Six Steps To Escape Pay Cheque To Pay Cheque Syndrome

Have you ever been in a position of getting broke just two weeks after receiving your monthly pay cheque (salary) and you wonder how come all is gone and can’t even account for specific things done with the salary?

Studies have shown more than 80% of Nigerians are living from pay cheque to pay cheque. You need not say is because your salary is not much , I know people who collect N1,000,000.00 monthly salary and half way into the new month complains about being broke.

Does it seem that keeping your head above water financially is getting harder and harder every year?

I want you to know that there is variety of reasons why that is happening. Yes there might be one million and one reasons that do not mean it is not possible to be financially successful.

I have good news for you; there is a hope, when there is a will there will always a way.

So what will you do if you are living from pay cheque to pay cheque?

There are several steps to take

The first step is to get your mind right.

Let us be realistic for you to experience any big turnaround in your life will always starts with the realization that what you’re doing now isn’t working, and change has to happen, no matter what. You need to tell yourself I can’t continue like this.

Know this plain truth today there is a way to get off pay cheque to pay cheque merry go round and forever overcome the mindset that comes with living in such way.

The Next step is for you to figure out why you are living pay cheque to pay cheque.

Once you’ve got your mind and thought processes moving in the right direction, you have to make the conscious effort to stop living from hand to mouth and change your financial situation no matter what it takes.

Is time to figure out what causes this situation in the first place. Here are some of the common challenges that might have caused this situation.

You are overspending

Like most people you spend more than you make.
Is high time you gained better control of what you spend and how you spend it. Most people spend more than they make because they don’t have a plan. You can hear them say "the salary is all gone, they can’t account for what they spent it on"

You don’t have a plan

You don’t really keep track of your money and just spend until the money runs out. You have no idea where the
money goes. Then you get your next pay check and do it all over again. This is how most people end up living pay cheque to pay cheque.

You have a spending Problem

You may have lack of self control that needs to be addressed such as being a free spender, or even a shopping
addiction. Anything new on Jumia or Konga or even in the market you just buy even if you don’t have need of it.

You have turned Luxuries into Needs

DSTV, eating out several times a week, organizing elaborate birthday bash for yourself or toddler and so many other things we once looked as “extras” are now considered a necessary part of life. They are not needs in reality they are actually wants. These extras can drain you dry if you let them.

You are Not Making Enough Income 

You may be underemployed or just not making enough effort in what you do.

You believe that debt is part of life 

It doesn’t have to be that way. You can come out of it. We’ve got to take a hard look, different reasons mentioned above for living from pay cheque to pay cheque.

By now you could have gotten idea of some of the things that have contributed to this problem. You have to be honest with yourself.

Take a deep honest look at your situation and figure out what’s really causing your problem. It might be painful to confront those issues, but lying to yourself never allows you to get ahead in life.

At this point I will show you some things you can do to get out of pay cheque to pay cheque syndrome.

Get out of Debt 

Debt is a choice, yes it is. I know of people who earns N500,000.00 monthly and go from debt to debt while a particular family of six depends on N75,000.00 monthly and are not in debt. Debt drains away your earned money in form of interest and keeps you from getting ahead financially. Becoming debt free is the best way to start succeeding with money.

Increase Your Income 

Sometimes, even if you cut expenses to the bone, you still can’t make ends meet. This means you need extra source of income to improve your situation. If you need help with this you can contact us at the getting rich staying rich group through mail info@gettingrichstayingrich.com

Do a Monthly Budget

The only way to truly know what you’re spending is to keep track of your money. A monthly budget help you
see what is coming in and what is going out and allows you see where the money leaks in order to reduce wastage. A budget is really essential to making sure you never spend more than you make.

Make a Plan

You won’t succeed in changing your financial life unless you have a plan. Make a written plan for how you will get out from pay cheque to pay cheque and start taking action to make it happen.

Living from pay cheque to pay cheque really hurts, a lot of working class people in Nigeria have been squeezed for years with stagnating wages, increasing prices of goods and services and ever changing job market.

This does not mean you won’t succeed financially.

We have done it for ourselves and others. You have to learn to think differently and be different, you have to fight tough by developing new habits with new mindset about money.

You will definitely get out of this, it is doable. 

If you need any help or advice on any of these steps outlined above, please send a mail to info@gettingrichstayingrich.com. We would be glad to help.

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