Do you often find yourself out of money long before payday? Do you rely on payday loans to help keep you buy groceries or pay bills? If so, it may be time for a money makeover! Here are some tips on how to build up your bank account without getting a promotion.
Establish a budget
Make a list of all of your monthly income and expenses; ideally, your income should be higher than your expenses. If not, you’ll have to find ways to reduce your expenses. Perhaps you can scale down your cable or cell phone package; get rid of your phone line, or do your laundry on off-peak hours. There are dozens of ways to reduce your utility bills without sacrificing a lot of time or convenience. Take a good long look at your monthly expenses and ask yourself whether you really need them.
Get the money you’re owed
Has it been a few years since you’ve done your taxes? You could be missing out on money that’s owed to you by the government. Take the time to gather your paper clutter and organize your receipts and W2 forms so you can get the money you deserve. It may not sound very exciting, but it could very well fatten your bank account nicely.
Have you been injured due to someone else’s negligence? You may be entitled to financial compensation! If you think you may qualify and live on Long Island, for example, contact a personal injury lawyer in Garden City, or someone in your actual local area to discuss your case. Whether you’ve slipped on some steps, or been hurt in a car accident, a lawyer will apprise you of your rights and get you the compensation you deserve. This is especially important if you have outstanding medical bills, or ongoing care for your injuries.
Work from home
Does most of your income go towards day care? Maybe it’s time to start working from home. Many jobs nowadays have flex options that allow employees to work at home at least a couple of days a week. That means less money spent on gas, less time commuting, and less spent on daycare. And when you work from home, you won’t have the distractions you have at work, resulting in greater productivity. It’s a win-win for you and your employer. You may have to declutter an area of your home for a dedicated office, but it will be well worth the effort.
Have a yard sale
Do you have a collection of stuff just lying around? Sell it to someone who can use it! Either have a yard sale or post it online. Most sites are free to post and can give your wallet an extra boost. Remember the saying, ‘one man’s trash is another man’s treasure’.
Watch for sales at your local grocery store and clip coupons when you can. Stock up on deals to save even more money, and buy in bulk when possible. Establish a weekly budget for your groceries and stick to it! It’s no secret that the cost of food is on the rise, so get in the habit of checking your local flyers and online coupon sites for foods and grocery items that you regularly use.
Make it your goal to look for just one or two ways to increase your bank account. The key is to not to spend the ‘extra’ money you find, but to invest it so you won’t have to live paycheck to paycheck for the rest of your working years. Instill some discipline in your spending habits and make sure you receive money that you are owed, regardless of the source (government, friends, etc.). Your life will be much easier and less stressful when you don’t have to worry about where your next meal is coming from, or how you’re going to deal with emergency situations.