic transfer at
the company you work for so it will automatically transfer a certain amount whatever you decide
to go directly to your savings account now if you cannot do this because you have nothing left over
it's okay just stay tuned because i'm gonna cover that in a second but automating your savings is
the way to go it can be one of those things where you just kind of set it and forget it and let your
money work for you in a savings account now when i'm talking about a savings account i'm talking
about a high yield savings account not the savings account that is attached to your checking account
because that will only earn you like point zero one percent in interest in a high yield savings
account you can earn point forty percent and let your money work for you and earn with
interest now the interest rates they have been drastically decreased due to this pandemic
but it's still a lot higher than your average savings account and i believe they're going to go
up over time so i highly recommend doing this and i'm going to put a list of ones that i recommend
in the description below your high yield savings account is the place that you're going to have
your emergency fund you want if you want to work on getting a down payment for a house
this is where you're going to save that money whatever short-term goals that you have and if
you can you want to have at least three to six months of your expenses in this account as well
now if it seems too intimidating to do that just at least set short-term girl goals of 500
or something like that next is to think about if you have locked yourself into a lifestyle that you
just can't really afford you know after seeing how much money you earn and how much you are spending
can you really continue living like this you know you may have to take drastic measures depending on
your situation you know you may have to consider you know moving into maybe a less expensive house
or downsizing your vehicle you know just you want to be able to get out of this cycle so you
absolutely have to live on less than you earn take a really good look at your spreadsheet and try to
make sense out of your situation and see what you need to do the next solution is to earn more money
now how long have you been at your job making the same amount of money is it time for a raise or is
it time for a new job or what about a side hustle but remember making more money doesn't mean that
you're going to get out of this situation because if you're still spending the same you're still
going to be in the same situation now if you are starting to earn more money at your job or you
pick up a side hustle that extra money should be going to your high yield savings account you
know to build up your emergency fund pay off any debts and anything left over should really just be
invested now when my business started bringing in an income we still lived on the same budget
you know i didn't go out and buy a new car you know i'm still driving my same 2012 jeep it's paid
off it's working fine so there's no reason to add more expenses to our life this is how you avoid
living paycheck to paycheck live on less than you make you know there is no better feeling than
to know that you have money in the bank so when life happens you are going to be okay financially
that peace of mind is priceless now if you're looking for ways to make money i have a list of
30 legitimate ways that you can make extra money at home that i'll put in the description below
to give you some ideas okay so now that you have identified your reason that's going to keep you
laser focused on getting out of this rut you have created a budget you're making lifestyle changes
that will fit your income and you're now building up your savings account this should definitely
help you stop living paycheck to paycheck and now that you have free money in a good situation
definitely check out my video i did on five things that you should do with your money in 2021 because
these are all things that i didn't know growing up you know i took me a while to figure this out and
that's why i want to share this with you guys i am now i'm in a good place financially and i want to
help other people in the same situation because this is not always in the way that we have lived
our lives i also want you guys to keep this in mind i heard this billionaire say show me your
friends and i'll show you your future so who are you hanging with you know just keep that in mind
alright so i hope this gave you guys some helpful tips and something to think about
and if you've got what i'm trying to say put it in the comments section and say all right
wit i got it thank you guys for watching and i hope you have a great day see you next video