While there is often a consistent theme when it comes to financial advice for living paycheck to paycheck, there are some financial smartsother tips not often included in common methods for hanging on to your money. Those now living paycheck to paycheck, may not be used to having such tight reigns on their cash.

Here are 5 simple tips to keeping your finances straight and get the most out of your cash.

Write What You Spend – Many people are impacted by a visual and if you truly want to understand where your money is going or how you can get better at saving it, you should start tracking it. Commit to tracking your every penny for a solid month. Then sit with your spouse and analyze the results. Little notebooks can easily fit into your pocket or purse and cost some change at a dollar store. This will help give you a reality check on how to cut spending and how much you can start saving.

Avoid the Green-Eyed Monster – Society often tends to be obsesses with other people’s income, job titles, and other financial successes. Personally acknowledging the priorities in your own life and the successes you have already achieved can help reduce the need to “keep up with the Jones’” and allow to you be content with your own successes and not envious of others. Also remember that you can’t always judge a book by a fancy cover.

Observe Your Own Purchasing Habits – Any trip to the store should afford you the opportunity to observe your own spending habits as well as change your thinking about spending. If you are an impulse shopper, prepare yourself each time before entering the store and always bring a list of items you need, rather than fill your cart with wants. If you tend to hit the mall to deal with boredom or other life frustrations, opt to take a walk in the park to clear your head.

Transition from Credit to Debit – If you have a history of not being able to pay off your credit card balances each month, stop using credit and switch over to debit cards that withdrawn money directly from your bank account. Debit cards will not hold a balance over your head and you can only spend what you have or face the consequences of overdraft fees and other penalties.

Focus on Debt then Save – You’ll find it to be near impossible to start saving money when you still owe on debts.  Start by understanding how much you owe and make a plan to pay off the debt before concentrating on your plans for saving.



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