The following are the best to keep track of your monthly expenses to avoid financial pitfalls and stay out of debt:
#1: Create a Realistic Budget
By realistic, I mean a budget that is easily implementable.
You are the best person to do this – this’s because you’re the one that best understands your spending habits.
Review your set out budget periodically when necessary.
And when creating your monthly budget, we recommend that you save about 20% of your income every month – this would help cover you just you case you get behind on your next paycheck.
When charting up your budget, start by first creating a list of all your bills, then calculate how much you’d need to withhold from your incoming paycheck in order to balance those bills when due.
50% of your paycheck earnings should be reserved for essentials like rent and feeding, while the remaining 30% should be dedicated for nonessential expenses such as meals at restaurants, etc.
#2: Checkmate Your Spending Habits
It’s important to curb your spending and stop purchasing base on your impulses. That is, stop buying things based on feelings – spend only when it’s necessary!
#3: Find Alternatives to Spending Money
Instead of buying books and CDs, you can rent them at libraries. And using giftcards can help you save a lot on daily purchases.
You can also take advantage of various promotions, black Friday sales, etc, going on in your city.
#4: Settle Bills a Dollar after Another
You are not obligated to pay off debts and bills at a single stretch.
For example, let’s say your rent payment $2,000 yearly, but you earn only $6,000 monthly. Each month, you could set aside about $170 for your rent and reserve the leftover funds to cater for your other expenses.
But it’s a general rule of thumb that your rental payments should not be more than one-fourth of your monthly salary.
This would save you a lot on housing costs and help you to save comfortably on your incoming paycheck.
#5: Extend Payment Dates Only when Necessary
If the load looks too much to carry, you can ask your biller to extend your bills to a more suitable date that’d be more convenient for you.
But you have to avoid making this a habit, as billers are obligated to take certain legal actions against you if you persist with your actions.
#6: Obtain Adequate Insurance Plans
It’s always important to get insurance on your home, automobiles, and on your health too.
This would save you a lot on unnecessary bills in the case of an accident.
To be more specific, health bills can rise up in the thousands of dollars, and in the event of an illness, you may be forced to pay out of your pocket to settle hospital bills.
Best Paycheck Alternatives to Cover up Monthly Expenses
There are certain programs you can sign up for that can serve as your second lifeline, just in case you fall back on your paycheck.
#1: Payday Loans
Payday loans can serve as a very good alternative to your paycheck in the sense that, they can keep you going even when you are behind on your paycheck.
The best part?
They are easily accessible, as many personal payday loans in Nevada can be accessed online – and with InstantPaydayNV, you can get up to $5000 in funds to keep you going, even when you are behind on your paycheck.
#2: Affiliate Programs
This may sound strange, but it actually works.
Signing up on an affiliate program for a specific household product which you purchase consistently can help to save you cost on the purchase of that product monthly.
That is, you get paid per individual you refer to purchase such product, and the money earned from that referral can be budgeted for the purchase of the product, or directed towards other things.
#3: Gift cards
These are one of the best ways to save cost on your daily expenses.
Some online and local stores offer customers a certain amount of gift cards in order to save cost on purchases.
For example, you can receive a $25 gift card from Amazon which could save you cost in purchasing an item worth $50 – you’ll literally be spending half on that purchase.
But be careful not to use this as a medium to purchase unnecessary items, and things not listed in your budget.
By following the steps listed above, you’d be able to track and manage your monthly expenses even when you are behind on your paycheck.
Now I’d love to hear from you:
What is your experience with using gift cards in saving cost in daily purchases?
We are here to assist you in finding a reliable moneylender to solve your financial troubles without much hassle. Using our experience in the field, we will provide you the required guidance to apply and get a personal payday loan in less than 24 hours.
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