3 Ways To Make Your Money Go Further
If you find yourself struggling to make ends meet before you next get paid, and on a regular basis, you could need to change the ways you use and manage your money.
While this may seem like quite an uphill battle, the end result could leave you with less stress regarding how to pay your bills, manage unexpected expenses, or even have a better quality of life.
It is important to recognise that not all suggestions will work out the same way for everyone, so you may need to continue altering your habits until you find something that is right for your unique situation.
Let’s explore this a little more.
3 Ways To Make Your Money Go Further
- Create a savings account
When attempting to stop having to scrimp and scrape to make your money last, you may first want to consider how you can support yourself in the event of an emergency.
This could involve car repairs, boiler replacement, or even needing to purchase a new set of shoes for work.
Figuring out how much money you could reasonably save each month, even if it is only a couple of dollars, can then allow you to invest with Wealthify.
Having this money kept outside of your usual account may mean that you are less likely to spend it.
Also, savings accounts and ISAs often allow you to accrue interest on top of your deposits.
This means that, when the time does come to withdraw the money, you could very well take out more than you put in in the first place.
- Re-think your spending habits
Thinking carefully about what your money is spent on may also be quite important. There may be times that you are not making smart decisions with your money, that are affecting how easy it is for you to survive until you next get paid.
Something as simple as cooking at home, rather than eating out, can be useful.
It is estimated that each household spends around $1000 every single year on eating out or getting takeout.
This is money that could be better spent elsewhere on bills, or put aside in the aforementioned savings account.
Taking a bit of time before you commit to spending money can help you to re-evaluate what you are doing.
- Create more sources of income
You may also want to consider finding ways to give yourself a larger amount of money each month.
This may not need to involve stretching yourself too thin by taking on a second role, losing some of your few luxuries, or selling possessions.
When you have been in employment for some time, you may want to consider speaking to your manager about a raise or promotion.
It might be easier to do so if you have coveted skills or experience, however, even without them, it can still be worthwhile attempting to gain more money.
What next? make your money go further
Struggling to make ends meet each month can have serious effects on your mental health.
By looking at the money you get and figuring out how to cut costs, or maximise your income, you may be able to put yourself in a better financial position.
