Most people would love to make their money do more, to just stretch a little further. Unfortunately, scrimping and struggling towards payday is far too common for many of us. If you can relate and you want to make to make your money go further, you’ve come to the right place. It doesn’t have to be difficult; you simply need to be proactive. Read on for the best tips to make your money do more.
Payday is predictable; whether you are paid weekly, fortnightly, or monthly, everyone knows and eagerly awaits their payday. Usually, when you know when you have money coming in, it means that you should be able to implement a budget to make your money last until your next payday. Although this is not always the case. Budgeting can better help you to retain control over your finances.
Start by looking over your expenses. You might be surprised by how much money you are spending each month on seemingly insignificant things like coffee from coffee shops or your lunch for work every day. Take the time to come up with a budget and try to stick to it. Take into account your essentials and look for areas where you can cut costs. This will help to make sure that your money goes further and that you actually have money left over at the end of the month. Of course, you can pad out your budget with an allowance for luxuries if you want to, and you should still have money left over if you have budgeted properly.
Spread the cost of bigger buys
Being an adult means that you will likely have some bigger purchases to contend with from time to time. These purchases can deal a big financial blow if you aren’t careful. There are a number of businesses that offer payment plans today; use them whenever possible. You may be able to find services that don’t charge interest, but this is not always possible. Either way spreading the cost of your big purchases over three or four repayments just makes it easier on your wallet. However, paying them off all at once will either leave you short for the rest of the month or require you to dig into your savings, neither of which is ideal. So do your research first and make sure that you understand your liability should you delay or miss a payment.
Review your monthly bills
Your household’s utility bills can take their toll on your finances. The prices seem to increase all the time. This is why you should think about reviewing your tariffs and comparing providers to make sure that you are always getting the best deal. Loyalty to providers doesn’t buy you anything anymore, so don’t be afraid to switch in order to make the most out of your money. The same applies to your phone or broadband provider too. There are a lot of deals out there, it might take a bit of leg work on your part, but that’s what comparison sites are for. You might be pleasantly surprised by how much you could save.
Manage your debts
One of the reasons that you might be struggling to make your money go further is because you have a lot of debts and monthly repayments. Credit cards or loans can seem like a great idea while you’re using them, but it is incredibly easy to develop reliance, and your debts can mount as a result. In order to free up some more cash, you need to address your debts. If your debt repayments aren’t manageable, then you might want to consider a formal solution like debt consolidation. Do your research to find the best solution for you. If your debts are smaller, then make sure that you organise them accordingly. You need to prioritise your debts, pay off the biggest debt or the debt with the highest interest first. Some lenders will allow you to negotiate your payment plan to make your payments more affordable. Be proactive and reach out to them.
If you have lots of little debts to different providers, then you might want to consider taking out a loan to pay them all off. For example, you could consider Pay Day Loans. This does essentially constitute a transference of debt, but instead of paying multiple debtors with varying interest rates, you only have one monthly repayment with a stable interest rate. For example, Payday UK offer loans between £50 and £5000, their interest rates are more affordable, and the repayment terms can be between three to thirty-six months, whatever makes it easier for you.
Make the most of vouchers, loyalty points and special offers
This is the mark of a true cost-cutter or penny-pincher. There are lots of loyalty cards on offer which are free to sign up to, but they can earn you perks and discounts. For example, if you have a favourite coffee shop, the odds are that they will have a loyalty card or app available. This isn’t to say you should use it as an excuse to buy a coffee every day, but you can still reap the benefits from the occasional indulgence. Most loyalty schemes offer freebies, discounts or special offers.
When buying anything online, have a quick look for any vouchers or discount codes for you to use so that you can save your money. There are a number of browser extensions that you can find and download for free; they then search for discount codes while you shop online, which makes it easier for you – it saves you the legwork, after all. Be sure to also look for offers when shopping on the high street too. Consider buying the supermarkets own brand when your grocery shopping. Try to buy your clothes or shoes from sales, if possible, to save money. Avoid store cards; they tend to have high interest.
Shop around for a better bank account
A lot of banks today offer a whole host of added benefits to entice customers to make the switch or create an account with them. These perks or benefits include phone insurance, streaming service subscriptions, breakdown assistance, cashback, or reward points. However, these shouldn’t necessarily be enough to sway you; you should also assess the merits of the account too. For example, what interest rates do they offer? A higher interest rate on your bank account can help your money to go further.
There is nothing worse than slowly running out of money towards the end of the month and having to eke out every last penny until payday. However, with some better money management strategies, there are plenty of ways that you can make your money go just that little bit further. First, use the methods above and do your own due diligence to find better ways to make your finances more stable. Then, review your budget and your current financial practices to assess where the improvements can be made. Doing so can make that last couple of weeks before payday far more comfortable and even put you in a better position to save your money and build up your resources.