Get Ready to Stop Living Paycheck to Paycheck

Intro | GB 30: Break the Cycle

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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. 

Homework

  1. 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?

  2. 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. 

Get Course Emails

This online course is free. Get this course straight into your inbox.

Thank you!

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119 thoughts on “Get Ready to Stop Living Paycheck to Paycheck”

  1. My goals within 30 days are to stick to a budget where I am not living paycheck to paycheck and reduce my anxiety when thinking about money.
    I want to create a financial cushion so that I am not constantly re balancing my funds in order to pay for unexpected emergencies.

    Reply
  2. I would like to feel comfortable enough that I am not constantly stressed about money and living paycheck to paycheck. Sometimes I even have a negative amount in my account and then money automatically gets tranferred from my savings over to my checking and then my savings slowly begins to dwindle. I’m tired of dealing with that.

    Reply
  3. I’m in bankruptcy right now with half my paycheck going to debt repayment. When I think about it I’m overwhelmed! I would like to be more in control over what’s left. I’m believing for debt freedom and some way in my my too distant future I could enjoy a summer vacay without worrying about the pay back.

    Reply
  4. I have never been great at budgeting, i want something i buy it and suffer consequences later. I want to be able to live comfortably without the worry of will i have enough for bills or even food sometimes. I am a single parent struggling. I can do my assignments on my days off from work, they are never the same days

    Reply
  5. I have really never been great at budgeting, it never works out for me. I want to be able to live comfortably without the stress of bills and food. Im a single parent, the stress is real. I can do the assignments on my days off from work. Every week is different

    Reply
  6. I’m tired of living paycheck to paycheck. 3 years ago I decided to go into business for myself. Thought I would be able to see a change in my financial life. Although I don’t struggle as hard as I used to, the struggle is still real. I’m excited to finally be able to see my profit grow in both business and personal finance. Looking forward to this 30 day challenge. Can’t wait to dig in.

    Reply
  7. I am excited to learn budgeting skills to relieve the constant stress and anxiety I experience over money. I also want to work on rebuilding my savings. I plan to work through the course at least 2 times a week after work and on Saturdays.

    Reply

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