A recent article published by the Canadian press states that almost 60% of all Canadians live paycheque to paycheque. Shocking news, but very sad news. Essentially this means that if you didn’t receive a paycheque, or it was received 2 weeks late, 60% would have difficulties paying their bills.
What does this result from?
*Lack of knowledge from a young age
*Living much beyond your means
*Cost of living is expensive
What steps should you take if you fall within the 60% of people?
*Understand your situation
*Create a goal(s) with a timeline
*Create a structured budget
*Create an emergency fund, plus additional savings/investment fund
*Rapidly work your way to debt free lifestyle
*Eliminate all negative spending habits
It’s really all about balance. Balance provides the stability to know that what you are doing today is only benefiting you tomorrow.
Personally, I couldn’t imagine the stress that comes along with living in financial stress. I do not make a lot of money, but the money I do earn is put to the proper use. It would be so easy for me to spend all of my money on stuff (clothes, makeup, entertainment, etc) however I would rather live without the stress than with the items.