There are few feelings quite as panicking and depressing as when you realise that your paycheck isn’t quite going to last you the month.
You’re not quite sure how you got here, but you know that you’re going to need to make some changes, and it can be hard to know exactly where those changes should come from.
We’re here to help you with that problem. Of course, nobody knows your finances like you, so we can’t give you specific advice, but there are things you can try that may well alleviate some of your biggest financial worries.
Here are some things to do when your paycheck won’t stretch the month.
Take out a loan
We want to be very clear here: this is definitely not the right option for everybody. Some people may find that a loan simply makes things worse, especially if they’re in long-term financial turmoil.
If, however, you’re only going to struggle to make this month’s bills and you know that next month will definitely improve, then taking out personal loans might be a way to help lessen some of the pressure.
Again, we want to stress that you shouldn’t do this if your financial worries are longer-term, but if it’s just a quick injection of cash you need, a loan could be the ticket.
Create a stringent budget
Making a budget can often be a slightly depressing exercise; after all, nobody wants to tell themselves to start spending less money, right?
Still, if you create a budget, you may find that in future months, you don’t find yourself in the dire financial straits in which you may or may not currently be.
Making a budget doesn’t have to be a miserable time, either. Get family and friends involved and see if you can come up with something that will still leave room for doing the things you love in life.
Try hosting coffee get-togethers
If you’re the kind of person who likes to go out for coffee every so often, why not try hosting a coffee get-together in your home or flat instead?
Invite a few friends over and make some coffee and refreshments for everyone. You’d be amazed at just how little you’ll miss visiting a coffee shop if the company is right.
If your friends are amenable, you could even ask people to bring their own refreshments with them, which will save you an extra little bit of money.
Ask friends and family for help
Pride can often stop us from asking those around us for help. For some reason, we don’t want people around us to know that we’re struggling, even if the situation is dire.
Your friends and family love you, though, and they don’t want to see you in trouble, so asking them for a little financial help (if they’re capable of providing it, of course) is a solid course of action.
If you feel so inclined, you could even ask them for help in the form of a loan, which you can subsequently pay back when you’re in better financial shape later down the line.
Sell stuff you don’t need
Many people are sitting on veritable goldmines of stuff they no longer use, and they might not even know it. Your spare room or loft could be a treasure trove.
Take some time to sift through all the things you’ve kept that you no longer use; old electronics, clothes, and even antiques or valuables could all be worth something.
Of course, if anything is of particular sentimental value, then you shouldn’t sell it, but anything else should be considered as fair game, so try to be a little ruthless with yourself.
Walk or cycle more
Driving can really ramp up costs quickly; whether you’re spending on petrol, insurance, or simply maintaining your vehicle, the expenses can be eye-watering.
Public transport is often cheaper, but if you’re using it on a regular basis, you may still find yourself spending more than you’re comfortable with, especially if you’re travelling long distances.
Walking or cycling more, however, will have myriad benefits, only one of which is reduced costs. You’ll also notice improved physical health, and you may be able to improve your mental health in the bargain as well.
Always shop around
Don’t make the mistake of thinking that you’ve found the best deal for something. No matter what you’re buying, there’s a good chance that you might be able to find a cheaper alternative.
When your paycheck won’t stretch month to month, it’s all about spending a little extra time to identify opportunities to save money, so whenever you’re about to buy something, make sure you check yourself.
Proper investigation and research can save you not only money, but also potential headaches in terms of dealing with poor customer service or sudden price hikes.
Eat what you’ve got
It can often be tempting to go out and buy new ingredients when you want to try fresh recipes, but that’s a surefire way to rack up costs quickly.
Instead, why not take a look inside your cupboards and your fridge to see what you might already have? You never know; you could have the beginnings of your new favourite meal.
There are websites out there that let you input ingredients you’ve got in order to suggest a meal you might make with them, so making good use of those is also a great idea from a money-saving perspective.
Withdraw cash
If you can – that is, if you’re not already at zero – try to withdraw cash to spend rather than carrying your card around or using bank transfers.
Being able to physically visualise exactly how much money you’re spending is a surprisingly effective way to budget, probably because you’re switching from abstract numbers to concrete tokens.
Even if you’re only spending small amounts of money, you’d still be amazed by just how effective a cash-based lifestyle can be when it comes to making your paycheck last longer.