If you’ve ever run out of money before payday, you know how many issues it can create. Perhaps you don’t have enough to buy the groceries you need or gas up your car when you need to. Any way you look at it, it’s a nightmare. That’s why the online budget planner experts from CalendarBudget have collected some insightful pointers here so it never happens to you…or never happens again!
Breaking the Broke-Before Payday Cycle
There are several reasons that you might not be able to make it to your next payday. Some of the most common include paying for purchases you might have been putting off for months that have become a necessity. This goes for bills as well. Taking care of all your expenses at once the next time you get paid is one of the worst things to do. So try to be conservative with your monthly spending and pay things as they arise, or a little bit here and a little bit there every month.
Leaving big expenses looming is another way to hemorrhage money you may not have. So if you’re aware of any big payments down the road in the coming months, begin preparing for them as early as possible, that way you’re not forced to spend your entire paycheck on them because you waited until the last minute.
Stop Living Paycheck-to-Paycheck
Living from paycheck-to-paycheck is one of the most stressful ways of life, especially if you know you might not be able to make it to the end of the month. Thankfully, there are some ways to break this cycle, such as:
- Tracking Your Expenses: By tracking your expenses and accounting for every penny that passes through your hands you can begin building a strong buffer and end the paycheck-to-paycheck cycle. You’ll also find areas where you can cut down on expenses and even eliminate unnecessary spending altogether. Using an online budget planner and other software can be an easy, efficient way to rein in your spending.
- Create a Plan: Coming up with a plan to begin building a strong financial foundation is key! This means developing a working budget that will help you make it to the end of the month, while also putting aside what you can into a rain-day fund for emergencies. Budget planning can be easy with the help of financial planning software, or you can hire a financial planner to create a budget and identify further areas to save.
- Create a Buffer: You can start living on last month’s salary by creating a financial buffer for yourself. You can do so by selling some things you use sparingly, or canceling some subscription services for a few months until you’re in a more comfortable place to pay for them. This way, you don’t have to wait for the next paycheck to roll around to begin developing a savings plan.
Strategies for Saving When You’re at the Bottom of the Barrel
When you’re having trouble managing your money, there are some things that you can do to save even when you have no money and you’re waiting until the next paycheck. First, stay home and find ways to occupy yourself instead of going out. You can also take a close inventory of your pantry, to see if you have any non-perishable food items or other things you might have overlooked for an inventive meal that doesn’t cost a dime. You can make soup out of veggies in the fridge or bread if you have the right ingredients.
Another great way to save is by nixing your entertainment for a month or two. Whether this means pausing your Netflix or Amazon Prime accounts, or not going out with coworkers once a week, you can avoid unnecessary spending. If you’re an avid reader, hit the library or see what’s available for free online. Take advantage of free museum days to still get out.
Those that drive to work or frequently take Ubers or cabs can map out other forms of transportation, whether it be carpooling with coworkers or taking public transportation. You’ll be able to save on gas money this way, in addition to maintenance costs for your vehicle. Lastly, if you have any items that you’ve purchased but have never used, return them. Even without the receipt, many places will accept an item of clothing or another purchase as long as it shows no signs of previous use.
Let our online budget planner help you beat the paycheck-to-paycheck cycle!
One of the foremost advantages of CalendarBudget is that it offers a calendar month view, making it much easier for users to plan and stop living paycheck-to-paycheck. Those with our online budget planner can see where their middle-of-the-month lows are to help avoid overdraft fees or other issues, in addition to closely tracking all of the money coming in and going out.
In addition to the solutions mentioned above, our free budget app also allows you to go over your spending in previous months to identify unhealthy spending patterns or recurring payments that are always a surprise. You can also categorize your transactions to keep a close eye on areas where you suspect you’re overspending. Also, custom category tabs and other budgeting tools help you decrease costs in specific areas and increase savings in others.
To plan months and years into the future and avoid money issues, learn more about our online budget planner by contacting us today for a FREE DEMO!