How to Save Money While Living Paycheck to Paycheck

 Financial realist and businessman, Ronnie F. Lee writes about effective principles of money management in his latest book, Know Money No Problem 978-1952263583. During his childhood, Lee watched his parents make financial mistakes that put a strain on the household. The only good that came out from it is what he learned about money management from a very young age. Lee didn’t need a degree to learn and apply the basic skills of money management to his life in order to reach financial success. Neither do you! With Know Money No Problem, you can begin your journey towards financial success the right way. The tips and strategies, which Lee shares in the book, can help people, even with average income, make the most out of their money.


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 Countless Americans have been stuck living paycheck to paycheck. The COVID-19 pandemic has even taken that away from millions of Americans, as they lost their jobs during the lockdown. For those whose financial progress has been stagnant due to this loop, there is still hope to increase savings and reach financial success in life. ESME’s Jeanne Kelly shares several ways to save money while waiting for your paycheck every month:

  • Pay yourself first.

     Start by putting aside a bit of money each month into an account for you. Think of this as your “long-term savings fund.” It might be hard to put a lot of money aside right now, but you can start with just a few dollars per month and aim to increase that regularly as time goes by. Just getting started is often the hardest part.
  • Live below your means.

     This is perhaps the most challenging part of the whole process! Living paycheck to paycheck is possible only when your expenses are less than your paycheck! Take a long, honest look at your life, and make some (temporary) sacrifices: eat out less, consider not upgrading to the shiniest and newest iPhone this time around, and maybe cut back on cable.

  • Create a budget.

    The most financially successful people create a home budget—period. Yes, it sounds old school and boring, but a budget is one of the most powerful tools to keep you on track. Get a pen and paper and create one. You’ll thank yourself later.

  • Make your money work for you.

     Your money shouldn’t just sit there collecting dust. You can make it work for you by investing it wisely. I’m not a financial adviser, so I can’t tell you what you should invest in, but there are funds, stocks, and real estate investments that are relatively safe and affordable, which may generate a higher return than your money would just be sitting in a savings account.

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