Payday is fantastic. Your bank account is full, and you have all the cash you need to stock up on groceries, pay the bills and perhaps indulge in a little treat or two, but all too soon your money dwindles, and you’re left scrabbling around for loose change to buy the kids’ lunches. Sound familiar?
If you’re one of the millions of people who never seem to have enough money to last the whole month, it could be time to start turning things around. Imagine how much better you’ll feel when quick cash loans and borrowing money from friends is a rare emergency event rather than something that you ass to your monthly schedule!
Here are some tips to help you make your monthly salary last longer:
Divide It Up
I know that monthly salaries can be difficult to deal with so that you have enough left to cover the whole month, but one thing that works well is immediately dividing the budget into four equal weekly sums. Draw your salary out of the bank and put it into four separate envelopes, one for each week and only use the money you’ve allotted for the week you’re in. This sounds simple, but it really has helped a lot of people to have money left over at the end of the month.
Save a Month’s Salary
If possible, try to save a month’s salary, so that you can cover next month’s bills easily and then you’ll always be ahead, and you’ll never have to worry about paying all the bills and having money left over at the end of the month.
Draw Up a Budget
Of course, if you sit down and seriously look at your incomings and outgoings, with a view to streamlining your finances and ensuring that you don’t spend more than you make, you will probably never have a problem with not having enough money left over in that last week before your next payday and you’ll be able to build financial security that will make your life now and in the future much easier.
Start an Emergency Fund
As well as saving a month’s salary to get you ahead of the game, it’s sensible to start building up an emergency fund, so that when those emergency situations rear their head, and they will from time to time, you won’t end up overspending and having to pay catch-up in the following few months.
Ask for a Raise
If you’re awful at managing your money, then this probably won’t help, but if you never seem to have enough money leftover because you simply aren’t being paid enough to meet your needs, it’s worth considering the merits of asking for a raise or looking for a better-paid job. If you work hard, you deserve to make enough money to meet your needs and then some, and you should do whatever it takes to make your position better for you whole family, even if that mean biting the bullet and talking to your boss about the possibility of a bigger pay package. You might be pleasantly surprised by their response!