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Does it make sense to hire a financial expert to help break the cycle?
For some it does.
Consider the following options for getting helpbreaking out of the paycheck-to-paycheck cycle.
Fortunately, there are multiple options, at different price points and pay structures.
They arent licensed by the Securities and Exchange Commission and cant offer investment advice.
Financial therapists typically charge by the hour, as do some CFPs.
Some people living paycheck to paycheck may need help withbudgeting and behavior their day-to-day living habits.
Free Alternatives
Before spending money on an expert, consider trying a free alternative.
Self-education and designing a new budget from scratch are good places to begin.
Start by reading as much as you possibly can about both budgeting and ways to change spending habits.
Start by cutting out the seemingly small expenses, then look at reducing structural expenses like housing.
It often helps to speak with people who know more about money even if they arent a professional.
Think of the top three people you know with financial savvy and enlist their help.
Go beyond budgeting help and ask for help changing behaviors, such as accountability check-ins.
Another option is to research local nonprofits and other organizations that offer free financial counseling or other resources.
Come at the Problem From Both Sides
Controlling spending and budgeting can lead to instant changes.
But dont stop at reducing spending.
Also consider increasing income.
Finance expert Melanie Musson ofClearsurance.comrecommended seeking a promotion or looking for a new job.
Start by looking up free or cheap career counseling services in the area.
The Cost of Not Getting Help
Sometimes it costs money to get expert help.
But it also costs money to stay in a paycheck-to-paycheck rut.
Often we need more than the roadmap: we need someone to help us stay on it.
But getting help in different ways is beneficial.
Consider starting with free solutions, but set a deadline with aspecific financial target.
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