Are you tired of being strapped for cash, wondering if you'll be able to get by until the next paycheck? If so, then you might want to consider making some budgeting and spending changes that'll help you make the most of your money. Of course, emergencies do occur, and when that happens, obtaining a paycheck advance can be a viable way to getting the cash you need until your next payday. Still, for the remainder of the time, there are a few simple steps you can take to make your paychecks last longer (without asking for a raise).
Increase Your Insurance Deductibles
If you're currently paying auto, home, or another type of insurance that has a deductible built in, now is a good time to take a look at your policies and figure out if you could afford to bump your deductible up in exchange for a lower monthly payment. Doing this with your various insurance policies will result in you having extra money in your pocket at the end of the month. However, keep in mind that if you need to make a claim, you will need to pay more out-of-pocket.
Change Your Withholding Allowances
If your taxes are automatically withdrawn from your paycheck by your employer, now is also a good time to review your tax forms that you filled out when you were hired. If you're not claiming any exemptions or aren't claiming as many as you're entitled to, you might want to consider changing your withholding status so that less money will be taken out of your paycheck. Just make sure not to claim more exemptions than you're entitled to; otherwise, you'll end up owing the IRS in taxes at the end of the year.
Start Making Cash Purchases
It's easy to overspend when you're paying with a bank or credit card. If you're looking to spend less and stick to a tighter budget, consider taking out a certain amount of cash with each paycheck you receive. Use this cash as your spending money for the rest of the pay period. When you have to physically count and hand over your hard-earned cash with each purchase, you're likely to use more discretion when you shop--especially when compared to using your credit card.
These are just a few ways to make your paychecks last longer. As a result, you can enjoy greater financial freedom and less stress! However, if you need a loan quickly, contact a lender, such as the Cash Depot Inc.