Getting your paycheck gives you a cash infusion for the next week or few weeks. If you are not careful, then you could end up limping towards your next paycheck with no money on hand. You can do a few things to make your paychecks last for as long as possible.
Follow a Budget and Avoid Impulse Purchases
The first step is to follow a budget. You want to look at what you normally spend, make a realistic budget and strip out any expenses that are not necessary. This will let you have more money in savings or might allow you to spend more on unexpected expenses. Once you have a budget, do not deviate from it. Avoid impulse purchases when you are out at all costs.
Take Out Cash
A simple way to stretch your paycheck is to take out cash when the deposit goes through. Take out a limited amount for that pay period. This is the amount that you can spend on things other than bills. Taking out cash allows you to visually track what is being spent. It can help you to make smart purchasing decisions. It is far more difficult to do this when using debit or credit cards.
Stay Away From Restaurants and Prepared Food
Restaurants, coffee shops and prepared foods can quickly add up during a pay period. You might be spending a significant amount on things like gourmet coffee in the morning or a prepared meal for lunch. Stay away from restaurants, prepared food and coffee shops. Make your food at home from scratch. This will save you money each month.
Conserve Water and Energy
You can reduce the portion of your paycheck that is spent on bills by conserving water and energy. Install some simple aerators in sinks. Take short showers and soak dishes. Do not use appliances as much. Moderate your thermostats and use efficient fans. Turn off all the lights when they are not needed. This can cut your monthly utility bills by a good amount.
Buy Staples in Bulk
Think about buying staples in bulk. Dried goods like beans, pasta, rice and other items are much less expensive when you buy them from a bulk section in the grocery store. They will also last for a long time so that you will eventually not have to spend as much on groceries in coming pay periods.
Sign Up For Loyalty Programs
If someone asks whether you would like to sign up for the loyalty or rewards program at a store, then say yes. Sign up especially in stores that you are going to on a weekly or monthly basis. Loyalty programs can give you deep discounts on items that you really need. They can also provide special offers or free items from time to time. Do not pass up the opportunity to sign up for these usually free programs with your online and local retailers.
Cut Out or Reduce Unnecessary Monthly Services
The final tip is to cut out or reduce unnecessary monthly services in your home or apartment. Assess exactly what you are paying for, what you need and what you do not need. This involves looking at your Internet, cable and phone service. You might not need high-speed Internet, a premium cable package or additional mobile data. Cut back wherever you can. Cancel services you simply do not need or use.