Welcome to the challenge! This 30-day course is all about helping you break the cycle of paycheck to paycheck living.
When you live paycheck to paycheck, you don’t have a one-month cushion in the bank to cover a full month’s worth of expenses.
Not having that cushion means your finances are always hanging in the balance, creating a never ending cycle of worry and fear. It means that if your paycheck comes late, you’re at risk of overdrafting your checking account to pay for rent or utilities. It means that if an unexpected bill appears, your normal spending may be thrown off to cover it. It might even mean that some weeks, you can’t buy all the groceries you need.
Living this way is exhausting and it creates unnecessary stress on you. But since you’re here, you probably already know that to be true. You may have even tried breaking the cycle before. But as you may know, once you’re caught in this loop, it’s incredibly hard to get out. And the reality is, some of the reasons you’re stuck in this cycle may be out of your control.
But even if the odds are stacked against you, there are ways to get out. And we believe that boosting savings to build a one-month cushion is a great way to do it.
When you do have a cushion, you can breathe a little easier. You’re able to pay bills without having to time those expenses with your paychecks. You can buy groceries whenever you need to — even before your paycheck arrives! And if you’re already budgeting with Goodbudget, a cushion makes it possible for you to fill your Envelopes to full at the start of the month rather than having to partially fill them multiple times. Dogeman said,
“[Before Goodbudget], we didn’t have a good way to track our spending. There were times we were down to less than $20 in the bank by the time payday came around.
Now, we stay on the same page and can track every dollar. We’ve only used the app for about 4 months and have an excess in the bank at all times. We just saved up our $1000 emergency fund and have been paying down debt. The peace of mind has been tremendous.”
It’s clear that having a cash buffer offers some stability and reassurance.
That sounds nice, right?
As you take this course over the next 30 days, you’ll challenge yourself to hustle hard to create a plan to boost your savings, with the goal of building a one-month cushion and breaking the cycle of paycheck to paycheck living.
What will that actually look like? At the beginning of the course, you’ll consider several options you can use to boost your savings — temporarily increasing income by taking on a side gig, taking on more hours at work, and/or by cutting back on spending — and you’ll set a goal for how much you’d like to have saved up by the end of the course. Next, you’ll learn how to track your savings using the Goodbudget app. Finally, you’ll learn tips and tools to help you maintain that cushion for as long as possible, but also how and when to use it if necessary.
Ready to get started?
Starting tomorrow, you’ll receive weekly assignments to help inform and motivate you through the challenge, so be sure to sign up to get the assignments sent straight to your inbox.
Until then, check out the assignment below.
Leave a comment and let us know what you’re most excited about when it comes to building your cushion and trying to break the paycheck to paycheck cycle. Are you excited about not having to time your bills with your paychecks?
- Let us know when you plan to work on your homework over the next 30 days.
Note for couples: If you’re budgeting with a partner, be sure to include them in this challenge. It will be really hard to build a cushion and break the paycheck to paycheck cycle if you aren’t both on the same page about boosting savings and setting money aside for that new cushion.
183 thoughts on “Get Ready to Stop Living Paycheck to Paycheck”
I am going through a divorce. I was living pay check to pay check before, but now it is even harder since my current budget won’t work with my lifestyle. I need help getting back control
I have over £5000 debt and want to clear this debt. I want to have enough money sitting in my account monthly for emergency’s but right now it’s hard as I’m living pay check to pay check
My husband and I have a finance meeting every Wednesday so I will be doing my assignments then.
I will probably work on my assignments in the mornings before 8 am. I usually go the office early sometimes 6 days a week.
I will probably be working on my assignments each day before 8 am. I am looking forward to saving money to ease and minimize my stress levels.
I’m anxious waiting to learn the budgeting tips to get to a zero based balance and actually save some money. My expenses are more than my income so I don’t see how it’s possible, but willing to learn.
No more paying stupid tax (NSF)!
My husband lost his job and now we’re working with one income. We want to be able to live comfortably and not be behind on bills. We’re spenders and because of this we have little to no savings. This will help us break the chain and hold us accountable.
We need to pay down some debt and stop living the spend life pay check to pay check! I need to stop living in financial fear and gain control.
Though I risen in salary I still seem to never have any savings. I am eager to learn how to not only stop living paycheck to paycheck but to also learn how to save have a cushion and an emergency fund . I pray Im able to change my habits as they cause tons of anxiety
I am excited about taking back control of my finances and not having the constant stress of when I’m gonna pay bills.
I’m so tired of living paycheck to paycheck! We would have enough money for our needs and some wants if we didn’t have so much debt. I really want this year to be different and see some significant pay off of that debt. I want my children to learn from our mistakes but also see that we can turn our bad habits around and become more financially stable.
Excited to get control back of my finances, it will be freeing.
I have about 65k in total debt but I’m living paycheck to paycheck. Reason being I spend way to much on bs. Total income is 70k a yr. This has to stop. Hope this app can help.
I’m going to do my lessons right after work when I get home.
Hello, I’m excited to break the paycheck to paycheck cycle and pay off debt, save more than a 1 month cushion, a minimum of $5,000, and start saving for a house.
I have some debts that want to pay ASAP. I will do my homework during the night after kids go to bef
I have recently purchased a home and have gotten into a paycheck to paycheck situation. I am looking forward to learning how to budget my money better.
I didn’t realize how much upkeep an older home would cost. I will do these assignments on Fridays when I do my bills for the next week.
I’m looking forward to learning how to create a budget when my expenses are more than my income.
I am so excited to start a budget and be able to stick to it. I am tired of living pay check to pay check and having no money in the savings. I will probably start my budgeting today and then do it every night with my husband after today.
im excited to be able to get my life situated.
1. I’m excited about learning better budgeting skills and learning saving skills I can use as I do know how to save but can be difficult with inflation and being low income
2. I plan on doing my assignments in the evening after dinner
Learning better budgeting skills and saving skills
Will work on this in the morning when husband gets home from work
Paying off debts and not living paycheque to paycheque