Stuck for pennies between paychecks?
They say that money can’t buy happiness. Yet there’s little doubt that not having money isn’t the path to happiness either.Running out of funds can be enormously stressful. For instance, have you ever:
- Sweated in line at the supermarket, hoping that your credit card will cover the total?
- Driven around with your fuel tank on ‘empty’, praying that your car will make it until you get paid again?
- Tossed and turned at night, unable to see a way out of debt?
- We lose sight of the little things. The small ways we spend our money really do add up. For example, buying two coffees a week (a fairly humble estimate by many standards) accumulates to a hefty bill of $500 a year! All the extra lattes, impulse buys and unplanned purchases can drain your paycheck in no time. Try going for one paycheck without these incidental purchases and notice the difference.
- We buy items that don’t really give us value. How often do we spend money on big ticket items that merely collect dust in the garage? Sure, some purchases genuinely bring joy but I’m willing to bet that others don’t. Also, remember that any money spent on ‘extra’ items is technically an expense in your budget. We often don’t place a spending limit within our budget for these indulgences but they need to be accounted for.
- We don’t question our ‘essential’ bills. With direct debits and automated payment plans, it’s easy to overlook the expenses that are whisked away from our bank account each month. While you may have initially investigated the best price for these essential bills, there’s a good chance that you may be able to find or negotiate a better rate down the track. A great example of this is insurance; your premiums may be sneaking up, so take a little time to check you’re getting the best offer, or switch! It’s worth the bit of effort.