Counting the days until your next salary enters your bank account can be stressful, especially if your bills are piling up. Payday might still be out of reach, but you need money right away to avoid paying hefty penalties. Not only does this situation impact your financial status, but your overall health and wellbeing as well. Fortunately, you can get out of your financial pinch by using a few simple tips.
1. Figure out how much money you have
Your first order of business is to determine your disposable income. After all, you can’t know for sure how you’re going to pay your essential bills if you don’t know how much money you can work with. To do this, make a list of everything you need to pay for every month, such as rent, electricity, and groceries. Then, sum them up and deduct the amount from your wage. This allows you to determine precisely how much money you can spend on other things.
2. Forget about luxuries
If you’re looking to survive till payday, it’s imperative to give up any unnecessary luxuries. Of course, it can be challenging to give up things or activities you enjoy, but you need to be wiser with your money to make ends meet.
Differentiate between needs and luxuries. Do you need to order food from the restaurant or can you just cook at home? Is it necessary to spend money on a new pair of shoes? Can you give up your gym membership for a month and work out at home instead?
3. Consider short-term loans
Many people frown upon the idea of taking out short-term loans because of the high interest rates associated with them. Sure, the interest rate might be steeper than traditional loans, but it can be your saving grace until you receive your salary.
What’s important is to take out a loan from a reputable provider. For instance, you can check out payday loans at DirectLoanTransfer and see how easy it is to get access to cash without having to go through a complicated application process. One of the best things about this approach is that you don’t have to wait for your credit score to improve. Time isn’t your friend right now, so a short-term loan can hold the key to helping you pay off your expenses. Just make it a point to set aside money to pay off the loan as soon as payday arrives.
4. Tap into your savings
Ideally, you would have savings in your bank account to support you during rainy days. It doesn’t matter what the exact amount is. What’s important is to find access to cash so you can avoid fines or penalties, which could end up costing you a lot more in the long run. Using your savings can be difficult, but you can constantly replenish your account once you’ve fixed your financial woes.
5. Spend reward points
You’re probably a member of multiple loyalty programs, especially if you buy from the same stores over and over. If you’ve been ignoring all the points that have accumulated every time you swipe your loyalty card, now is the best time to put them to use. These reward points can help pay for essential items such as food and toiletries. You might end up saving only a few dollars, but every penny counts when you’re running low on cash.
6. Sell things you no longer use
Do you have plenty of stuff just lying around your home collecting dust? Perhaps it’s time to get rid of them and get some cash in return. It’s easier than ever to sell secondhand items, thanks to several online platforms where you can put them up for sale. The only challenge here is finding the courage to say goodbye to your things, even those you like. You might be surprised that many of your unused clothes or other items can add up to hundreds, if not thousands, of dollars.
7. Find a part-time job
Many people take on a few simple jobs on the side to supplement their income. When you’re strapped for cash, you might want to do the same. You can start by exploring freelancing opportunities. If you’ve always had a knack for writing, for example, there are plenty of website owners looking for regular contributors. Figure out what your skills are and learn how to market them online. For all you know, you might land a steady job that you’d like even more than the one you have today.
8. Look for cheaper alternatives
Without much money to spend, it helps to look for cheaper alternatives when you go shopping. Switching from one brand to another might not be your cup of tea, but you can end up saving a lot of money by doing so. You can do the same when traveling by finding the cheapest fare. You can also challenge yourself by not spending any money for a whole week aside from essential things such as food and bills.
9. Stick to using cash
It’s always tempting to take out your credit card every time you need to pay for something. However, cash is the way to go when you need to save money. Withdraw the money you need after determining your disposable income. And then when you go grocery shopping, for example, only bring enough cash for that activity alone. Through this, you can avoid impulse buying. Leave your cards at home to further boost your efforts.
10. Don’t give up
Everyone goes through financial troubles at one point or another. The long wait for your next payday can be excruciating, but remind yourself to focus on what you can control and take the necessary steps to get back up on your feet. While you’re at it, make it a habit to improve your financial management skills so you can avoid finding yourself in the same situation in the future.