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Home › Articles › General Family Finance › Paycheck to Paycheck

Paycheck to Paycheck

Tips for Making Ends Meet

By Jenn Director Knudsen

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(Fireside, 2001). "Most people use an awful lot of energy worrying about money."

First, sit down with your partner and list what you own and what you owe. Then, subtract what you owe from what is yours. The difference is your net worth, which is a "snapshot" of your finances, Shapiro says. Further, as a tracking exercise, each partner should keep on hand a small notebook in which to record every cent spent and on what for four weeks.

Shapiro says most folks are surprised at what they spend. For example, a daily latte during the work week at $3.50 a pop adds up to more than $900 a year. "And you should monitor [the family's net worth and spending] every month until you have a handle on your financial situation," Shapiro says.

The following exercises will help you prioritize spending, differentiate between wants and needs and even make saving money possible, says Walker, who lives in a Chicago suburb. "It's not about what you make – it's about what you have," she says. Three years ago, Walker left behind careers in politics and the corporate world – and an income – to stay at home with her kids.

1. Be on Time

According to Walker, one of the biggest – yet insidious – money pits is tardiness. "Procrastination costs people so much money," she says. For example, unpaid parking tickets increase in price until they are settled. So do late fees at the library and daycare rates if you show up late to pick up your child. And mailing a belated birthday gift overnight costs way more than three-day service.

2. Be Efficient

It's easy to justify food expenses – you have to eat to live. But even there, you can save. Shapiro recommends cutting down on take-out food. Instead, make a huge meal, such as a pot of chili, on a Sunday night and dole it out as leftovers or include it in other meals throughout the week.

Kristy* of Portland, Ore., had to manage her family's budget on her husband's measly medical resident salary. She often made large qantities of food in her slow cooker. One soup or stew entree lasted days. And she made her own baby food when both her sons, now 3 and 1, were infants.

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