With payday already here making us jittery and exhilarated, you might need to take a back seat for a minute and think about how to make the money sustain you till next end month.
While the thought of having earned the money and deserving to let loose and enjoy is vindicating, the thought of running broke is even way more nerve wracking.
So to get a balance between the two, here are a few tips on ‘Top Payday Money Saving Tips’ according to TotallyMoney website to help stay afloat from month to month regardless of payday hangovers.
Take some time to get your finances in order
Payday is the beginning of a new cycle, an opportunity to draw a line under the last month and begin again. Take the opportunity to spend an hour getting your finances in order for the month to come. Spend an hour cleaning the junk out of your purse, filing your receipts, submitting work expenses, balancing your chequebook, and checking your monthly bank and credit card statements for mistakes. Try keeping things as simple and organised as possible and you’ll be surprised how much this positively impacts your finances.
Re-evaluate your payday rituals
If you’re easily prone to a case of payday madness, you might be wise to re-evaluate your payday rituals. Many of us feel entitled to certain pleasures once we’ve been paid – and rightfully so. But this doesn’t mean we should be so eager to spend a large amount of a pay cheque right away. If you usually eat an expensive meal out on payday, consider cooking your favourite dish at home instead. You’ll appreciate the cash you saved when you reach the end of the month.
Avoid payday loans at all costs
They come with very high interest rates and must be paid back once you receive your next pay cheque. This means that you’ll already be in the red once the next payday comes around. On top of credit card debt or a hefty utilities bill, making a payday loan repayment could simply wipe away a month’s earnings – or even worse, require you to take out another payday loan. And this is exactly what payday loan lenders want to happen. Don’t fall for it.
Stay on top of your bills
Even on a salary, pay cheques can be irregular, and some utilities bills may be especially high during certain times of the year – gas bills during winter, for instance. Stay on top of your bills and your bank balance, or you may risk having to paying a hefty overdraft fee.