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This isnt limited to low- or moderate-income households, either.
Almost half of those earningsix figuresfeel the same way.
But your situation isnt hopeless, either.
Most people dont want to budget because it sounds hard, tedious and complicated.
If thats the case, Fox suggested paying off this debt first.
If possible, increase your monthly payments to pay off your debt sooner.
One of the big ones is that they dont differentiate between wants and needs.
All of this leads to overspending and living beyond ones means.
If youre living beyond your means, take the time to distinguish between your wants and needs.
Once youve done that, see if you could take it one step further by living below your means.
Limit Discretionary Spending
Similarly, find ways to limit your discretionary spending.
Cutting back on nonessential purchases is a great way to stop living paycheck to paycheck, said aQuickenspokesperson.
You dont have to do it all at once.
But dont fall into the trap of trying to achieve those goals all at once.
Having that time frame is key.
For example, say you want to keep your first $1,000 in an emergency fund.
Once youve achieved a few short-term goals, you might start thinking about those long-term goals like retirement.
Be Consistent
As you work on your spending and savings habits, its important to be consistent.
you’re gonna wanna be consistent and make it part of your life, said DiSanto.
You cant wing it or go with your gut feelings.
Its like going to the gym or maintaining a healthy diet.
I use those examples specifically because most people struggle with that, too.
you could go about this in many different ways.
For example, you could get an accountabili-buddy, someone who can help you stay on track financially.
Or you might do things like automate your savings or use a budgeting app.
Whatever works for you, do it and be as consistent as possible.
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