When you’re living paycheck to paycheck, it can feel impossible build the emergency savings you know you need. And sometimes it may feel like the month lasts longer than the money. Taking a few easy steps can help you change that.

How to break the paycheck-to-paycheck cycle:

  1. Track your spending.
    Determine exactly how much you’re spending and earning. You may even find you have adequate money coming in but just aren’t spending it in the right places.

    MoneyLion can help: The free MoneyLion app lets you easily track your spending and enroll in free credit monitoring. Two easy ways to improve your financial health.

  2. Reduce your expenses.
    Look at necessities (housing, food, debt payments) and nice-to-haves (dining out, entertainment), and find ways to cut down. Try packing lunches, turning down the heat, eating less meat, finding cheaper housing, or negotiating a lower rate with service providers.

    MoneyLion can help: The app updates you on how much you’re saving and show your costs compared to your peers, alerting you to areas of overspending and ways to cut down.

  3. Create a budget.
    When your expenses and earnings are laid out in a monthly view, it’ll be much easier to stick to your budget and even find opportunities to save more. You can get a free budget template on the MoneyLion blog, or search online to find one that suits you.

    MoneyLion can help: The app gets to know your spending patterns and sends notifications that help you stay on budget. Alerts help you avoid overdraft fees and duplicate charges.

  4. Look for ways to earn more.
    Ideas include finding a second or side job, applying for a promotion, and selling unwanted items on Craigslist, eBay, or at a consignment shop. Some people even rent out their car or a room in their house. Check out our blog post on side hustles.

    MoneyLion can help: The app uses data from you and 1.5+ million users to deliver personalized tips for maximizing your money. Also, you get points redeemable for gift cards to stores and restaurants just for taking easy steps like linking a bank account.

  5. Stay positive.
    You’re making small sacrifices now to break the paycheck-to-paycheck cycle. Remember why you started your journey and stay disciplined. Find support among like-minded savers in the #DebtFreeCommunity on social media.

    MoneyLion can help: Take control with MoneyLion Plus, a two-part plan that helps you save with a guided investment account while having access to 5.99% APR loans to protect your savings when unexpected expenses occur. Good credit not required.

También disponble en Español: 5 pasos para dejar de vivir de quincena a quincena

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