According to CBS News, almost 8 out of 10 American workers live paycheck to paycheck. Having to wait for payday to let your bank account breathe can be very stressful. Depending on your pay schedule some will get paid every week, bi-weekly, and the least favorable, monthly. On top of that, you have bills in-between pay periods such as rent, credit card payments, grocery bills, and car notes. If you are reaching for some ramen noodles, but are dreaming of mouth-watering crab legs, then take some of these tips on how to stretch your paycheck.
1. Understand Your Finances
Make a habit each month to sit down and calculate your income from your job and form a budget. There are some apps that can help tracking or keeping a budget easier on you; Every Dollar, and MINT. Apps such as these are perfect for people on the go. Or you can go for the old fashion route and come up with an Envelope System and use dividers to keep your cash organized (food, gas, fun money).
2. Dissolve Your Debt
Beware of credit card debt! Credit cards are useful if you are trying to build credit to purchase a car or home. The danger with credit cards is that the user has to treat them like they are loans. Never spend more than you make!
3. Control Your Calendar
Find a good paying job with a consistent pay schedule to keep you on top of your finances and help provide you with the necessities of life. Looking for a place to start your job search? Check out the MAU job board for job opportunities in the industrial, clerical, and professional fields. Update your resume, polish your social media accounts, and apply to the jobs we have to offer!
Your paycheck can go a long way if you can implement some of these tips to stretch it. As the statistics continue to rise for most workers, you can avoid the fear of eating ramen every night and go treat yourself to some crab legs and maybe some sweet tea on the side. Make sure you understand your finances, avoid debt, and find the right pay schedule. Check our job postings for opportunities in the industrial, clerical, and professional fields.