How to stop living paycheck to paycheck - Houston weather, traffic, news | FOX 26 | MyFoxHouston

How to stop living paycheck to paycheck

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Are you living paycheck to paycheck?  A recent survey released by Bankrate.com shows 76% of Americans are.  Only one in four have enough money in their savings to cover at least six months of expenses.

"It's disappointing." Said Greg McBride, Bankrate.com's  senior  financial analyst.   "Nothing helps you sleep better at night than knowing you have money tucked away for unplanned expenses."

Living paycheck to paycheck isn't just a financial disaster waiting to happen it I can be really stressful .  FOX 26 Contributor and financial coach Charlotte Stallings has tips to reclaim your finances.

  1. Audit YOUR Finances
    • Change is hard without knowing what to adjust
    • Figure out where you spend the most
    • Knowledge is power
  2. Set Attainable Goals
    • Goals  focus  your effort and lead to success
    • Start with baby stops (small goals)
    • Then set slightly bigger goals
  3. Make a Realistic Budget
    • Budget based on reality not fantasy
    • Based on what you're already spending
    • Ensures you don't go over budget
  4. Find the big rocks
    • Look for 3 biggest changes you can make
    • Bigger changes are better than smaller changes
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