The Reality of Living Paycheck-to-Paycheck

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The Reality of Living Paycheck-to-Paycheck
Image by Robert-Owen-Wahl from Pixabay

Hats off to those not living paycheck-to-paycheck. They should be grateful to not have to stress about becoming sick or encountering an emergency situation.

Simple things as a missed day at work can send a person’s budget out of order. Not everyone has the capacity to build a nest egg. The notion of saving three to six months of living expenses is laughable to many.

First, you need to make money in excess of your monthly budget to be able to accomplish that goal. If you’re starting out with limited funds and cutting out anything that isn’t a necessity, you’re doing what you can do to remedy the situation.

Second Job

However, those not in these situations suggest you get another job or some other source of income. Good suggestion. If you opt for a second job, will it interfere with your main job? Many companies schedule based on business’ needs and don’t offer much flexibility.

Some people believe that if they tell the potential employer about their other job that they’ll work around their schedule. Depending on the company or the position, they may but most likely won’t. In their eyes, you must be willing to adhere to their schedule and business needs.

Gig Jobs

Enter gig jobs. These jobs are normally independent contractor positions that offer you the ability to generate additional income while holding down a full-time job. Depending on the gig, you may find yourself making more money than your regular job.

They’re a great way to get your feet wet into business ownership. You’re responsible for paying your taxes on the income and own the time you spend doing the gigs. You’ll be introduced to Schedule C and form 1099-MISC at tax time. It may sound scary. However, it’s not that difficult to complete a Schedule C when you have the right tax software and great record-keeping.

Obtain a Job with Better Pay

You can always look for a better paying job. Maybe, you need to brush up on some skills. The internet is full of paid and free resources to assist you in obtaining a better financial position. Take into account what makes you satisfied. Do you like your present job? If not, why? Consider your options and take action.

The Paycheck-to-Paycheck Life

Bottom line, the paycheck-to-paycheck life isn’t a laughing matter. It can be a stress-filled life. When you live this life, you’re always on alert. Your biggest fear is that something may go awry. Then, it’s what am I going to do. From a leaking faucet to an increase in the rent, you’re always scared to hear that drip, receive that note, or check your mailbox.

Truthfully, the worry hovers. However, you can take actions to lift yourself from this lifestyle. It’ll take time. However, it’s possible.