Stop Living Paycheck to Paycheck

Sometimes it can be hard to make ends meet, but you can do it! Here are a few concrete steps you can take to get your finances back on track.

1. Start an emergency savings fund.

Start setting aside just $15 from every paycheck, so you won’t be caught off-guard if an emergency comes up. What can you give up to make it happen? Try one coffee a week, or one night of takeout a month.

2. Get out of debt.

Often it’s the interest rates that get you into trouble. That’s why it’s so important to pay off your debt. Consider cost-saving measures—like getting a roommate, carpooling, cooking at home instead of going out to eat, and cancelling your cable TV package—so you can free up money to pay off those outstanding bills. It may hurt just a little, but your financial independence is worth it.

3. Create a realistic budget.

Whatever your financial obstacles, you can create a budget that will eventually get you out of debt. CAPTRUST connects you with financial experts who give you unbiased advice that targets your best interests—not theirs.

4. Pay yourself first.

Contribute at least 3% to your 401(k). (You’re automatically enrolled in the plan on your eligibility date at a 6% contribution rate, but you can change your contributions at any time.) For every dollar you contribute, Ancestry matches a dollar to your 401(k), up to 3%. If you don’t participate, that’s like telling your boss you don’t want a raise.

5. Live within your means.

Here’s the best tip of all for financially getting your head above water: Don’t buy what you can’t afford.