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Living paycheck to paycheck essentially means living without a safety net. If missing a single payday will seriously jeopardize your family’s financial security, it’s natural to feel overwhelmed. Fortunately, there are ways to stop this cycle once and for all. Before you jump to calling a bankruptcy lawyer, try the following. 

3 Tips for Breaking the Cycle of Living Paycheck to Paycheck 

1. Review Your Earnings & Expenses 

Those who live paycheck to paycheck are either bringing in too little or spending too much—or both. Therefore, the first step to breaking the cycle is determining just how much you can afford to spend every month. If you’re living above your means, adjusting your budget may be all it takes to start saving a little every month instead of spending it as fast as you earn it. 

2. Find Some New Streams of Income

bankruptcy lawyerEven if you can’t take on a second job, there may be other ways to earn some extra money on the side. For example, you could sell handmade products, work for a ride-sharing service, or take online surveys. After using the extra money to pay off debts, you can start saving it until you have a sizable emergency fund. Then, one or two missed paychecks won’t mean serious financial trouble. If you have more debt than you can reasonably payoff even with some extra income, though, it may be wise to discuss your options with a bankruptcy lawyer.

3. Devise Both Short- & Long-Term Plans

To achieve any goal, financial or otherwise, you must first devise a plan. So think about where you want to be one, five, and ten years from today, and then devise actionable steps for getting there. Such steps might include going back to school, taking on additional responsibilities at work, or starting a small business. Regardless, the only way to truly break the cycle of living paycheck to paycheck is by mapping out a path to success and then tackling it one milestone at a time. 

 

If you’re facing so much debt that these tips won’t improve your financial situation, turn to a bankruptcy lawyer at Swartz Law Office. Founded by Donald K. Swartz in Batavia, OH, in 2011, this firm focuses primarily on debt relief and mortgage help. They also assist with estate planning, divorce, probate, and real estate transactions. To request a consultation with a bankruptcy lawyer on their team, call (513) 732-0900 or visit their website

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