With roughly two-thirds of American’s living paycheck to paycheck, there is much advice available on how to make your paycheck go further. If you are reading this, you probably know most of the advice: cut out your daily latte, use coupons at the supermarket, shop second hand stores and the list goes on. Here are a few ideas that you may not have heard of or tried.
Change Your Tax Deductions: As nice as it is to get a large refund from Uncle Sam each April, there’s no point in letting him hold onto it while you could be using it to pay bills or save for retirement. Go into your human resources office and change the number of dependents that you claim so that you can get a larger check each pay period.
Pay Yourself First: Whether you need to be saving more for retirement, college or a new car, the best way to make sure that you put aside money each pay day is to put it aside first. As soon as the money is in your checking account, remove the amount you need to save and put it in another account, preferably at another bank so that you can’t access it easily.
Actually Make A Budget: You can’t try to stretch your budget without knowing where the money is really going. Try to round up receipts from last month to see where you spent your money. This month, keep track of every penny and then determine where you need to tighten up.
Go Cash Only: This goes hand in hand with the previous tip. You’ll stick to your budget much better if you hide the plastic and rely on cash only for your purchases. It’s much harder to buy those cute shoes when you only have $50 in an envelope to spend on clothes. And you’ll be encouraged to pack your lunch when you know that the cost of lunches out come from your grocery money. Peanut butter sandwiches for ten days are not appetizing.
Raise Your Deductibles: Raising the deductible on your car insurance from $250 to $1000 can easily cut your premiums by 15% or more. Use the savings to build up an emergency fund to use should you need to make a claim.
Shop Around: When your blender breaks and you must have it, for your homemade Frappuccino’s made from generic coffee, don’t just go out and buy the cheapest one. Take time to search online for different retailers that offer the product you want and see if there are cheaper options, often there are.
Give a few of these a try and see how they work for you. When you are no longer shelling out large amounts on unnecessary expenses, your paycheck will go much further. If you do find yourself in a pinch between paychecks, there are times when a payday loan makes sense. You’ll be surprised what can happen when you bring home a larger check and make every cent count!
It is so important for you to stay healthy when you are living in NYC. There are lots of germs and viruses all over the place. Therefore, you stand more of a chance of contracting and spreading illness.
