Are you struggling to get by and do you feel like there is no way you can break the cycle? We’re not going to sugarcoat anything—it is hard to break the cycle, but you can do it! Here are a few tangible steps you can take to help get back on track.
1. Establish an emergency savings fund.
Start setting just $10 aside from every paycheck, so you won’t be caught flat-footed if a true financial hardship suddenly arises. Figure out what you can sacrifice to make it happen. Two coffees? A pizza? One beer a week? You can do it!
2. Get out of debt.
Often it’s the interest rates on outstanding debt that suck you dry. That’s why it’s so important to do whatever you can to funnel all possible assets toward paying off your debt (and preventing new debt). You may have to go without some luxuries in the short term, but your financial independence will make it worth the effort. Consider getting a roommate or carpooling to share some expenses. Cook at home instead of going out to eat so often. Cut out that pricey cable TV package that you’ve been meaning to for a while now.
3. Create a realistic budget.
Whatever your financial obstacles, we can help you create a budget that will eventually get you out of debt. Intuit gives you free access to industry-leading tools and resources that can help you create a budget that works for you.
4. Pay yourself first.
Contribute at least 6 percent to your 401(k). For every dollar you contribute, Intuit matches $1.25 to your 401(k), up to 6 percent. If you don’t participate, that’s like telling your boss you don’t want a 7.5 percent raise. If you haven’t done so already, enroll now.
5. Live within your means.
Follow the Golden Rule of getting out of debt: Don’t buy what you can’t afford.
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