How to Stop Living Paycheck to Paycheck
By Nancy Mann Jackson
We don’t have to tell you this if you’ve ever been (or are) in this situation, but living from one paycheck to the next makes peace of mind an elusive goal. Thirty-eight million American households live this way, spending all of each paycheck, according to recent research from the Brookings Institution. While many of these households have assets such as their own homes or retirement accounts, they have little or no extra cash on hand.
From a financial perspective, living from paycheck to paycheck is disastrous, "and it’s not stable from an emotional standpoint, either," says Kathryn Garrison, senior financial advisor at Moss Adams Wealth Advisors. "Debt has a way of snowballing and your stress snowballs right along with it." It’s time to break the cycle. Here's how.
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