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Stop living paycheck to paycheck – where you can start saving

Financial Services

Family life often creates stress and living paycheck-to-paycheck adds more. It makes you feel anxious about your financial situation. It also makes it hard to save, which can leave you vulnerable in case of a financial emergency. The best way to stop living paycheck-to-paycheck is to save, and being able to save starts with a monthly budget.

Keep in mind that progress comes in steps and big changes don’t happen overnight. But when you set goals, make a plan and stick to it, you set yourself up to win.

Focus on the short-term: Create a monthly budget

  • Write down your family’s total take home pay for the month
  • Track your expenses for a month, by reviewing bills and receipts, and identify ways to reduce or eliminate expenses wherever you can.
  • Include a savings goal each month. It’s OK to start small just start saving.
  • Develop a budget to account for all income and every expense.
  • Set a goal to reduce household expenses. Every dollar saved equals a dollar earned.
  • Create an emergency fund with a goal to set aside 3 to 6 months of salary. Make automatic deposits from each paycheck.
Securities and investment advisory services offered through registered representatives of MML Investors Services, LLC, Member SIPC. 99 Monroe Ave NW, Suite 700, Grand Rapids, MI 49503.  (616) 447-7665. CRN202105-248424

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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