How can I make my wages go further?
When you are on a set wage, you might want your money to stretch that bit more. This can help you to make it to your next paycheck with less stress, and even allow you to afford more. However, to be able to make a finite amount of money go further, you may need to reconsider your current means of using that money. In doing so, there are ways that you can increase the amount, as well as to make some better choices in the future.
Firstly, you might want to consider the ways you can make your money grow. Saving some of your wages each month can be a good idea, to allow you to reach certain goals or simply make sure there is some free cash available. Yet, if you invest in stocks and shares using an ISA, you could benefit from a certain percentage of interest accrued each month or year, depending on the provider you use. Unlike traditional investing, the use of an ISA means there is little risk attached, however the returns may be smaller. This will also allow you to save over a longer period of time, allowing your deposits to continue growing. While this may not be entirely helpful in the immediate future, it could be incredibly beneficial in the years to come.
For the time being, you may want to look at your overall expenses, and how these align with your total household income. Learning how to create a budget can be a good way of allowing you to see what the total income is each month, and how each purchase or payment affects this amount. You may find, within this, that there are a number of unnecessary purchases being made, or even that you could pay less elsewhere. From this budget, you may want to allow yourself some minor luxury spends, such as a coffee once a week as opposed to daily, as this could make it easier to stick to.
Another way you may be able to make your wages go further, and potentially help to combat the rising cost of living, can be to switch the brands you use when shopping. More often than not, it can be more expensive to buy name branded items, whether that be drinks, food, and even clothing, than it is to buy own brand items. It may take some time to find own brand items that still have the taste or design that you love, however it can be possible. These little savings here and there can go quite a long way.
Some people can find it difficult to live within their means, especially if they are easily swayed by the temptations seen in store windows. However, doing so could help you to struggle less, meaning you may not need to rely on credit cards or loans, slowly amassing potentially problematic debt, to help you reach your next payday.