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Archambo Financial Advisors, Inc.
Aaron S. Archambo, CFP®
Debbie E. Mueggenborg, CPA
Jonathan S. Russell
Phone: 918-336-2222
January/February 2022
How to Stop Living Paycheck to Paycheck
Controlling spending may be hard, but it’s not impossible. Here are some ideas to help you get started.
Find Out Where It’s Going
It’s easy to lose track of how much you’re spending. Keep a log of everything you buy. At the end of each week, review your log to see where your money is going.Create a Spending Plan
Start by reviewing your fixed monthly expenses, such as mortgage or rent, insurance, loan payments, and so on. Determine how much you typically spend on food, utilities, and discretionary items, including dining out and subscriptions. Then look for places to save.Automate Your Savings
Set up automatic transfers to savings each pay day. Having your savings account at a different institution from your checking account may make it harder for you to transfer money out of your savings. Add any bonuses, raises, or tax refunds you receive to your savings.Eliminate Debt
Prioritize paying off personal loans or credit card balances. Reducing high-interest debt immediately increases your ability to save.Meet with Your Financial Professional
The sooner you act, the sooner you can stop living paycheck to paycheck.CONTACT US
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