A Redditor recently shared that even on a salary of $88,000 at age 29, they are struggling to pay their bills.<\/p>\n
Between a mortgage on a \u201cstarter home,\u201d supporting a wife and baby at home, and everyday expenses, this Redditor doesn\u2019t feel like they can get a handle on their cash flow<\/a> and asked for advice on what to do.<\/p>\n In this expensive economic environment, it\u2019s a common struggle in many American households. How is it possible to keep up with costs when they keep rising faster than income?<\/p>\n I asked financial experts for the best tips for this Redditor, and many of their ideas focused on better budgeting<\/a>.<\/p>\n Prioritize saving<\/p>\n Getting ahead of your cash flow starts with putting savings first, says Kevin Tamlyn, a retirement planning specialist and founder of Next Stage Financial in the Phoenix area.<\/p>\n \u201cThe core problem is that people don\u2019t save first. They save last,\u201d he says. Instead of that approach, he suggests putting whatever amount you are comfortable with \u2014 whether it\u2019s $20, $100 or more \u2014 into a separate savings or investment account as soon as you get your paycheck.<\/p>\n You can set up a recurring automatic transfer to keep it consistent. That way, you know you\u2019re building up a savings cushion<\/a> with each check.<\/p>\n Create a spending plan<\/p>\n Of course, you need to make sure you have room in your budget for said savings.<\/p>\n Tamlyn suggests taking a close look at your previous month\u2019s spending to see where you might be able to make cuts. Restaurant spending, retail spending and other extras are good targets.<\/p>\n \u201cThen I would start to put a limit or a goal to stay under in each category,\u201d he adds.<\/p>\n