There is no better day than payday. We all agree that getting paid for the work we put in on the job is the main reason we all do what we do. However, it may seem as if the money you make never seems to go far enough. We all have to pay bills, buy groceries and gas up our vehicles. Sometimes simply doing these run-of-the-mill things leaves your bank account running on empty. If you have ever felt frustrated and alone because you have to get by from one paycheck to the next, you are definitely not the only one. In fact, some recent studies have shown that more American households get by from payday to payday than those who seemingly always have extra cash on hand.
With lots of people finding their bank accounts stretched tight as a drum between paychecks, it is more important than ever to save money. Having money saved up for emergencies, vacations and other purchases is much better than going without. Here are some tips that can help you on your quest to have a little more money in between those all-too-infrequent paydays at work.
Be a Smarter Shopper
It is too easy – and tempting – to live above your means. Doing so can often bring on unnecessary financial hardships. Simply changing from an expensive cell phone coverage plan to a pay-as-you-go phone plan can take monthly cell phone bills from well over $100/month to about $40 or $50 a month. Canceling cable and opting to use Netflix or Hulu instead can help you to save hundreds of dollars in discretionary dollars each year.
Make Saving Money Automatic
You may already get your paycheck automatically deposited into your bank account. Consider opening a separate savings account and have a set amount sent to that savings account every month. Imagine if you were only able to save an extra 20 bucks every biweekly pay period. Over a year, that would add up to $560. And you can earn a small amount of interest on the money in your savings account too. If you can save more, then you’ll wind up with more in that savings account. Let the money build up over time, and you could have a very respectable emergency savings fund in your account within just a few years. And that money can certainly help out when you are routinely getting by from one paycheck to the next.
Trim the Fat from your Food Budget
We all have to eat. But it can be done without spending too much money. If you eat out at fast food restaurants a few times each week that is money that you could be saving instead. A sandwich, side and beverage from most fast food joints will usually run at least $5. A sandwich, side and beverage sacked lunch can be prepared from groceries you have in the home, and that same meal can wind up costing you a dollar or less. Stock up on the foods you like the most, and skip on eating out in favor of savoring the feeling of having more money saved up.
The tips we just gave you are easy to do, but they must become second nature in order to start helping you to have more money saved up to get through the leaner financial times. Choose just one tip, and start making it a priority to follow that tip for the next 30 days. By the time that 30 day period is up, you’ll have a positive financial habit that will go a long way in helping you to spend less and save more.