4 Ways to Stretch Your Paycheck

untitledLet’s be realistic, at some point, we all struggle to make ends meet and as summer approaches, it’s easy to get sidetracked with our spending. Vacations, birthdays, weddings, or enjoying the summer sun on a patio at happy hour- things can add up quickly. A recent study conducted by the American Payroll Association Poll reveals that more than 70% of America’s workers are still living paycheck to paycheck.

In order to boost your income, here are four ways to stretch your paycheck that will last you all summer long and even leave you with some extra spending money for your next family vacation!

Establish Your Spending Objectives

To simply put it, you will not be able to cut back without knowing how much you’re bringing in and spending each month. You also need to be aware of what exactly you are spending your money on. For those latte lovers out there, we are talking to you. Maybe it’s time to steer clear of the Starbucks drive through on your morning commute. To put things into perspective, Business Insider reveals your daily Starbucks habit can cost you nearly $7,000 over a decade! In order to move forward, take a serious look at your bank records. Make note of your spending habits and then draft a list of items you plan to cut back on. Once you can create and manage a budget for yourself, you will end up saving more money in the long run. If you prefer to organize and monitor your finances online, consider using software management systems such as Mint or inDinero.

Take Advantage of Your Benefits Package

Many employers, such as TRC Staffing Services, Inc., offer great benefits packages that you definitely want to take advantage of. Carolyn Edwards, Employee Benefits & Services Manager at TRC Staffing Services, advises to “start planning for your future now by enrolling in your organizations’ 401(k) plan once you meet eligibility criteria. A 401(k) plan encourages those to save for future financial needs and is designed to give you a head start on developing financial security.” Contributing now- even if it’s only 1%. Small things can definitely add up. For more tips on how to get comfortable financially, be sure to read our most recent blog, “I am Graduating in May… Now What?”

Choose the Correct Method of Payment

When it comes to our spending habits, one of the things we are guilty of as consumers is using our credit card as the “go-to” option of payment. With that being said, think twice next time before charging miscellaneous items to your MasterCard. Paying with cash will provide you with a sense of control. The AARP indicates that paying with cash reduces total spending cost, while revealing approximately 60% of active credit card accounts are not paid off monthly.

Research Tuition Reimbursement

While this may not have an immediate or direct effect on your salary, saving for your education can help you in more ways than you might think. Many employers, such as TRC, offer options for tuition reimbursement to each of their employees. Contact your employer for further details regarding eligibility. This can be a valuable benefit for moving forward in your career and can be a deciding factor when advancing to higher paying positions.

By starting to implement our suggestions, you will start racking up savings in no time! What are some of the ways you stretch your paycheck?

About TRC Staffing Services, Inc.

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