How To Make Your Cash Last Until Payday

You’ve probably looked at the title of this post and thought about all those times you have struggled to make your cash last until the next time you get paid. It’s amazing how payday can bring out the best and worst in some of us: the waiting, the complaining, the impulsive spending and let’s not forget the moment when you realise that you have barely nothing to survive on the week before (yes, it has happened to us all!).

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In this post, I’m going to be sharing tips on how you can make your monthly pay last. As with all blog posts of this nature, you are not obliged to follow each and every tip I give.

Always remember to do what is best for you.

Apps 

Using apps to keep track of spending has become one of the most popular ways of budgeting. Monzo is one of the most popular mobile only banks out there right now. You do get a debit card as with other banks and you are set a budget based on what you earn. When you are close to spending that budget, you are notified by the app. Another reason why I like Monzo is because customers are also provided with a breakdown of what they are spending their money on. Seeing what you spend your money on month after month is also a great cause for reflection. Think about those daily coffees you grab every morning on the way to the office. Are they really needed?

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Savings Accounts

My favourite way of making my cash last is using savings accounts. Whenever I get paid, I always save as much money as I can. Saving accounts aren’t for the faint hearted though, you do need a lot of discipline. If worst comes to worst, you can dip into them but think about whether you really need what you’re trying to purchase or whether you can access any money off deals. An alternative approach to having a savings account is opening one with another bank. Do some research to find out which banks have the best interest rates. Be aware that some accounts will require you to deposit a certain amount of money each month. If you know you can’t make such a commitment, just get an account where you can pay in as much money as you like. And another thing…when you open a savings account, DON’T request a debit card. You don’t need that kind of temptation in your life.

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Family

If you struggle with making your pay last, something you could do is give what you want to save to a family member. You could even set up a direct debit, have them keep the money for you and then access the funds if and when you need to. Of course, make sure you trust the family member who you would be giving such responsibility to. Also, in different cultures, there are cash saving schemes that you can join. As with some accounts, there is a requirement that you pay the same amount every single month. In my country, this is called Njangi and is defined as a money saving system. In the Caribbean, the same system is called a Pardner. Consistency is the most important thing with such schemes so do ensure you are financially stable.

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Use Cash More Often

With the rise of contactless payments, the art of tapping has never been more appealing. Within a split second, you’ve made a purchase. Card payments are a big issue when it comes to controlling finances because there is no control. Try to make cash payments as much as you can so its easier for you to know what you are spending. One thing with banks as well is they don’t take your money away on the day of the purchase, so before you know it you have money going in and out that you can’t keep track off. If you like to shop online, you may want to consider having a separate account.

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Open More Accounts 

As mentioned in the previous point, you may benefit from having different accounts. For example, if you are saving to travel you may need an account or if you are saving money for a car, you may need an account. Never underestimate the process of putting a little bit of money away every month. Once a year or so goes by, you will have quite a bit stashed away. When it comes to saving, something is better than nothing so don’t beat yourself up if you can’t save as much as everyone else. With time, you WILL get better.

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Limit Shop Visits 

I’ve talked about this in my post about mastering the art of saving and I believe it really does help make your cash last longer. Limit your shop visits! Try not to go to the shops two or three times a week. For food shopping, make a list and then get what you need at once. If you’re a snacker, include snacks in your weekly shop. When it comes to other necessities, you may want to save up over a period of a month or so. With personal expenditures, I would also recommend making a list because it is so easy to get carried away especially if you are near a large shopping centre.

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I hope these tips have been helpful and remember that if you do find yourself strapped for cash, then bad credit loans are an option. Nobody should feel financially challenged so there’s absolutely nothing wrong in asking for help.

As always, I love to hear from you all so feel free to share your own monthly saving tips by leaving a comment below.

Also, do let me know what you think of these types of posts. Would you like me to do some more in the near future?

Kel xo

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