Tips to help break the paycheck-to-paycheck cycle

(InvestigateTV) — A recent CNBC and SurveyMonkey poll found 65% of Americans live paycheck-to-paycheck.

Kionnie Epps, a financial educator from the popular website and YouTube channel ‘The Responsible Homegirl,’ encourages her audience to make a plan for their paydays.

She said whether car taxes are coming up or there is a gift to buy for a birthday, write it all down. Make a plan for money on every single pay day.

“I don’t like monthly budgets,” Epps said. “I like to budget every single time I get paid. So, you would just take out a blank sheet of paper. Write down your income for this pay period on one side of that paper and on the other side of that paper, you would write down your bills. What bills do you have between now and the next time you get paid?”

She said it is important to pay bills on time. When it comes to personal credit scores, late payments will lower ratings.

Epps said go through bank statements and write down when all bills are due. Next, she said consider four things.

“I always tell my community there are four ways to use money as a tool. And for short I remember it as S-S-I-G. So, save, spend, invest, and give,” Epps said. “Most of the time we spend our money and then we barely save it. We save it every now and then, but I want people to holistically attack their finances. So, ask yourself, what am I saving this pay period?”

Epps recommended saving between 10 and 20% of income, but if that is too tough, even setting aside $5, $10, or $20 is a start.

And remember when it comes to spending, look at bank statements going back several months and get a real estimate of what is spent on food and gas.

She also recommended giving back, whether that’s an organization that is personally important or a church group.

Epps said giving is important because when we put seeds in the ground it stretches further than we can ever imagine.

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