We’ve all been there: payday is still two weeks away and your bank account is already empty. You then have to live off of your savings — but if this keeps happening, you won’t have anything left.

The stress of being broke has a negative impact on your health, mentally and physically. That’s why it’s important to know how to manage your money and make sure your well-being is not compromised.

However, you don’t need to fret! Making your money go further is easier than you think. Let’s check out these tips for surviving until payday.

1. Calculate How Much Money You Have

To know how much you can spend each week or each month, first you need to know how much money you need to set aside for essentials like rent, bills, food, and gas. If possible, contribute some money into your savings account too. Add up everything on the list and subtract it from your wages.

The money that remains is your “fun fund”. Use this money for eating out, going to the movies, and shopping. Be sure to properly calculate your fun money so it lasts until your next payday.

2. Buy Only Necessary and Affordable Luxuries

Always try to save as much money as you can by cutting back on unnecessary luxuries. It can be hard to cut back on things you enjoy and that make you happy. However, this is important to do, especially when you are living paycheck to paycheck.

A few tips for making your money last longer? You could go out less and watch movies or shows on streaming services. Work out at home and cancel your gym membership. Do home treatments instead of visiting your favorite spa.

3. Look for Cheaper Alternatives

If you find that your skincare or grocery budget doesn’t line up with your income, look for affordable alternatives. Sure, these changes won’t be easy but they’re worth trying rather than going into debt and further harming your financial situation.

You can do the same when traveling by finding the cheapest fare or hotels. Or, challenge yourself to not spend any money for a whole week aside from essentials like food and bills.

4. Don’t Fall into Payday and Short Term Loans

Remember this advice and take it seriously: short-term and payday loans are never a good idea. They’re traps because their high fees and short terms don’t allow most borrowers to repay on time. Then you have to take out new loans to cover for the previous ones.

It’s normal to feel tempted by these quick fixes, especially when you’ve really run out of money. But borrowing from a loan provider will only put you in more debt and a vicious cycle that can affect your health and well-being. As hard as it may be, selling your possessions and assets is a better route to take.

5. Pack Your Own Lunches

Spending $10 or more each day on lunch will really add up. Instead of going out for lunch, pack your own from home. To save time, you can cook bulk meals and freeze them.

6. Stick to Cash

The temptation to use credit cards is always there. However, cash is the way to go when you need to save money. Withdraw only the money you need after determining your budget. 

Then, carry enough cash with you when going shopping or for other activities. It’ll help you avoid impulse purchases that are beyond your budget. Leave the credit cards at home and only use them for emergencies.

7. Find a Part-Time Job or a New One That Pays Better Job

When you have just a small amount of disposable cash left after the necessary bills are paid but you want to be able to spend more, there’s only one solution. You need to increase your income.

It may sound frustrating to hear us say “get a higher paying job,” but you should always keep an eye out for better pay. Browse job listings on Dynamite Jobs or Remote OK for online jobs that allow you to work from anywhere and earn a solid salary. Another option is to look for part-time work.

Conclusion

Almost everyone goes through financial struggles at some point in their lives — you’re not alone. It can be excruciating waiting for your next paycheck, but stay focused on what you can control. Take the necessary steps to get back on your feet or even improve your financial situation.