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How To Stop Living Paycheck to Paycheck and Achieve Holistic Wealth

In this exciting episode of the Holistic Wealth podcast with Keisha Blair, we have an exciting solo episode on how to stop living paycheck to paycheck and achieve holistic wealth (with Keisha Blair). It’s estimated that 78% of US workers live paycheck to paycheck and in Canada, almost 60% live paycheck to paycheck. Many people are feeling stretched thin with the ability to control their financial situation out of their control.

We’re also in the midst of a high-inflation period, with rising gas prices, rising food prices and rising interest rates. The pandemic has caused us all to look more deeply at our lives to examine the direction we want our post-pandemic lives to take. In this episode, I will walk you through effective strategies to stop living paycheck to paycheck and achieve holistic wealth. In the NEW Holistic Wealth Expanded and Updated: 36 Life Lessons To Help You Recover From Disruption, Find Your Life Purpose and Achieve Financial Freedom, there are many strategies throughout to help you achieve holistic wealth and master the “Art of Recovery From Disruption”. Tune in to listen to this episode of the Holistic wealth podcast with Keisha Blair.

What Is Living Paycheck to Paycheck?

According to Investopedia, the term “Paycheck to paycheck” describes an individual who would be unable to meet financial obligations if unemployed. Those living paycheck to paycheck predominantly devotes their salaries to expenses. Living paycheck to paycheck may also mean living with limited or no savings and refer to people at greater financial risk if suddenly unemployed than individuals who have amassed a cushion of savings.

Generational poverty, financial insecurity, financial guilt, and financial abuse can also lead to money trauma. The Trauma of Money Certification program at the Institute on Holistic Wealth is also designed with strategies to cope with money trauma and develop a new relationship with money.

How To Stop Living Paycheck to Paycheck and Achieve Holistic Wealth

What You’ll Learn in This Episode:

Here are 16 strategies to help you stop living paycheck to paycheck and achieve holistic wealth (Listen to the full episode of the podcast):

  1. Start Your Budget (And Do It Right) – Set up a comprehensive budget with every single expense and list all income coming in. A recent survey from IG Wealth Management just released in October 2022 suggests that 39% of Canadians don’t include their mortgages in their budgets. Which means almost 40% are doing their budgeting wrong.
  2. Get Out of Debt – don’t take on any new debt (interest rates are climbing fast) and craft a goal to get out of debt. Stop using credit cards to pay for things and consolidate with a lower interest rate.
  3. Know Your Personal Financial Identity– Take the Personal Financial Identity quiz on the Institute on Holistic Wealth website and regain control of your spending habits.
  4. Live Below Your Means – Start trimming the fat and really live below your means.
  5. Craft Your Money Mission Statement – with your values and Actionable Goals (make it a subset of your personal mission statement).
  6. Monthly Money Date Nights – It’s estimated that up to 80% of couples have different money mindsets/behaviours. So money date nights with your partner or spouse to track your budget, and goals and for financial planning is important (if you’re single it’s also important).
  7. Start an Emergency Fund – This is key for financial resilience and gives you a financial cushion for emergencies.
  8. Leverage your income (and look for extra income) – even a small amount added helps – it doesn’t have to cause additional stress (look for creative ways).
  9. Make a Networking Plan – It’s all very important and part of your overall career and business goals.
  10. Practice Gratitude – practicing daily gratitude through writing in a gratitude journal or dropping notes in a gratitude jar – which helps with reducing stress, and anxiety and improves financial wellness.
  11. Practice Money Mindfulness – Regular and sustained mindfulness practice has been shown to improve attentional control, increase awareness of internal and external impulses (such as the impulse to spend) and reduce stress.
  12. Embrace the Holistic Wealth MethodTM – Think of all your decisions as either depletions or additions to your holistic wealth bank account – and focus on activities that enrich you.
  13. Positive Self-Talk – can stop the catastrophic mind chatter that causes work stress and keep you calm in stressful situations and boost your financial confidence.
  14. Find Your Purpose (Your Why) – Remember your “why” and embrace your mission and purpose (refocus and re-energize).
  15. Embrace the Holistic Wealth MindsetTM – None of this is permanent – it’s temporary.
  16. Start Your Holistic Wealth PortfolioTM – The Institute on Holistic Wealth Can help you with this.

Resources Mentioned In This Episode:

Holistic Wealth (Expanded and Updated): 36 Life Lessons To Help You Recover From Disruption, Find Your Life Purpose and Achieve Financial Freedom.

Listen to the Full Episode:

Featured on the Show:

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