5 Things To Do When You Think You Can’t Last Until Payday
Life has a funny way of throwing curve-balls and sometimes, even with good financial planning, we find ourselves in situations that cause us to spend our money more quickly than expected, resulting in a worrying period of time with no funds until payday.
Sometimes we’re able to hold our breath and if there are only a few days left between account-zero and payday then things seem to work themselves out in the end. Other times, the void seems too large to fill – here are 5 ways to make your money stretch when you think you can’t last until payday.
Assess what’s really coming out
A lot of us tend to bury our heads in the sand when it comes to our finances but this can cause us to worry over nothing. If you think you’ve spent too much too soon, then now is the time for full financial transparency.
Lay all your cards on the table and look at exactly what you have left to come out of your account for the rest of the time period. Sometimes, when you actually look at it, things aren’t as bad as you thought.
Try a no-spend challenge
Sometimes the phrase ‘I can’t survive until payday’ should actually be rewritten as ‘I can’t survive until payday if I continue to spend as I am’ and the good news is that you can do something about the latter.
An easy way to stop all non-essential outgoings is to start a no-spend challenge, which, conveniently, can be for the exact time period left until your payday.
A no-spend challenge really is simple, don’t spend at all – and it’s actually quite fun when you make a game off it.
Clear out your cupboards
Food is an expense that most of us say we need to spend when in reality we have days, weeks and sometimes even months of food in our cupboards and freezers, it just isn’t the food we fancy at this particular moment in time.
As a part of your no spend challenge, make it your priority to eat out all of the food in your cupboard.
Get creative with recipes and tinned goods and you may be surprised how much you save.
The Facebook Marketplace has made it super easy for us to sell unwanted goods quickly, so if you’re finding yourself worrying close to account-zero then it may be time to dig through your wardrobe or loft for something you can pop up for sale to give you that extra cash you need to last you until payday.
Take out a payday loan
Ideally, payday loans should only be used as a last resort as they often ultimately cost you money. But if you’re just a few days off and know you can repay the loan quickly to reduce the interest you pay then they can be a useful way to avoid other late repayment fees on debts such as credit cards or bills.
If you have a supportive family or boss then you may even be able to get a payday loan through them.
So there you have it – 5 ways to make your money stretch further in those instances when you think you can’t survive until payday, do you have any other money stretching tips to add?