Making Your Pay Stretch Until Payday

Let’s face it; we’re all feeling the pinch at the moment. It feels as though our money never quite stretches as far as it used to and, as a result, the last few weeks before the end of the month can feel like a real slog to the finishing line. As prices continue to outstrip wages in most areas, most of us continue to struggle to make our way through life.

However, having said this, there is no reason why this has to be the case, and there are ways to make sure that your income lasts. Here are just three:

1) Make Your Money Work For You, Not The Other Way Around

Yes, of course it is always true that you’ll have to work to earn money, but you should focus on making your money work for you once you own it. Just leaving your money stagnating in a bank account will mean that there’s little you can do but spend it, but there are other options. If you consider yourself to be a bit of a risk taker, then you should seriously consider investing your money.

If you invest it wisely then you can expect huge rewards but, on the flipside, if you’re lacking the knowledge, or your trade is incorrect, then you might also lose money. It’s a high risk-high reward strategy, and it certainly isn’t for the faint hearted.

Trading is popular because you need very little to get started. All you’ll need is an online trading account and a few hundred dollars. Just be aware of the risks before you start. Things may not always go your way.

2) Condense and Control: Know Where Your Money Is

If your money is in the wrong type of bank account then it will just sit and stagnate. If you organise your accounts well, however, you can restructure your earnings, meaning that they’re gaining the maximum possible rate of interest. Most people do not do this because they feel as though the change won’t make a big difference, but the reverse is true and swapping your savings around can earn you hundreds of pounds extra per year. Maybe now is the perfect time to meet with an advisor to discuss your options?

3) Run a Home Business on the Side

If you’re still struggling with your income, then it may be time to take on some additional work. Now, running a business from home is commonplace, and there’s no reason why it should have to dominate your life. You don’t have to be the next Donald Trump-style entrepreneur to succeed either, and there’s no set skill required. Start by selling all of your old, unwanted items on eBay to earn a few hundred dollars. By doing this, you’ll learn about having an online business and you can think about specialising in something you want to do. This could be anything from a document proofing business to somewhere that sells ladies scarves. The world is your oyster.

So, there we have it, three ways you can make your money stretch until payday. Consider restructuring your bank accounts, starting a home business and trading.

Graphic courtesy of nikcname