The first few days or weeks after receiving your paycheck usually feel like you’re living your best life – you can afford to be a ‘baller’ rather than a ‘mechanic’. Soon, you find yourself barely getting by and can’t wait for the next salary to drop again. You often wonder when the cycle would end and desperately wish your money could conveniently last you for the whole month.
Instead of constantly being broke days before the next paycheck or envying others who seem to have their finances figured out, start doing these:
1. Identify what you have to spend on:
The thing about money is that if you don’t act as the master, it will make you its slave by deciding for you what to spend it on. Define exactly where your expenses will go even before you’re paid. This will help you to resist any temptation to spend recklessly. You only have to stick to that plan, a.k.a budget. There are more tips on how you can control your spending here.
2. Diversify your income:
Who says you can’t have multiple sources of income even with your 9 to 5? You may not have such skills or talents like event planning, makeup or music, but you can add value somewhere even with your job skills. There are small businesses that are willing to pay for your services as a consultant or for some part time engagement. Just be smart about it so it won’t affect your main job in any way.
3. Keep your money where it can grow:
What is the point of having your money where it’s not increasing in value? Your priority should be a savings plan that literally grows your money so it can retain its economic value. You’ll find such a plan here that allows you to earn up to 16% interest per annum on your savings.
Don’t wait till later; start taking these steps now, before your next paycheck and you’re on your way to achieving financial stability.