It is important that you are able to make you money last as long as possible. If you get paid bi-weekly or monthly, you may have to go long stretches of time without any money flowing into your bank account. What are some easy ways to make your money last between pay periods?
Carefully Plan Your Daily Activities
The little things can make a huge difference if you are trying to make ends meet between paydays. If you drive to school or work on a regular basis, you should count how many miles you drive each way. This will help you determine if you come home for lunch or stay where you are to save gas.
If you know that you only have a certain amount of money for food, you should count how many dollars you spend per meal. This will help you develop a habit of cutting coupons or deciding to stay in for dinner instead of going out. These are both easy things to do when saving money is a priority.
Have Less Money Withheld From Your Paycheck
You can tell your employer that you want more to have less money withheld from your paycheck each pay period. Although you may have a higher tax bill in April, you will have access to more of your money right now. That can be a big help when money is tight and those few extra dollars could be the difference between eating dinner and going hungry.
Ask For A Raise
You could do yourself a big favor by asking for a raise. Those who have been with their employer for several years or are highly valued within the company should be able to get something from their boss. In the event that you are not given your raise, you can always look for a higher paying job elsewhere if one is available.
Refinance Your Home Or Auto Loan
There is a good chance that your interest rate for your home or auto loan could be lower. If you have equity in your home, refinancing your mortgage could allow you to put that equity in the bank where you can use it however you see fit. Refinancing your loans is an easy way of saving money on bills each month. When you lower your debt, you get to keep more of your paycheck and achieve your goal of making it last longer.
It is important that your paycheck lasts as long as possible. Refinancing your loans, asking for a raise and creating a detailed budget can help you cut costs and keep more of your money. When your financial situation improves, the habits that you learn now can help you stay financial secure in the future.