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Saturday, May 28, 2022

Tighten Your Belt – 5 Survival Tips for When You’re Waiting on Payday

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We’ve all been there; payday seems like it’s never going to come around, the pantry’s looking bare and don’t even bother with the fresh produce draw in the fridge.

Whether this is your norm or just an unfortunate by-product of too many bills falling in one week, it’s never a nice feeling.

Managing your finances is one of the toughest parts of everyday life, but it doesn’t have to be overwhelming. Below, you’ll find five survival tips that will make the time between now and the next pay check just that little bit easier.

Lending a hand

If you’re seriously stuck, now is a good time to look into small loans with low interest. No-one ever wants to have to borrow money, but when it’s necessary you need to make sure you do it the right way; otherwise, you can end up in a spiral of debt.

Key things to look for are the interest rate, the loan term and any hidden nasties in the fine print. As long as you’re informed and choose a manageable loan, strategic borrowing can get you out of a tight squeeze.

Bulk it up

Buying and cooking in bulk is an excellent way to futureproof your household for the next time money’s short. This tip won’t necessarily help you out right now, but it’s going to make you really glad you planned ahead.

Products, especially household necessities and food, are almost always cheaper in bulk. Yes, your initial outlay will be higher, BUT you’ll end up paying less per kg, liter, etc.

Bulk buying also means products last longer, so you’ve got more backup stock. Additionally, cooking in bulk means you can freeze leftovers and ensure there’s always delicious and nutritious food in the house.

Branding isn’t everything

Home brand products often match their branded counterparts in quality and some even come out of the same factory. Sure, you want that specific type of breakfast cereal but if it’s unbranded equivalent costs $5 less, and payday is still a distant spot on the horizon, making the sacrifice can seriously help with keeping your finances healthy.

Shop around

Loyalty, in general, is one of a person’s most admirable qualities. When it comes to getting the best bang for your buck, however, shopping around to see which retailers have what you need for a lower price is always a smart decision.

Big retailers don’t need your money, they love it, but they’re not going to starve if you make your purchase somewhere else just this once.

If you can’t avoid it, delay it

When the bank’s looking a little empty, it’s natural to want to avoid spending what you do have. In most cases, this is a great idea, but things like bills should always be paid when they need to be.

If you can’t afford to pay what’s due this week, be honest with your supplier. Most will be understanding and offer an extension or payment plan but only if you talk to them before the due date.

Remember, it’s far better to be embarrassed than to have your electricity or water cut off.

Never feel bad about falling a bit short every so often. If it’s a consistent issue, you may need to reevaluate your budget. However, everyone has tough periods where the hours were lower or more than one necessary expense came at once.

Follow these tips, and remember to ask for help if you need it (even if that means a loan from a company or assistance from family) and your wallet and stress levels will thank you.