If this sounds familiar, don’t worry, there’s good news: fixing this is actually a lot easier than it sounds. At Nuri, we think everyone can grow their wealth and enjoy a bright financial future. Here’s how to stop living paycheck to paycheck in six short steps:

1. Make financial goals 

Without goals, you won’t stick to a budget. When you work towards a goal, you’ll not only increase your savings but also build up motivation to increase your income. 

You can choose what works for you, but here are some goals for inspiration:

  • A downpayment on an apartment
  • A course to re-skill or boost your income
  • Financial independence
  • Education for children or grandchildren

2. Get budgeting 

To find out where your money is really going, you need a budget. A budget is a simple list of what’s coming in and out

There are several ways to create a budget. It doesn’t take long and anyone can do it. The old fashioned way is to write everything down on a piece of paper. Another way is to use a digital spreadsheet. You can even use a budgeting app. 

Step 1: Work out your monthly income. If you are a freelancer, make an average of the last six months of income. 

Step 2: Write down your monthly expenses. Start with important costs like rent, food and health insurance. Go through your transaction history to make sure you don’t miss anything. 

Step 3: Subtract your costs from your monthly income. 

The total might be less than you had hoped, but this is actually an empowering moment. For the first time, you have a great understanding of the state of your finances.

3. Create categories

Now it’s time to give every euro and cent in your account a job. The next step is to categorise your expenses

Fixed expenses

Fixed expenses are regular payments like rent that happen every month. 

Variable expenses

Variable expenses are essential costs that happen every month, such as food, transport, home maintenance and clothing. 

Other expenses

Everything else goes under other expenses. If you don’t know if a transaction should be here or in the variable expenses category, ask yourself whether you could live without it. If the answer is yes, whack it in. 

4. Control your money so it doesn’t control you

It’s time to control your finances. While you shouldn’t be too unrealistic and end up living like a 14th century monk, any unnecessary expense you avoid today is an investment in your future self. 

Here are some ways to cut back on expenses

  • Shop smarter. There’s probably a cheaper supermarket slightly further away from where you live. Plan cheap meals you can cook in bulk. 
  • Only order takeaway on special occasions. It adds up fast!
  • Ride a bike or walk instead of driving, using a transport or taking a taxi. 

Remember your goals. Any sacrifices now are only temporary. Any expenses you can cut are savings you can use to build your future. 

5. Build an emergency fund 

At some point, you will be hit with an unexpected cost. That’s why you should build up an emergency fund

If you're employed, have low costs and regular income, it could be as little as one month’s expenses. If you’re self-employed you might need to build up several months in case you are unable to earn for a long period of time.

6. Grow your money

Congratulations, you’ve already started to grow your wealth. If you follow these steps, you’ll go from struggling to pay your bills to saving hundreds of euros every month. 

Now it’s time to put your savings to work. Savings that sit in a traditional bank account lose value due to inflation. We think it’s time for this to change. That’s why you can earn up to 3% on your Bitcoin per year with Nuri. 

At Nuri, we think everyone has the ability to grow their money. Investing in cryptocurrency is one of the most accessible ways to kickstart building a better future. It’s quick, easy and anyone can do it. With Nuri, you can make your first investment in just a few taps. 

Click here to make your first investment from as little as €30.