Why You Should Stop Living Paycheck To Paycheck
Are you a victim of the disturbingly common paycheck-to-paycheck system? Perhaps you are struggling to make ends meet and looking for reasons to stop living this way.
Living paycheck to paycheck can put you just one paycheck away from being deprived of electricity, a vehicle, or a place to live--and that is not a great way to live.
The following article sums up the various reasons why you should stop living paycheck to paycheck.
The Downsides Of Living From Paycheck To Paycheck
1. No Opportunity To Save Money
Every one of us needs money for a variety of different reasons, including retirement, college, and unexpected expenses, to mention a few. While living paycheck to paycheck, you miss out on the opportunity to save money for these and other essential reasons, which can put you at a significant disadvantage in the future.
2. Unexpected Loss Of Job
Your employment situation is precarious. There is no certainty that you will be paid in the future. You are not "owed" anything in this regard.
The terms of your employment are a contract between you and your employer. You put forth some effort, and in exchange, they give you money. This agreement may be terminated for a variety of reasons, both foreseeable and unanticipated, and it may come as a surprise to the parties involved.
According to a report, one in every five people in the United States lives beyond their means i.e., they overspend. It is a problem that plagues many. However, if you want to stop living paycheck to paycheck you cannot afford to do so; and if you do, there will be consequences.
4. Constant Need For Budgeting
No matter what you're doing or how you're spending your money, a budgeting crisis is always looming in the back of your mind; and this is probably one of the main reasons to stop living paycheck to paycheck.
You had planned to set aside x dollars this month for savings, but now that you're thinking about it, a fancy lunch and a shopping trip with your friends sounds more fun. However, this will prevent you from setting aside those x dollars. If you do end up having that day out, you will be forced to pay the price for it over the next many weeks.
5. No Luxury
There is no luxury in your life, at least not one that comes with ease. Before any purchase for yourself, you must first consider if you even have that kind of money at the moment- maybe it’s the end of the month and money is limited.
Besides, will you even get a day off to enjoy something for yourself-perhaps a trip or vacation? If so, does that affect your next paycheck? Or your savings?
6. Poor Mental Health
Our mental health is also at risk due to the instability of our financial situation. A person's mental health benefits greatly from having financial security since it relieves them of the burden of always worrying about whether or not they have enough money.
A study reveals that persistent financial stress can erode a person's sense of self-worth and personal significance, making them feel unworthy and as if their lives have no purpose - this pattern of thinking can lead to depression and even suicidal actions and thoughts.
7. No Emergency Funds
When you live paycheck to paycheck, most months you end up spending every dollar you earn. You may be able to ride along for a while without bad consequences, but what happens when an unforeseen expenditure arises? The emergency house or auto repair, the unexpected medical bills, the unplanned bills, the sudden important travel – you have no wiggle room for any of that.
Another top reason to stop living paycheck to paycheck is that you have no ‘financial cushion’ for emergency situations. And that six-month emergency fund that the experts insist we should maintain? For more than fifty percent of us, it is simply not possible.
Tennessee Title And Payday Loans
If you are, however, living paycheck to paycheck, and an unforeseen emergency expense has come knocking at your door, flex loans from Tennessee Title Loans, Inc. are one option for you to consider.
With Tennessee Title Loans, Inc. you will be able to get your hands on around $100-$400 in a short period of 30 minutes and deal with that emergency situation at hand. And the best part? They welcome all credit.
- Your driving license or I.D. for identification
- Your latest paycheck
- A (blank) check is drawn on your bank account (it should be active).
How Does It Work?
Following is the short and simple process of taking out a flex loan at Tennessee Title Loans, Inc.
- Complete the application form on the website.
- A loan representative will reach out to you.
- After talking to them, bring all the documents to the store.
- After verification of your provided documents, a representative will let you know about the last steps of authorization, including the very basic paperwork.
- If authorized, the funds will be released the very same business day or maybe the following business day.
It goes without saying that you need to stop living paycheck to paycheck but if you find yourself in a financial crisis and your lifestyle is not making it any easier for you, apply for payday loans from Tennessee Title Loans, Inc. today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.