If you find yourself living from payday to payday, then it could be time to make some changes. Living like that can be stressful and not particularly enjoyable. While looking for a new career won’t be an option for everyone, making the money that you do have go a little further, can be something that is easily achieved. What are the right things to be doing, though? Here are some of the ways that you can stretch the money that you do have and make it last you for longer.
Acknowledge the Issue
Is there a reason that you are living from payday to payday? Are your debts getting higher or you just can’t say no to that new pair of shoes each month? Take a step back to think about your situation and what is a factor in causing it. Acknowledge the issue, and then you can make a plan to deal with it. Think about your financial goals too; ideally, where would you want to be at the end of each month?
Set a New Budget
Every household needs a budget. So if you haven’t been using one, or haven’t updated it for a little while, then now is the time to sort it all out. There are plenty of budgeting apps that you could use, as well as a good old spreadsheet. But make a note of all of your incoming money, through wages, benefits, or any other side hustles. Then, go through your bank statements and credit card statements, to work out exactly what your expenses are, right down to the last penny. Work out your household bills, rent or mortgage, and what you have been spending on things like groceries. From there, you can figure out what you have leftover at the end of the month, and where you can make cuts.
If you want to make the money that you have go a little further, then it could be a good idea to look into different ways to invest your money. Look at your employer first, as an example. Do they have a share save scheme or could you be paying more into an employee pension that they match? Though it doesn’t mean you have access to the money upfront, it can be withdrawn at certain points and can quite often be doubled what you put in. You could also look for the best penny stock brokers if you know a little about the stock market. Penny stock can be highly speculative, though, so a broker might be better than doing it alone, especially if you’re a newbie.
There can be a few things in your life that might need to be downgraded, for the time being at least. Think about the food you buy; do you buy branded goods? Could you ‘downgrade’ to the supermarkets own brand? Do you shop at Waitrose when you do have a local Aldi? Could you save by just using the Freeview on your TV, rather than an all-singing-all-dancing Sky TV package? Small changes like this can add up and make a big difference.