How To Make Your Paycheck Go The Extra Mile
Updated: Mar 19, 2020
The following is an article “How To Make Your Paycheck Go The Extra Mile” by Marc Primo.
Do you often wonder where your paycheck has gone when you find yourself with little, or nothing at all, to show for it? While for most of us, a big chunk of our hard earned money goes to paying intangibles such as bills, there are ways to stretch your pay outs so that not all of it goes to living expenses and savings—giving you a little something to show for, be it new clothing or a nice meal out with your significant other.
Getting the most out of your paycheck
The following are practical tips to help you squeeze more out of your paycheck so that payday doesn’t necessarily equate to you being a slave to your monthly bills:
Know the difference between Needs and Wants — Although fairly straightforward in principle, this is something that is commonly overlooked or taken for granted. Meals, for instance, are a need, versus the newest pair of kicks you’ve been drooling over at the shop window. And if you enjoy cooking at home, or are entitled to free meals at the office, then why spend on dining out or delivery when you can save on needs such as sustenance? As for those shoes you’ve been wanting, unless you’re on your last pair that has irreparable holes on the sole, then it can wait for when you absolutely, without a doubt, count it as a ‘need’, not just a ‘want’.
Take advantage of office perks — Regardless of your position in the corporate hierarchy, every office worker enjoys a set of perks. These might range from use of dormitories at minimal cost or free meals for all employees, so using these regularly will save you a considerable amount of your earnings in the long run.
Cancel your gym membership — This might sound unspeakable to the health buffs out there, but health club memberships eat up a considerable amount of your paycheck. Not withstanding that this is a recurring monthly expense, evaluate how necessary this expense is. There are countless other ways to stay fit, free of charge. Take up running outdoors or check out the many fitness apps you can subscribe to for a fraction of your gym membership fee. All you might need to invest in are a couple of dumbbells and an exercise mat.
Customize your HMO — Some companies have a default healthcare plan that they assign to all employees, regardless of rank. Some of these features may not be applicable to you, yet you are being charged for it through salary deduction every pay day. Review the healthcare plan you are under and if possible, downgrade to one that suits your needs wherein your monthly contribution will become significantly lower.
Reimburse OB expenses — There are times that we find ourselves making out-of-pocket payments for unexpected official business expenses. It is easy to forget to get these reimbursed when we get back to the office, and before you know it, these small cash advances we make for the company add up when they can easily be reimbursed. In the interest of getting the most out of your paycheck, be diligent and always request your reimbursements as soon as possible.