words Al Woods
Getting by paycheck to paycheck can be frustrating and disheartening at times. There’s a sense of anxiety that builds up as your payday draws near. It’s either you’re down to your last bit of cash, or you are anticipating the payments and expenses you’ll pay once you receive your paycheck.
Then you also wonder if you’ll have enough cash to keep you covered until the next payday. Yes, it can turn into one vicious circle if you don’t intend to do something about it.
Read further to know that even when living paycheck to paycheck, there are ways to make your money go further this year and the years to come.
Reassess Your Finances
It is important to regularly assess or evaluate your finances to know if there are problem areas in your spending. Take a good look at your bills, receipts, and bank statements. Take note of your mortgage payments as well. The most common loans in Australia and most parts of the world are home loans and auto loans. Home and cars as a means of transportation, are valuable commodities, especially for middle-class citizens.
No matter how long you have been paying for your mortgages, it is good to examine them to get a clear picture of where you currently are with your payments and how you can prepare for completing your loan payments. It takes will and discipline to evaluate your finances regularly, and it can be troublesome for many. The good news is there are many personal finance or spending tracker apps to get a comprehensive overview and report of your spending habits minus the hassle.
Designate Cash for Making Purchases
It can be very tempting to use a debit or credit card whenever you see something interesting while going around the city. Yes, going cashless looks classy when you eat dinner in a restaurant, buy a take out coffee, or purchase clothes and accessories at a boutique. Still, your subsequent repayments and interests will come piling up later. Worse, you have a tendency to overspend when you purchase through cashless transactions.
Set aside cash for small and everyday purchases to help you cut back on credit card spending and catch up on your credit card repayment. You also become budget-conscious when you only have cash with you when you make a purchase. It helps you make wise buying decisions that can lead to savings or more value in your purchases. Physically seeing your resources can change your buying pattern. It’s a simple yet effective psychological trick.
Make Use of Coupons
We do need to spend on necessities and luxuries in our lives, and it doesn’t mean we can’t do anything to save some money from these purchases. Cashback sites and coupons can help shave off the amount that you spend on purchasing some grocery items. Coupon sites like Coupons.com, The Krazy Coupon Lady, Honey App, and many others can help you save money by finding great coupons and discounts on the things you usually buy from your local grocery store. A few dollars of savings or up to 50% off your purchase can make a big difference in making your money go further.
Making your money go further shouldn’t be restrictive. Just like overspending, cutting back too much on your expenditures isn’t a healthy financial practice. Being smart and resourceful are the ways to go when you want to stretch your budget and be self-sufficient for the rest of the year. We’ve only shared some of the primary ways here, and there are still many ways to save or wisely spend. All you need is to be aware of your finances and align your personal needs with your financial decisions to have a better economic outlook for this year and the years to come.