Living Paycheck to Paycheck how to Stretch your Income

Millions have at least one thing in common, living paycheck to paycheck. Sadly, this wide-spread way of living is even more troubling in a declining economy. Everyday, one has to face the challenges of paying higher prices at the gas pump. Because of same, there is a domino effect on goods and services. It seems like the price of grocery items are constantly on the rise. With each trip to the store, the dollar seems to secure less and less.

When you are living paycheck to paycheck one has to find ways and means on how to stretch your income. The first thing you have to do is try to live far below your means. And, you do so by getting the entire family on board. It is very important that each family member is cognizant of the economic conditions that everyone is facing. Naturally, it has to be age appropriate in order to divulge certain information in regards to finance. You don’t want your young kids to think that they will be hungry or homeless during these challenging times. 

Older children will try to cooperate and watch their spending habits if you explain the difficulties the family is experiencing. Perhaps, you can secure their help by having them pack their lunches for school. With the 24 hour news channels and Internet age it’s totally impossible to conceal occurrences in the economy. Let them know that the family is unable to eat out every week. Instead, create a fun setting at home. Make it a movie night with popcorn and other delights; or, have a backyard barbeque. Perhaps, you can give them the opportunity to come up with ideas for entertainment at home.

This is the time to abandon the credit cards and store them away. Instead, when go shopping use cash. You will be better able to stick to a budget. Before you go shopping, create a list after doing a stock check. It doesn’t make good economic sense to duplicate items when the amount could be used to purchase items of necessity. Before you venture out, download from the Internet coupons from your favorite suppliers and stores. You would be amazed at how much you can actually cut from your entire bill. Ensure to purchase fruits and veggies when they are plentiful and are on sale. Bear in mind, that you can blanch and freeze them and utilize them later when they are not in season and the prices hike.

Living paycheck to paycheck is no laughing matter. Therefore, it’s very imperative that you find creative ways to retain as much dollars in your pocket book. The incorporation of the above tips and others will allow you to ‘bridge the gap’. You can do it.