Tips for Saving Money

Stretching money is rather difficult. The purse strings are cinched as tight as a chastity belt, yet it never seems to be tight enough. Making your money last until payday can be an exercise in futility, unless you employ some tried and true strategies to assist you. The more that you are aware of your financial situation, the more apt you are to take hold of the problem and seek out a solution.

Most of the population is faced with the same dilemma, that there are too many days left at the end of the money. Payday comes regularly for most of the working population, but it always finds a way to seem as though its arrival is never pending. Making your money last until payday takes a scrupulous look at your finances, and a calculated approach to your weekly spending.

To make money last until payday is something that has been sought for by generations, and will continue to elude the masses for generations to come. However, if you are persistent enough, and have some financial integrity and the wherewithal to keep free of falling into the traps of the retail industry, you may be fine. Payday will come along eventually, so you need to be patient, and arrange your bills and outings around its estimated time of arrival.

Learning how to make your money last until payday can take some time, coupled with trial and error. With a large percentage of the population mired in thousands of dollars in debt, better money management skills seem to be a necessity. Payday always seems so far away, and you need to be able to see the light at the end of the tunnel. Figuring out how to budget should be your primary consideration.

There are many wonderful budgeting software programs that can help you if needed, but a simple spreadsheet or spending journal will do the trick rather nicely.

The first thing that you need to do when trying to make your money last is to create a firm budget. Make a list that shows all of your income, from all sources, and also come up with a total of all expenses. Make sure to list all expenses, including things such as entertainment.

Once you have figured out your total income and expenses, find out the difference between the two, and understand that this is the amount that is left for savings, emergency situations,discretionary income, fun money, and the proverbial rainy day.

If possible, set up all of your bill payments to come out on your payday, so that you are always in a position where you can plainly see how much money is gone, and what is left. This can help you ration your money accordingly so that you have enough money to get you through until the next payday. 

Knowing your plans ahead of time, such as planning on attending a concert or sporting event, can lead you to better budget your money, since you will know how much to put aside for these events.

When you are finished with your budget, it is time to take an introspective look at your spending habits. Take stock of your impulsive nature, and look to find alternative ways to save a few extra dollars. It can be as simple as forgoing your morning coffee and bagel at Tim Horton’s or Starbucks, and packing a lunch each and every day for work.

People spend money rather frivolously, and this needs to be addressed in order to make your money last until payday.

For your entertainment purposes, while it is nice to go to the movies, it is much more economical to stay home and rent a movie, or borrow a free one from the library. The comfort of your own home is nice, plus there are fewer expenses, such as no babysitter fees, gas, vehicle wear and tear, inflated snack prices, and perhaps a nightcap after the film.

Also, if you plan on going out for drinks with friends, choose to invite them over and have drinks at home. The amount of money saved by doing this is astronomical. All of your entertainment options could be altered slightly, so that you can ensure to have enough money left as you wait for payday to finally arrive.

Saving money is never simple, but becoming a smart consumer, and avoiding impulse spending is your best line of defense against running out of money before payday. As you peek into your daily life, there are many ways that you can save a buck or two, which will help you make your payments until it is time to cash in your next cheque.

Put your credit cards away, and do not carry much money on your person, or else you may be too tempted to spend it.