How can I grow my money while living paycheck to paycheck?

The easy way to do that would be getting some relatively easy wins that most people can have.

These are certain bills or expenses that you overpay for and can easily cut down on without suffering any reduction in quality of life. For example, in the UK it’s recommended to switch energy providers every 1-2 years to enjoy the introductory prices but leave before the higher costs come into effect.

Doing that exercise can save an average family up to £150–200 a month, which is great but not always enough.

The two harder ways that reap greater benefits are either cutting down on unnecessary expenses – which is harder because these will impact your quality of life.

Or you can choose increase your income so that it covers your expenses. This is harder because it does involve giving up much of your free time and persevering while things undoubtedly don’t go well right from the get go, but it’s more rewarding because, well, you get to keep your unnecessary expenses.

It’s also easier than ever to do it nowadays. I’ll discuss that in future posts.

Hope that helps

Jon

Published by Jon Kahn

Accountant and financial mentor based in Swansea, Wales. A contrarian who believes you should try to achieve your dreams by taking control of your life rather than reacting to them. Financial diets rarely work, so we believe in doing things differently.

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