And the most frustrating part? You’ve already done your best to be frugal.
So why are you still living from paycheck to paycheck despite your efforts of being frugal?
You’re still suffocated with bills and expenses that pop up from nowhere.
You still can’t figure out how you can live without worrying about money despite your efforts.
If you’ve been living a frugal life but still broke, clearly there’s a hole in your financial system you need to fix.
Being frugal is good. But if you’re not spending money on things you need to, you might end up being broke rather than having a simple and comfortable life.
Here’s what you need to invest in to remedy the paycheck to paycheck lifestyle:
1. Financial Knowledge
“If you think education is expensive, try ignorance.”
There’s a ton of free information out there, especially now that you can google almost everything. But aside from free information, it doesn’t hurt if you invest in books and courses that teach how to manage your money properly. You can also invest in hiring a financial adviser who will help you navigate your financial situation and help you create a plan.
If you’re a frugal person, it might seem counterintuitive to pay for someone to teach you about handling your money. But the benefits can be great. Having someone guide you, and especially see your situation from a different perspective, can benefit you in the long run.
Paying someone now to help you fix the problem will save you more money and stress in the long run.
Think of it like a broken pipe. You can try to fix it yourself. But if you hire someone professional to do it for you, it will save you with a lot of stress and water bills.
2. Healthy Lifestyle
I don’t mean to say you jump on the newest diet fad or having to buy raw and organic, natural foods. Having a simple diet and healthy eating habits can help your financial situation greatly. It doesn’t make sense buying cheap and instant foods loaded with unhealthy ingredients, preservatives, and flavorings if you end up getting sick. As you know, getting sick means a ton of hospital bills.
Buy in-season fruits and vegetables. Learn to cook simple meals if you don’t already cook your own food. Follow food blogs that teach cooking on a budget.
Plan your meals and buy in bulk. Cook at home and pack your lunch. This way you get to save money while buying healthy and nutritious foods. Buy vitamins and health supplements: prevention is always better.
3. Hiring People
It doesn’t make sense if you try to be frugal in all areas of your life while dismissing the benefits of spending a little.
For example, I talked about how hiring someone can actually make you more money in this article.
Be smart. Just because you’re not spending money doesn’t mean you’re doing the right thing. Sometimes you have to spend money in order to earn it.
4. Your Mindset
I don’t want to sound woo-woo, but your mindset really has an effect on your finances.
You don’t have to buy the expensive courses that life coaches offer if it doesn’t feel right for you. You can invest your time in your local library reading books and watching videos about this subject.
Sure, this is a lot of work. Changing your mindset takes a lot of hard work and time. But you’ll get there, as long as you’re willing to put in the time and practice.
You’ll be surprised a year from when you started that you’re starting to see things in a different light; you become smarter and more mature in handling your finances.
Remember that the purpose of money is to serve you. Learn to manage it like a pro and it will serve you well. Stop chasing after it like you’re desperate, even if sometimes if fees like you are. Don’t try to be so cheap that you deprive yourself of the many good things in life. Instead, learn to handle your money so that you’re not always at the mercy of your monthly budget.