Can’t catch a break between payday periods? Some of us are out here trying our best to make it to our next payday, but life has a funny way of throwing a spanner in the works to push our budgeting off track.
There are lots of reasons we can end up a little short before payday – extra bills, emergency costs, or a few small items that add up to more than usual. Whatever the reason, let’s figure out how you can hold onto most of your cash until payday.
Spend money where it matters. This is not to say don’t buy the things you want or what makes you happy – it means to practice thinking about whether you need it now or if it can it be saved for the next paycheck.
Get to know your spending habits each time you get paid and try out some of these money saving tips that work against your disposable income and savings.
When we say eat on the cheap, we don’t mean buying packet noodles and tuna cans for the month. You can budget for your weekly meals and food preparation without sacrificing quality and health.
Vegetarian dishes are often cheaper than meat ones. At around $1 per tin, chickpeas or lentils will healthily bulk up a meal for much less than beef or chicken. If you can't go without meat, buy cheap cuts and slow cook them into curries or stews. Bulk the meal up with in-season (cheaper) veggies and serve with budget-boosting rice to make it go further.
Make sure you check your freezer and cupboards before you hit the shops – then get creative. Items like potatoes, eggs, tinned food, and frozen peas can go a long way.
Who says you have to spend money to relax or have fun? Yes, costs can come with entry fees to ticketed events, movies, or just seeing friends for dinner catchups, but you can change the outlook of your day by swapping some paid activities out for free ones.
We can get caught up with the idea that a holiday is the only cure for work-related stress, but there are many free ways to unwind right in your own backyard. Australia is home to amazing beaches only a short drive away, lush botanical parks, and great hiking spots and bush walks. Not only will you be decluttering your mind but you’ll be saving money, too.
Keep on the lookout for free events over seasonal periods as well. Come summer or winter, there are always free seasonal events to keep everyone buzzing.
Rather than shop new, find a similar item you’re looking for at a lower price. From clothing, whitegoods, electronics, to recreational products, you’re bound to stumble upon something that is high quality and second-hand. If you search long enough, you’ll soon realise how often people give up items that are in tip-top condition due to upgrading, moving, or upscaling.
Buying second-hand doesn’t mean you’re shopping second best. There are plenty of reasons people opt for second-hand products, ranging from vintage collection to seeking quality made items that don’t come like that anymore. Not to mention, you’re also minimising waste and saving the planet at the same time.
These are only the tip of the iceberg – there are many ways in which you can save your money before payday.
You’d be surprised at how much you’ve got lying around that can earn you a few extra bucks.
Take these items to a second-hand retailer for cash. Anything from electronics, consoles, and DVDs to fitness equipment (like outgrown bikes or dusty gym equipment) and jewellery can be traded in for cash. And the added bonus – you’ll be de-cluttering your home.
If you already have a full-time job, take on a side hustle. Side hustles can actually become hobbies for some people and what’s better than making money out of a hobby?
You might find a simple job you can handle on the weekend and pick up some handy extra cash given you have the time. Airtasker is a place where can people post jobs and you can bid to do the work. It covers everything from cleaning, home maintenance, admin duties, and flyer delivery to graphic design or even building a website.
Got Medicare or private health fund receipts hanging around, or cheques still to be cashed? There's often money lying around that you can round up when you need it. Look at your shopping receipts so you can save money on food offers.
Pin them up on the fridge to keep a paper trail.
There may be times when a certain month is tougher with bills and events and your usual wage just doesn’t quite cover it. A small loan can help you deal with unexpected expenses with manageable repayments over an agreed amount of time.
Cash is deposited into your bank account once you’re approved and you can choose how often you’d like to make repayments.
What happens when you make it to payday? Put those tips into practice moving forward – saving on a budget doesn’t just end every pay cycle. Keep going and you’ll eventually get into the groove of spending where it matters so every month can be worry-free.
Learn how to be a financial whiz through online courses and programs. Seeing numbers can cause a brain fuzz for many of us who don’t work in banking or finance, making it easier to give up trying to understand how it all works. Once you take control of your own finances, budgeting won’t seem hard at all.
Like keeping a diary about your life, keep a diary about your spendings. A great way to keep track of your expenses is by logging your spendings into an app. In the last few years we’ve seen a rise in money tracking apps because it’s one of the best ways to be on top of how much you’re spending on a weekly or monthly basis.
These apps aren’t just designed for you to know what you’ve bought, it’s there to help you overcome unnecessary spends and budget better for next time.
When you’re ready, grab what you’ve learned about your spending habits from the app and have a go at budgeting. Budgeting can seem scary at first because it feels as if we’re telling you to stop spending on doing or buying the things you love – but that’s not the case. Budgeting helps you get better at spending money where it matters for your situation.
If you have pottery classes, dance, or play a sport weekly, think about the costs for those activities against other things. Add up the amount you’re paying for necessities and hobbies, and then set yourself a limit so you can freely work it all in.
Whatever method you want to use to track your expenses and budget, we’re here to help make life a little easier between paydays by showing you ways on how to make your money last. Of course, there are days where budgeting just doesn’t cut it for those large, unexpected bills and access to money becomes less promising.
Plant your feet back on the ground through the help of financial counselling services that are available to Australians who are really feeling the hit.
The information contained in this blog is general advice only and does not take your specific circumstance into consideration. You should assess your own financial position, objectives, and requirements before making any financial decisions.
Answering your questions about loans and staying savvy
Get more bang for your buck with these handy tips.
Need some advice that’s not about cash? We can help.
