Top Personal Finance Bloggers: Advice for Those Living Paycheck to ...

August 24th, 2011

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The economy has been tough, even for those who have remained employed.

A recent study revealed 42% of workers say that they typically live paycheck to paycheck. Another shocking finding is that 34% say they aren?t contributing to any long-term savings programs, such as a 401(k), for retirement. Even some individuals earning six-figure salaries are having a rough time; 14% report that they?re living paycheck to paycheck.

When faced with these surprising figures, we wondered what the best advice is for those living paycheck to paycheck. Naturally, we turned to our favorite personal finance bloggers for their tips, and they didn?t disappoint.

Here?s our top advice for workers living paycheck to paycheck.

make

Make more.

Take $300 from your next paycheck, start a personal finance blog and get rich or die trying! There?s more money out there than you can imagine!

Sam, Financial Samurai

If 26 paychecks a year aren?t enough, then how about 52? Get another job and save the additional income or use it to pay down debt!

Kevin McKee, Thousandaire

Cutting back on things like eating out at restaurants is popular when times are tough, but you should raise your income instead. Consider taking a second job or selling something.

Hank Coleman, MoneyQ&A

make

Spend less.

Stop going out to eat and ordering takeout?it adds up! Start consistently shopping for groceries and even go the extra mile by clipping coupons and buying sale items.

Megan Tice, MoneyAisle

My advice? STOP! Even a trickle of money saved regularly, even automatically from your paycheck, can add up quick to a nice cushion in the form of an emergency fund. Start now.

Jesse Michelsen, Money Crashers

make

Save more.

Start saving, no matter how little, even a penny, but make it a point to record the transaction. Get the ball rolling, which is the toughest, and figure out how to add more later.

David Ning, MoneyNing

I?d like to introduce them to micro-goals. The concept is easy; commit to doing 2-3 small goals each month and keep building on it. For example, three micro-goals might be 1) find a way to shave $25 off your household expenses, 2) use the $25 to pay down your debt, and 3) read one personal finance article a day. As you complete each goal, maintain the pace and replace them with more ambitious goals.

Pinyo, Moolanomy

make

Budget!

Bite the bullet and finally make a budget; it?s best way to understand and adjust your spending situation. It?s as easy as 1-2-3 on an Excel sheet. 1) Write down your monthly income. 2) Make a column for essential fixed expenses like rent and loan payments. 3) Make a column for additional expenses, like eating out and shopping. Assess your two spending columns relative to your overall income, and pinpoint where you can shave costs. If your happy hour budget is as large as your loan payments, trim there. If rent is way over a third of your paycheck, consider a significant cost-effective change like moving or getting a roommate. This helps you look at your spending choices relative to your whole budget, and where it makes the most sense to make changes and free up more money.

Justine Rivero, Credit Advisor at CreditKarma.com

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Source: http://blog.creditkarma.com/step-by-step/personal-finance/top-personal-finance-bloggers-advice-for-those-living-paycheck-to-paycheck/

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