Make Paycheck Last Longer

Do you share the same sentiment?

Are you familiar with the phrase “close to payday“?

If you are the kind of person who always run out of money two days after payday, then this article is really for you. By all means, continue reading!

Let us change how you manage your cash flow and make your paycheck last longer!

We Filipinos have a habit of being a one-day millionaire. Don’t spend your hard-earned money like there’s no tomorrow. Follow these tips on how can you make your paycheck last longer.

6 Tips on How to Make Your Paycheck Last Longer

1. Create a budget and stick to it. A carefully-planned budget is a powerful tool in managing your finances.  It keeps you on track with your financial goals.  The first thing that you should do is to identify your expenses.

You’ll be amazed to discover some expenses which are not really necessary.  You should also control your spending habits by allotting how much you can spend in a day.  This will also help you save money in the process.

For example, I usually give myself P150/day during weekdays and P300/day during weekends.  And because I know my limits, I will not spend beyond the allocated amount.

Staying true to the budget plan is hard at first. It takes time and dedication. So just go for it!

2. Make a list when grocery shopping. Make it a habit to create a list before going to the grocery.  Similar with budgeting, if you have a prepared list, you’ll not be tempted to grab things which are not really important.  You should stick to this list no matter what.

Again, resist any temptation to grab items which are not part of the list! And never go to the grocery when you’re hungry. Why? Because you’ll be tempted to fill your carts with junks.

3. Avoid dine-ins or take-outs. I understand that you should reward yourself for working hard by dining in a fancy restaurant or ordering take-outs.  But keep in mind that it’s cheaper and healthier when you cook your own meal.  When you dine outside, you’re not only paying for the food but also for the service, tax and ambiance among others, hence it’s a bit pricey.

If you can’t avoid eating out, here are some practical tips which you can follow to save money:

  • Skip the drinks. I’m sure you know this already but allow me to repeat it again. Sodas and other beverages are way too expensive so order water instead. It’s a healthier alternative and absolutely free!
  • Share a meal. Most restaurants have large serving size which is good for at least two persons. Share the meal to your friend and split the bill in half.
  • Use credit card. If you use your credit card wisely, it can really help you with your finances. Some credit card companies offers rewards and special discounts to their partner establishments. Take advantage of this offer!
  • Research menus online. Most restaurants today have menus online which can be accessed easily. Plan ahead and choose inexpensive dishes that you’re going to order.

4. Find ways to reduce your electric bill. Listed below are some tips on how you can save on your electric bill. If you have other tips in mind, feel free to put it in the comment section below.

  • Unplug appliances when you’re not using them. Some appliances gobble up energy even when on stand-by mode.
  • Use natural light whenever possible. Open your windows and curtains and let the sunshine in!
  • Replace bulbs with LEDs because they are more cost-efficient.
  • Set your computer to sleep mode when you’re not using it. Or better yet, turn it off.

5. Fitness clubs. Enrolling yourself to a fitness club and end up not going?  Instead of paying a monthly membership fee, try to explore other avenues where you can exercise and still achieve your fitness goals.  You can jog in the park or do your fitness workout inside your living room.

6. Find other sources of income. Having a second source of income will surely help you with all your expenses.  There are many available online jobs that  you can do in the comforts of your own home.

There you have it! If you have other comments and suggestions on how to make your paycheck last longer, feel free to comment below or send me a message.

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