April 3, 2020
Five Ways to Stretch Your Paycheck
During uncertain economic times, follow these tips to make the most of your income.
Your job may or may not be affected by coronavirus-related closures, but according to the American Payroll Association, more than 74 percent of American workers will experience financial difficulty if their paychecks are delayed by a week. For many, now more than ever, it is important to make the most of your paycheck.
Budget.
While not a quick fix, carefully prioritizing and planning your spending is an important step in managing your finances. Planning ahead and keeping track of your dollars allows you to prioritize what’s important and spend money on the items you want most.
Avoid debt.
Keep more of your money for yourself by eliminating debt and reducing monthly interest payments. Paying with cash allows you to manage your spending and increases your purchase power by saving you from paying interest. If you’re experiencing financial hardship due to the coronavirus, reach out to your student loan, credit card, mortgage, or auto loan provider to see if there are ways they can help.
Shop around.
When reviewing your budget, look at your recurring expenses. Prioritize what’s most important to you. Research and shop around to find better rates for cell phone, cable, car insurance, renters insurance, etc. Many times, new customers are offered better deals than existing customers. Shopping around can lower your monthly bills without much work and make your money go farther.
Find free activities.
While social distancing at home, minimize your monthly expenses, like gym memberships, eating out, and entertainment, and look for free versions online. Take advantage of free activities and services.
Throughout the coronavirus crisis and beyond, there are ways you can stretch your money to cover more of your living expenses and increase your ability to save and invest. Contact your local branch to speak with a Personal Banker and discuss ways to cut expenses and increase your savings.
