I know when payday comes, the last thing you want to think about is budgeting, but here are some easy techniques that will help stretch your cash when it hits your account.
Getting into these small habits will take about 10 minutes/month and wind up saving you well over the recommended $100.
5-10% Into Savings
This isn’t exciting, but you’ll thank me later. If you’re able to sock away this much of your cash on each paycheque, it will make a major difference on your bottom line. As we discussed before, if you’re able to automate this process, you can do it once and forget about it. As soon as the cash is there, it’s safely saved. I do it, and after a month or two, I totally forgot about it. Automatic saving is the way to go.
Think About the Bills
Again, this isn’t super exciting, but on any given month you’ll need to pay rent, TV, Cable, Internet or any variety of bills. A good time to knock these out is when payday arrives. As a bonus, when you’ve paid those bills, you know how much left you’ve got in the money tank for fun stuff.
Have Some Fun
You don’t just work to scrape by, so it’s important to have some fun from time to time. Whether you treat yourself to a coffee, a weekend away or something in between be sure to have some fun. Those little victories are important (even when you’re saving cash and paying off debt). Being conscious of your cash lets you spend some without worrying about it – especially after taking care of the first two items on our list.