Everyone gets excited for payday! But are you one of those people who gets paid and a week later you’re wondering where all your paycheck went? If you’re finding that your paycheck isn’t lasting you till next payday you may want to take a look at your spending or consider a payday loan. Our GoDay services are commonly used to help bridge the gap from one paycheck to another. So if you’re having trouble making your paycheck last longer, we’ve created some helpful tips to make sure you’re making the most out of your money.
Budget, budget, budget
We’re big budget fans here at GoDay, we even give you budget templates in the Finance 101 section on our website. Do you have a monthly budget in place? Creating a budget can help you see where your money is going and if your totals are adding up. It is imperative to have a budget in place as everyone has varying costs from month to month and is crucial for you to not have to worry when the next payday is. Besides a monthly budget, have you ever tried creating a daily budget? This may be a new trick to putting a limit on what you’re spending daily.
Time management plays a key role in saving money and helps to prevent impromptu spending. Planning out grocery lists will help save on eating out, knowing upcoming big purchases gives you the opportunity to help pre-budget in advanced, etc. When you’re managing your budget do you take into consideration any extra spending that may occur? It’s last minute spending and little add-ons that will leave you wondering where your paycheck is going, so use your time management skills to be prepared in the future.
Use cash, not cards
It is easy to tap your card and move along with your day, but when you’re physically seeing the cash disappear from your wallet you become much more mindful of your spending. Because you only get a bill at the end of the month, you may not notice how much you’re racking up by using your card. How many times a month would you say you check your online banking statements to see how much you’ve spent? To help with this, why not try a mobile app that helps to keep track of all your spending, cash or cards. By getting notifications of what you’re spending, you will be able to see and set budget goals for your accounts. You can also try leaving your cards at home next time you go shopping. By only having a certain amount of cash on you, this will ensure you are spending within your limits.
What are your tips on making your paycheck last longer? Let us know in the comment section below.