Simple Steps to Live on your Last Month's Income

There are many different strategies that can help you create and live within a budget. I’ve shared how to create a zero-based budget, how to use a cashless envelope system, and the 30-day rule for saving money among many others.

Good Debt vs Bad Debt

This is such an important part of any type of budget. No matter which technique you choose. Stuff will happen and protecting the money allocated for a specific purpose is the key to making it all work.

Good Debt vs Bad Debt

Have an emergency fund

Cut back on all unnecessary spending in order to catch up and get current. Eat at home and shop your pantry, freezer, and cupboards before spending a the grocery store. Cut out entertainment for a month, ditch pricey things that don’t serve your values.

Get current on all bills

To live on last month’s income, you save up enough money to cover your expenses for one month. Once you have created this budget “cushion,” you use it to pay your current bills.

How do people live a month ahead?

Determine how much money you need for one month’s worth of expenses If you are already following a budget, this step is done. WOOHOO! If you don’t have a budget yet, no need to worry!

Determine amount needed

Create a special savings account for your extra month of expenses or “buffer fund”. It’s helpful to have a specific bank account for your buffer fund.

Start a savings account

After you have decided on an exact number that represents your expenses, you will need to save up that amount. Sound daunting? Don’t worry!

Save, save, SAVE!


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