How can you make the days leading to payday less stressful? If you typically find yourself struggling for cash each month as you wait for you next payday, then it could be time to take action. Here are 5 ways, aside from getting a pay raise or using a credit card, to have more money in your pocket each month.
1. Use Online Banking
If you lead a hectic lifestyle then getting to the bank during opening hours can be an almost impossible task. Thankfully, online banking has made it much easier to stay on top of your finances. Many banks also now offer mobile phone apps, so you can quickly check your statement or transfer money while on the move. It also makes it easier to cancel unwanted direct debits, which can prove useful when your funds are low.
2. Get a Balance Transfer Credit Card
If you’re currently paying high interest rates it might be worth making a balance transfer to avoid paying more than you need to. Making a credit card application for a product with 0 percent interest to pay for a limited period could allow you to consolidate your debts and reduce your monthly payments.
3. Think About How You Pay
Sometimes paying by a different method can be more cost effective. For example, paying certain household bills by direct debit can help you save, while using cash rather than credit card can be cheaper if you’re not likely to be able to pay off the balance in full at the end of the month.
4. Lower Your Insurance Costs
When it comes to protecting your property and possessions, insurance can be vital. However, it’s always worth shopping around for the best deal, whether it’s for your car, mobile phone or home. Loyalty often doesn’t pay so resist the temptation to accept the new terms from your current provider without checking what the competition has to say.
5. Track Your Expenditures
If you’re the kind of person who gets to the end of the month and wonders where your money has gone then it’s probably worth paying a little more attention to your day-to-day spending. It might take a bit of getting used to write down what you buy each day, or at very least keep your receipts to make it easier to see where the money has gone. If you feel you’re overspending in a certain area this could give you the incentive you need to start cutting back.
These are just 5 ways to have more money each month. What are ways you use in your household?