Stretch Your Paycheck
How to maximize the spending ability of our paycheck is a question that most of us have asked ourselves at some point. Unfortunately, we tend to look for big results, rather than a swarm of small results. Here are some tips that can help you make it through to the next paycheck, without finding your pocket empty.
1. Don’t allow yourself to purchase ANYTHING on impulse. Marketing gurus know that impulse buying is a consumer’s weakness, and they capitalize on that. Take a look at the type of products that are always displayed in the vicinity of the cashier’s stand, and it’s quite evident.
2. Never purchase any non-essential item without shopping elsewhere for a better price. In this internet age, it is extremely easy to cross-check pricing, without spending a lot of time or gas doing so. A lot of sites use promo codes and coupons like Medifast coupons to save money on products that would otherwise be very expensive. If you feel you MUST buy it, don’t you want to at least assure yourself that you’re getting the best bargain around?
3. Put yourself on a budget. Determine realistic amounts to spend in various aspects of your life, and stick to them. Assuming your essential needs (rent, utilities, insurance, etc.) are already allowed for, allocate a realistic amount for other items like entertainment, eating out, hobbies, etc.
4. Put your credit card in a safe place, and LEAVE IT THERE! Nothing will destroy your budget faster than an unexpectedly high invoice from your credit card provider. Credit is too easy to spend, and the minimum payment often covers only the interest, if that. Pay cash, or do without!
5. As part of your budget, make savings a high priority. Unexpected car breakdowns, illnesses and home repairs can sink your budget as fast as a shopping binge at the computer store. Always set something aside, so you’ll be able to absorb those surprises without facing a diet of bread and water until your next check comes in.
6. Don’t be afraid to scold yourself if you fail to follow your budget. Then, fix the problem. You could return the purchase, or simply change your behavior and enforce your own self-imposed rules, but just allowing it will only reinforce the behavior that put you in difficulty to begin with. Make the necessary adjustments, and you’ll find that your paycheck will stretch further than before, giving you more buying power.