When you work paycheck to paycheck, it can be hard to find ways to keep some money for yourself while paying the bills at the same time, and you should be looking for every way to make that paycheck last longer. There are many ways you can stretch your finances and save your money here and there, maybe not a huge amount, but it all adds up over time, and you’ll find that despite extra effort – it was worth your time! It’s important that you’re willing to recognize where you’re spending your money excessively, and instead, find ways to make sure you’re putting it in the right place.
Budgeting
First of all, figuring out how much you should be putting towards each expense is a must, and you can do this by working out how much you need to get by. For example, limiting how much you spend on groceries could mean that you think twice about picking up extra snacks and focus more on making your food last longer. Your grocery shopping isn’t all you should budget, it might help to budget how much you spend on yourself each week, that way you can track how long it will take to save for things, and prevent yourself from going over!
If you want to start budgeting yourself, you need to work out how much money you actually have to spend per month, and then you need to work out how much you need for necessities – allowing you to see how much you’ll have left to go towards other purchases.
STRETCH YOUR FINANCES
Monitoring purchases
If you aren’t already budgeting yourself, it might be a good idea to start writing down every purchase that you’ve made so that you can use that information later. At the end of the month, you can take the time to figure out how much you spend and on what. Not only is this good for finding out where you need to cut your spendings, but it can also be a great way to discipline yourself into saying no to temptation. Just the idea that you’re going to write down a purchase might be enough to deter you!
You might find that at the end of the month, you’re spending an excessive amount of money on lunch out during your workdays. You can make up for this by making your own lunch instead, or finding a cheaper way to get your lunch during the day. It might not seem like much when you purchase it daily, but at the end of the month, you’re looking at a pretty big sum.
Taking advantage of sales
If you know what you’re going to need to buy ahead of time, you’re free to take advantage of sales when they come and go. The problem with sales is, there are times where you could save money, but you don’t need the product at that current moment. Knowing what you’re going to need later on means you can make the investment when the sales are available, saving yourself money later on. While it does mean spending more now, you’re freeing up more money for later.
Try to write down every necessity you need and be patient with other purchases towards non-essentials. Waiting for promotions and sales can save you lots in the long run and stretch those finances, so it’s not something you should skip!
Getting financial aid
Sometimes the paycheck just can’t stretch far enough to meet the next one, and you need a way to make ends meet without the financial repercussions. If your credit score is low already, it can be hard to get a loan, but there’s such a thing as a non-guarantor loan that can help you out. It’s not a permanent fix, but it can help you until your next payment. You just need to make sure that you’re going to be able to pay it back when it’s due.
Cut out unnecessary payments
It can be hard to stretch your finances and start cutting out some of your payments, as a lot of the time we’re accustomed to them and feel like a part of everyday life. This isn’t the time to hold onto things that you don’t need, and you should be looking for ways to save on every corner. Start to notice the things that you don’t need, things that you buy but don’t get much use out of. Dropping these products can help you make ends meet when you’re not usually able to. If they’re not things you can drop, maybe finding cheaper alternatives is what you need! Paying for public transport too expensive? Can it be walked? Do you have friends or family traveling the same route? There’s no shame in needing help once in a while!
Find new stores
A lot of the time, it can be hard to save money when the stores that are closest to you offer products at a more expensive price than others. You could cut down your grocery shopping bill significantly if you went to a cheaper store, the only problem being the extra travel time to get there.
Learn to do things yourself
If you can’t cook, you might find yourself naturally investing more money in pre-cooked meals or takeout to help you get through the month. The problem is, a lot of money could be saved if you learned how to make those meals yourself. While it’s not as quick as making an order online, cooking can be fulfilling if you do it right, and you’ll be able to stretch your meals further than one night, for a fraction of the cost!
Saving money isn’t easy, and it can take a lot of hard work to get yourself into the swing of cutting out your spendings. It can help to give yourself something to work towards, something that you’re going to need to save up for for a while. Not only that, but always looking for new ways to stretch your finances and save here and there can help to stretch that paycheck much further than before.