During tough financial times, it can be difficult to make enough money to pay the bills and your other expenses while saving a little bit of cash for yourself. Fortunately, there are various ways to make your funds last until the next payday. Here are the top way to make your funds last.
Track Your Expenses
If you are like many people in the United States, there is a chance that you make small purchases that are not accounted for in your budget. While one coffee purchase will probably not put a major dent in your budget, many of these purchases can pull a large amount of funds from your budget.
By keeping track of these minor expenses, you will be able to see how much money you are spending on unnecessary items. The very act of tracking these expenses may be enough to prevent you from wasting these funds in the future. Money saved from expenses like this can reallocated into bills and necessities.
Earn Supplemental Income
If you cannot work enough hours for your wage job or your salary does not provide enough for your lifestyle, there is also the option to earn income outside of your primary job. This supplemental income can ensure that you are always able to pay your bills on time and do not need to sacrifice everyday necessities such as electricity or food. Popular jobs for supplemental income include lawn care, interior construction, freelance graphic design, freelance web design, and freelance writing.
Depending on your skills and the time that you are willing to work, you can make beyond $2000 of supplemental income per month. These additional funds are also useful because it prevents you from relying on a single job to sustain yourself. Think of this as refusing to put all of your eggs into a single basket. This can be very helpful in terms of establishing financial security.
Save More of Your Paycheck
When you earn your paycheck, pay your bills and place a large portion of the remaining money into two savings accounts. One of these accounts should be designated for emergency use and the other can be used for general savings. For example, if later on you run out of money because you cannot work, the money in this emergency account will hold you over until you can find a sustainable source of income. Savings accounts will also provide you with the flexibility to occasionally spend money on luxury items and other non-essential purchases.