Do people even really get excited about Payday anymore? 💰
In fact, nowadays most probably dread it. The reason could be because just as soon as it hits your bank account “Poof” its gone.
Managing your income may seem daunting at first. However, being a good steward over your money could really pay off in the long run.
When trying to figure out how to stretch you paycheck, you should first divide up your expenses. You can do this, by making different categories of how often these expenses are paid.
For example, list all of your weekly, monthly, and annual expenses. Once you’ve listed out your expenses by category, try to double up on the smallest weekly expense that’s due just to get ahead of the next payment.
By doing this, you would have freed up some income for the next paycheck that may allow for you to even tuck away in savings. Then you can begin doing the same for your monthly expenses.
Another way to stretch your paycheck is to look at all of your monthly subscriptions. Are you subscribed to DoorDash, Amazon Prime, Hulu, Netflix? I know that you may be thinking “There’s no way I’m cancelling Netflix!”. I hear you, trust me I do!
However, keep reading if you don’t want to cancel these subscriptions right away. ⬇️
Check this out! 💡
See if you can find out if you are able to downgrade from a specific tier that you maybe subscribed to in order to find a lesser priced one. Many of these platforms also offer military and student discounts.
Take the time to do a thorough analysis of your finances. By doing so, you can find out where your money is going because there may be fees assessed to your account by your bank that you may not be aware of such as overdraft fees, statement fees, and monthly transfer limit fees etc. Many banks, especially credit unions are willing to give you a courtesy refund for these types of fees if you catch them in time.
If you are really determined to stretch your paycheck, you can also reassess the premiums that you pay for home, auto, medical and life insurance. There is nothing wrong with trying to adjust these rates, even if it’s only temporarily.
For instance, if you aren’t necessarily a person that goes to the doctor a lot but you have the most expensive bi-weekly plan with your employer. When Open Enrollment comes around, try finding a lesser priced medical plan that could save you a TON of money annually. You can also try adjusting the allocations on your IRS 2022 W-4 Form or pause your 401k contributions to temporarily have a larger paycheck.
Note from the Author ✍️
“I really hope that you’ve found this information helpful and if you enjoyed this content please subscribe and share with a friend or family member”.
Happy Saving! 💵
Website: Click here
YouTube Channel: To the Everyday Saver
danielsfinancialplanning@gmail.com
Donations: Cash App $DanielsFP