Did you know that eight in 10 people create a plan to spend their money?
According to the 2021 survey involving 1,000 Americans, 80% say they budget. Two years prior, that number was a mere 68%.
Do you budget each month either via an app or in a notebook? Are you interested in learning how to stretch your paycheck further so that you don’t run out of money before month’s end?
Keep reading to see how you can–with a few simple changes–turn shallow pockets into deep pockets.
Make a Budget–and Stick To It
If you’re one of the majority living on a budget, great. Keep up the good work.
But if you’re one of the minority, you need to start budgeting. When you sit down to write up a budget, you’ll start to see where you’re money’s going.
It’ll be easier to see where you might have to make some adjustments in your spending. Sometimes, the small recurring expenses add up to take a bigger-than-you-expected chunk out of your monthly budget.
Take Your Lunch to Work
The costs will add up if you buy breakfast and lunch every day. Instead of spending a small fortune every morning to get coffee and a danish before work, why not make your own at home? You can also save by packing a lunch.
You might be surprised at how much you save simply by bringing food from home. It’s one of the most important budgeting tips.
Draft Up Grocery List
Food prices are expected to climb between 4.5% and 5.5%. So, it will get even more expensive to fill your grocery cart. One way you can reign in costs is by writing a grocery list before heading to the store.
Another tip to stretch your paycheck is to avoid going to the grocery store when you’re hungry. It’s easier to remain disciplined if you’re full. You’ll find it more difficult to resist impulse buys that inflate your bill if you’re hungry.
Also, take advantage of specials. Do you love to eat pasta several times a week? Ensure you stock up on pasta sauce and spaghetti whenever these items go on sale.
Pay Off Debt and Save
If you want to avoid living paycheck to paycheck, pay off your debt and start saving. It might take a while to pay off your debt but stick with it.
Having an emergency fund will give you a financial cushion that will soften the blow if you find yourself in a tight spot.
Another way to get the funds you need for any surprises is by getting paid early. You can find out more about this option here.
Follow These Tips to Get Deep Pockets
If you follow these steps and manage your money the right way, you’ll get the deep pockets that ensure you don’t run out of money before the month’s over.
Do you want to read more about finance, wealth, investing, mortgages, and taxes? Check out our website for additional content.
