A lot of us have money problems and we usually do not have any money left barely 10 days after pay day and we have to struggle for more than half the month and most times even strain ourselves by getting into unnecessary debts that will cripple our finances even more.
Here are some tips that can help you spend wisely and remain sorted for the rest of the month.
1. Makes Lists, Stick To Them, And Don’t Wander
This may be easier said then done but it really helps. Many people go into the store and walk around almost the entire thing. But if you have a list it will help you get exactly what you need and not spend a lot of money on things you don’t really need.
- Make Big Purchases At The End Of The Pay Period
This may not happen all the time; however, sometimes you need to buy a larger item or service that’s not in your budget instead of spending money on it the day you get paid, wait until the end of your pay period – right before next payday. That way, you’ll either save money for what you want to buy or you won’t have enough and you wait until next month.
- Don’t Spend Money Just Because It’s Payday
Have you ever eaten dinner out just because it’s payday? It happens a lot. This is probably the hardest habit to break, but it will be the most helpful way to avoid being broke. It’s kind of like when you get a raise you’re supposed to pretend you never got it. Try to avoid falling into the spending just to spend trap and continue with your week business as usual.
- Stop Chasing After Brands
If you never have any money left at the end of the month and you’re living on 2-minute noodles on toast for the last week, but wearing a pair of designer shorts you bought on credit, you’re silly. Sort yourself out! The other shorts at the other shop that looked the same were just as good.
- . Plan!
This one is probably the hardest one to do if you’re not already good at planning ahead. This is really broad, but think about what you can plan ahead for so that you don’t spend extra money.
- Get groceries and meal plan so you’re not dining out or buying coffee on the run as much.
- Set money aside in savings whenever you can in case of emergency (car repair, emergency vet bill, leaky roof, etc).
- Give yourself an allowance for planned events like nights out with friends and once it’s gone, don’t spend anymore. That way, you might avoid those extra unnecessary purchases Monday-Thursday because you know you’re going out on Friday.
- If you know you have to run a bunch of errands, make a plan. Try to get all errands covered in one trip to save money on fuel.
There are many more ways to avoid feeling broke right after payday. Think about what else you might be able to change to avoid that feeling. For example, do you have a bad financial habit you might need to break?