5 Money Hacks to Get You Through a Tight Month
If someone were to ask you how much you saved in the previous month, would you start to feel antsy?
We are in a cost-of-living crisis and with higher utility bills and escalating prices on food, it gets more difficult to get by every month.
With these circumstances, simple money-saving tricks won’t cut it if you’re living paycheck to paycheck – or have no paycheck at all.
However, by implementing a few life changes, you can make sure you get through a rough month without a lot of stress.
Here are our top five money hacks that we believe will help you cut back on expenses and get you through a tight month:
1) Take a payday loan
Payday loans are extremely helpful if you are dealing with an emergency and need money quickly.
You would have to wait days or weeks even to receive money if you apply for bank loans or credit cards. Meanwhile, online payday loans provide you with the amount you need immediately.
Moreover, there are many payday loan providers that offer support whenever you need it. As such, you need to evaluate all your lender options and select one that suits your unique needs. Salad Money is one such lender that offers fair payday loans when you need them the most.
Additionally, since the amount is generally low, you control the level of debt with payday loans as long as you repay it on time. In fact, you also have the option of paying back certain lenders in instalments.
We still recommend looking at other available options when you’re facing a tight month. However, if you find yourself struggling to make ends meet and in need of urgent help, payday loans might just come to the rescue.
2) Audit your expenses
A good financial practice is to set aside some time to review your monthly bank and credit card statements or use a budgeting app.
While not the most thrilling activity, it does help you understand what you’re spending and where. Sometimes, the actual amount you think you spent may not entirely match up to your actual spending.
By auditing your expenses, you’re not trying to eliminate every unnecessary expense and live the most satisfying life. Instead, the aim is to align your spending with what you value most.
For example, let’s say your car exhaust breaks down. In this case, you need your car to go to work so that you can get paid. As such, repairing your car is not a meaningless expense as it brings you value in the future.
To further minimise spending, you can simply order the parts from Online Automotive and fix the car yourself (Provided you have some experience in DIY auto repair). A quick online search should help you find the cheapest exhausts at the best prices. This will help significantly lower your auto-repair expenses.
In comparison, if you’ve been repeatedly spending on fast food every week and you can’t even remember eating it, it’s best to cut it out entirely.
3) Keep a 30-day list
Spending is often an impulsive decision as you don’t need everything you buy. As such, you need to control your impulse to spend.
If you want to buy something that is not necessary, put it on a 30-day list. With this little practice, you ensure that you do not purchase anything but absolute necessities.
Everything else you feel an urge to buy will get added to your list along with that day’s day. When 30 days are over, the urge to buy it will likely have vanished and you can evaluate it and make your final decision.
4) Scale Back On Entertainment Expenses
Having fun isn’t cheap. From smartphones to cable to a night out on the town, the costs of having fun add up quickly. However, there are things you could do to have fun on a budget.
When choosing a mobile data plan, look at the more affordable options. Although they may not have everything you’re looking for, they can help you save a significant amount.
Similarly, get in touch with your internet provider and ask if they have any cheaper packages. A cheaper package will be slower than what you’re used to, but it will also have a big saving impact.
When you’re auditing your monthly bills, see if there are any subscriptions that you no longer need. It costs nothing to unsubscribe and put an end to this unnecessary expense. Instead, move this money into a savings account.
When it comes to activities with friends, plan indoor activities that you can do at home like a game night. These types of activities are not only inexpensive but also a great way to bond with friends.
5) Try out the 50/30/20 rule
There are simple practices you could implement to cut back when you need to. For example, the 50/30/20 rule.
To follow this principle, you need to put 50% of your monthly income aside for bills or any necessary repairs. This ensures that you pay for utilities and pending loans alongside any other necessary expenses.
You need to then allocate 30% of your income towards fun. While it may seem like a waste, it’s important that you also budget for your happiness. A little fun is completely fine as long as you stay within the 30% you set aside for it.
Lastly, the final 20% should go into savings. This 20% acts as your virtual safety net in case of any emergencies or sudden expenses.
To Wrap Up
It’s not easy to save money when you feel you have none. To keep track of your spending, you need to be aware of what you cannot afford to spend on.
It’s vital to stay motivated and be aware that you’re not cutting expenses as a punishment. Instead, you’re taking a step towards financial stability.
Remember that it’s okay to spend money. However, it’s only harmful if you spend beyond what you have. This is why budgeting is a necessity.
Your final aim should not be to merely survive on a tight budget but to live well when money is tight.
