Updated: Apr 20
Do you often find yourself counting down the days until payday so you can pay your bills? Or regularly find yourself going into debt to cover expenses? We’re not saying it is a bad thing to look forward to your pay check coming in after all – it’s money we’ve worked for BUT when your outgoings outweigh your what is coming in so much that you are you live depending on payday, it’s probably a bad thing.
But here are some of our tips to help you end that endless pay check to pay check cycle.
Set aside money each month
We find that this is the best way. As soon as your pay check comes, take it out into and place it in a separate account. Leaving this untouched for the majority of the month, ensures that when you get towards the end of the month you have something to fall back on for the final few days.
Ask yourself is it a Want or a Need?
The old age Wants vs Needs question is such an important one to ask yourself when spending throughout the month, this will hopefully do a great job in cutting down your expenditure for the things you don’t need saving you more money and keeping you afloat (well afloat) before the next pay day.
Challenge yourself to spend less (But make it fun and creative)
No-one likes being extremely stringent. So why not be extremely stringent but inject some fun into it. I bet you’re thinking ‘cutting back on spending cannot be fun’ so set yourself the challenge to spend less money on a category per week (i.e. food ) and make it as creative as possible – this is way it doesn’t feel like you’re scrimping back but those extra savings will add up quickly. It would be unfair of us to tell you to cut back on spending in a fun and creative way, but not give you any ideas on how to do it – look out for a post on this soon.
Don’t rely on ad hoc income
‘Oh, it’s okay I’m getting my tax return soon’, or ‘this person owes me money’ are excuses we’ve all used before and you may even rely on these as part of your monthly routine. But remember it’s not guaranteed income, your friend might not end up paying it and then we’re left in the same position as before.
Have a accountability partner
Having a friend to ask ‘how much money you have you got left this month?’ and being your cheerleader is a great way to ensure you don’t lose motivation if times are tough on the journey to shattering the pay check to pay check cycle.