Hello!
I have a quick (I think) question. Does anybody have any advice for newly employed people hoping to get ahead in their finances? Right now, I'm living paycheck to paycheck but I'd like to be 2-4 paychecks ahead in the next five years. Here are my questions:
- Is this feasible? Or should I extend my timeline?
- What considerations might help me decide what timeline is feasible?
- What strategies do you use to save money on top of what you're already doing?
Right now, I'm very diligent with tracking my income and I'm working on reducing my spending even more. I have picked up a side hustle where I make a few hundred extra per month but it's inconsistent. I price compare absolutely everything and wait sometimes 2-3 years for splurges or buy things used to save money. Generally, I do as much as possible to cut costs. Saving has just been tough recently because of moving costs (I just moved, low/medium CoL), hence these tighter paycheck to paycheck months. I'm working on my emergency fund, too. It's not quite at the 3-6months of finances I'd like it to be but it's getting there.
I'd just like my cash on hand to be higher so that I have more options to pay for things rather than not being able to pay for something, using credit, or dipping into my emergency fund because that's all the money I have. I'm sure this all sounds naive as I'm kind of young and just doing the best I can most of the time but any help or advice you have is valuable so thank you in advance!
Submitted December 08, 2019 at 02:43PM by jinkietwinkie https://ift.tt/354Dg8n
