Break the Paycheck to Paycheck Cycle – Part 2

Are you living paycheck to paycheck?

Financial margin occurs once priorities are established. The Bible tells us to give to God first. Then, pay yourself by making a deposit in a savings account. Finally pay all necessary bills. Put your wants aside and focus on gaining financial margin. Don’t despise new beginnings or worry about starting small. Just get started, and the sooner the better! For money to last beyond your paycheck, you may have to increase your income or decrease your spending. Perhaps you need to do both for a period of time. This may be hard, but God will see your efforts and sacrifices. Here are a few ways to create more financial margin:

Begin tracking your expenses by recording every dollar you spend. From here you’ll build a budget. Ask a trustworthy friend or mentor to help you and to hold you accountable. If you need more income, consider a part-time job, or ask for a raise. Sell what you don’t need. Determine ways to reduce the cost of housing and your vehicles. Aim to pay off debt with the highest-interest and avoid any penalties or late fees. Try negotiating certain bills or look for less expensive providers. Drop some streaming services and limit time on social media. Cook from home, and find low or no-cost entertainment. When receiving financial gifts, a tax refund, inheritance, or bonus, apply them to savings and debt. Together, these will make a big difference! Most importantly, fast and pray for God to meet your needs. You’re not alone in this effort.

And if you’re struggling with credit card debt, Christian Credit Counselors are experts. They can create a debt management plan just for you. For more information visit online at crown.org/ccc.