Surviving Until Your First Pay Day: How Do You Do It?

There’s nothing worse than getting a job in order to earn money, only to find out that you’ve started right after everyone else in the office had been paid. This situation could leave you out of pocket for up to a month in some cases and with travel expenses coming out of our potentially empty bank accounts on top of usual expenses, surviving until your very first payday could seem pretty much impossible. While payday loans online could be available in a financial emergency, knowing how to save and survive until payday is a skill you could benefit from in the future too. With that in mind, here is our guide to surviving until that very first paycheck is placed in your hand.

Work Out What You Do Have

First things first, you need to work out what money you do have, whether that’s the funds in your bank account or the cash down the back of the sofa. Having a better idea of what you have available to spend can help you build a better budget for the month or work out what you still need to pull together to be able to survive.

Try And Use Cash Rather Than Card

Once you’ve worked out what you have, draw out what you need for the month and use cash only where possible. This will not only help you keep better track of what you’re spending and where it’s going, but it can also make it easier to budget effectively. You could opt for the age-old ‘envelope’ budgeting method, in which you put cash into different envelopes for different outgoing costs. This way, you can’t take money from the ‘rent’ fund, for example, to use on entertainment etc.

Restrict Luxury Spending

We all need entertainment in our lives, but restricting how much of our money goes onto this is the best way to save a bit of money when times are tough. Instead of going to the movies, why not opt for a night at home in your pyjamas with your favourite DVD instead? You can pick up snacks for under half the cost of a movie ticket, or even make some of your own with what’s in your cupboards without having to spend a penny. Alternatively, why not head out for a picnic in the park with kids or your partner for an hour or two out of the house without spending any more than you would’ve on lunch anyway?

Ask For Help

If you’re really struggling for money before payday, you could ask your friends or family for help? While this method isn’t always possible for everyone, taking a ‘loan’ from your parents, for example, is probably going to come as ‘zero interest’ which will be much better for your bank account come payday. Asking for help from those closest to us is often the hardest method of getting the money we need, simply because we don’t like asking but there really is no shame in asking for help when you need it.

Consider Selling

We all have something in our homes that we haven’t so much as looked at since it was bought and it’s these items that prove to be the best money makers. Just because you haven’t found a use for your clutter, doesn’t mean nobody else will! There’s a buyer out there for pretty much everything, especially if your clutter has a use so why not consider listing a few things on eBay? Besides, it’s not only a great way of making a bit of money, but it’ll also help you declutter your home ready for this new stage in your life!

The first month until your first paycheck can be tough financially, especially when you’re paying out for new expenses like work clothes and travel. Hopefully, our guide can help you get through the month and remember – it’ll be worth it when that pay slip is in your hands!

Paying Online: How Much Does it Cost You?

Taking your wallet out of your pocket and handing over the cash to the merchant is by far the cheapest way to pay today – and it has been ever since the invention of money. Today, we have many other – more convenient – forms of payment at hand that allows us to walk around with no cash at hand, pay for stuff over the internet or even order the next revolutionary thing from a TV shop. But all these cost us money – and, depending on the form of payment chosen, this cost can add up to a nice sum at the end of the year. Today, let us take a look at what payment solutions are the most common and how much they cost the payer – you.

E-Wallet services

E-Wallets have seen a rise in the last decade, becoming a widespread payment method online. No wonder – they are an instant and quite convenient way to send and receive money to and from people all over the world. One of the many reasons for their spread was the emergence of online casinos, services that were made possible by the introduction of secure online payment services.

Depending on the service you use, there might be no charge for you sending money to someone else (or a business) or there might be a small fee deducted on your side. Besides, there may be currency exchange fees applied to your payment, too. Make sure to check them before committing to one or another. Yet there is no maintenance fee applied to your account ever, which makes this method perhaps the cheapest way to pay online.

Credit / debit card payments online

Another method that won’t cost you a thing – in short term. By using any payment gateway online, you will be able to pay for the products and services you order online with no further costs to you. The costs of handling such payments fall on the payee, the merchant or service provider accepting your payment. Well, most of the times.

When using a debit card, which only allows you to pay as much money you have in your account, this is where it all stops – aside from the monthly fee you pay for the card and the bank account it is attached to (usually not a very large amount). When it comes to credit cards, though, going into credit can be pretty costly – that if you don’t top up your card quickly. In that case, you may have to take out quick loans to get you through. Usually, you have a varied amount of time at hand – anywhere from two weeks to two months – to return the cash you borrowed without paying any fees. But after that, you’ll likely have to pay interest and various other fees on the amount, which makes this method a relatively expensive way to pay online.

Fast money transfer methods

Western Union, Moneygram, and their likes – these money transfer services have the massive advantage of being fast, but at a cost. They do provide a service that allows you to put cash into the funnel on one side of the world and have it end up in the hands of another person half a world away, but they do have fees that can be prohibitive in some cases.

These services represent the fastest way to get money from your hand to another – literally. But with great speed come great costs, too, so only use such a method to pay for your internet purchases if you have no other option.

Today’s Top Personal Finance Apps: Manage Your Money No Matter Where You Go

Keeping track of your money can be a difficult proposition for people who either don’t take the time to make a budget, or just don’t understand how to create an effective one. This can create financial problems that you may not be able to solve simply.

Fortunately, in today’s ever-connected world, help is just a mobile device away. Application developers have created hundreds of different apps that can help you set a budget, track your investments and give you a general overall sense of your financial situation. Some of the apps are even free, so you don’t have to spend anything to get on the right financial track. Here are some of the better financial apps that are available on Android and iOS that can help you keep an eye on your money from anywhere.

Mint

The Mint Budgeting App is a great, all-in-one tool that can help anyone set a realistic, sound budget and stick to it month in and month out. It’s also a free app for all mobile devices, so there’s really no downside to giving it a try.

If you do try it, you won’t be disappointed. Mint is a very easy, hassle-free way to follow all of your saving and spending. The app syncs directly to your bank account, so many times you don’t even need to input any information yourself. The app will know when you make withdrawals or deposits and when you use your debit card for groceries, gas or other monthly expenses.

The app is very secure and will give you alerts when you approach your monthly spending limit or when there are unusual charges to your account. It can even give you your credit score, so you know where your overall financial health stands.

All of these features will help you save more and spend less, strengthening your financial position.

PocketGuard

PocketGuard is another budgeting app that tracks your financial situation from anywhere. It doesn’t have all of the bells and whistles that Mint does, but it is free as well and boasts a simplified outlook to your finances.

PocketGuard connects directly to your bank account and, once you input some information like your take-home pay, will keep honest track of your money. From the home screen, you can see your overall financial situation, from the total amount in your account to deposits and withdrawals. The app will also analyze your spending and recognize recurring payments, such as utilities and credit card bills, so it can give you alerts a few days before those payments are due. This will help keep you ahead of your debts and on track to saving money.

Wallaby

Wallaby is a financial tracking app that works a little differently than the previous two. Rather than just linking your bank account, Wallaby links to all of your credit cards as well, making even more financial information available to you in one place.

By linking to your cards, the app keeps track of all of your credit spending and can notify you when you are spending too much. It also analyzes your credit cards and gives suggestions as to which card to use in which store, maximizing points and rewards that each card offers and taking each card’s interest rate into account.

While the app uses top-notch security, linking your cards to the app may concern you, but you don’t have to worry. Wallaby allows you to just tell it what type of card you use and the app can still analyze the cards for the best opportunities to use them.

Digit

This app is for people who have trouble saving money. Like the other apps, you link your bank account to Digit so it can analyze your saving and spending habits.

Unlike the other apps though, Digit will use that analysis and take a small amount of money based on your overall account balance and deposit it into a personalized savings account.  This makes saving money an automated procedure that you never have to think about. Of course, you can block the app from moving money and you can withdraw from the Digit savings account at anytime, so your money is never tied up and unavailable. If you use this app for several months, you will see savings results that may surprise you.

Joseph Birch could probably tell you to the dollar how much he has in his bank account. He’s a frugal guy helping people online to manage their finances better to become happier through his articles.

“Finances are so complicated”

How many people have you heard excuse their lackluster personal finances because managing their cash flow seems like too much work. I’m afraid I know a handful of people that are so intimidated by their finances, they choose to ignore them completely. Guess what?! Managing your money is really, really, really simple. Even more simple than this maze…

There are really only three things that can be done with money.

1) Spend it

2) Save/Invest it

4) Steal it

4) Give it

For the love of all that is holy, don’t try and make personal finance more complicated than it should be. Your goal should be to have less than 100% of your money in the “spend” category. Ya got issues if you are spending 103% of your income every month, sadly this is more common than we all realize.

To keep this post short I’m gonna post up the percentage of my income that gets allocatted to each category every month….

Spending: 60%

Save/Invest: 30%

Donate: 10%

So that is the breakdown of my numbers. Keep in mind it is an average, some months my spending was 35% of my monthly income, and other times it was 140%, so it’s important to try to think over the course of a year or so.

Now it’s your turn sucka, why don’t you post up a quick snapshot of your “Spend, Save, Give” percentages. Try to be honest and accurate. There really is no “perfect” breakdown as each of us is unique and has our own perceptions of what is important to us.

p.s. don’t do drugs (yeah, I know that has nothing to do with finances, but I just thought you mind need a friendly reminder :))