Simple ways to save money every payday

Simple ways to save money every payday

The day we have more money inevitably seems to be the day we spend more... Know some ways to avoid it!

The feeling of payday, when you actually have some money. And that is soon followed by the sinking feeling that you’ve already mentally spent your paycheck on the basics: food, rent, electricity, car, credit card, and more.

Maybe you don’t know any way to reduce some of these expenses, and here we have a few:

Have a plan

I am not talking about mentally knowing about how much your bills are and then hoping you have enough money in your bank account to cover them. No, this is a real, written down plan for your money before each month begins. Call it a money plan or a budget, but this is how you get control of your money before it controls you.

Call it a money plan or a budget, this is how you get control of your money before it controls you

Steb back and evaluate your habits

Take a good, hard look at your checking account or credit card statements. Where are you spending money on a regular basis that may be out of line? Are there lots of coffee shop charges, restaurant and bar purchases or online shopping orders? It pays (literally) to evaluate your habits and cut back where you see excess.

Think about your free time

Is your free time being spent spending money? Using free time to relax, go to the movies, go out to eat, shop recreationally and enjoy the finer things in life is definitely not a problem. However, if you find yourself constantly spending money in your free time, maybe it’s time to reevaluate.

Just about every area of the country has things to enjoy that are free or nearly free, whether it’s taking a hike, visiting a local historical site or watching a movie or your favorite sports team at home on your TV.

This is a relatively painless way of savings, because that extra $25-$50 a week isn’t a huge amount

Enroll in atomatic savings

Usually offered through your bank, automatic savings are set up in such a way that you can control how much comes out of your checking account each week, pay period or month.

This is a relatively painless way of savings, because that extra $25-$50 a week isn’t a huge amount but can end up to be a couple of thousand dollars after one year. If your company has an automatic savings option, consider that as well as making a goal of saving 10% of your income.

Look into refinancing option

Sometimes you can be paying more than you need to in finance charges, whether on student loans, credit cards or car loans. Take a close look at your statements to see if you can refinance to a lower interest rate that will take less out of your pocket each month.

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