When you have a tight budget, it can be tough to figure out how to stretch your paycheck as far as possible. This is the first step towards creating a new savings plan that will allow you to build up an emergency fund and pay for necessities over time.
The “get paid every 2 weeks calculator” is a tool that allows users to figure out how much they should be getting paid each week, in order to make their paycheck last two weeks.
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Want to stretch your salary further? You’re not the only one who feels this way. According to MarketWatch, at least half of American families live paycheck to paycheck, which means they can’t afford any unexpected or emergency bills and may not be able to stretch their income until the next one.
It’s a terrifying situation to be in, as I’ve experienced firsthand. When bills, loan payments, and other expenditures start piling up, payday may seem like such a relief.
Plus, whether your kids need new shoes, you notice something on sale that you’ve been admiring for a long, or you run out of groceries early and need to purchase more food for your home, there always seems to be something extra that comes up.
Your money account is practically depleted before you realize it, and you’re stuck on the struggle bus for a few days, waiting for your next paycheck.
Here’s how it works…
I used to be one of those individuals who said, “I have to wait until Friday to be paid.” My salary was in charge of my life, dictating if, when, and how I could do just about everything. It often restricted my options and prospects.
Many individuals want to stretch their salary farther but are hesitant to discuss their objectives and the barriers that stand in their way, leading them to make poor choices such as using credit cards to supplement costs or taking out a payday loan.
Related: Avoid These Common Credit Card Errors
This is why I chose to publish this essay so you may understand the ideas that helped me quit relying on my salary for survival. Take these actions whether you’re paid bi-weekly, monthly, or twice a month to make your paycheck last as long as it should.
Reduce the amount of money withheld from your paycheck
Request that your employer take less from your paycheck so that you get more of your earnings on payday to make your cheque last two weeks. This will almost certainly result in a bigger tax bill for you, but if you often get a refund, it may balance out and you won’t have anything to worry about.
If you’re having a hard time stretching your income and making ends meet, having additional money now might help you out. You may also take advantage of any applicable tax advantages and credits to make items less costly around tax time.
Your best option is to speak with a tax specialist and see whether requesting your company to withhold less is a good idea. After all, you want to do what is best for you right now and in the future.
Rethink Your Spending Plan
If you have a budget, you must decide if it is based on current requirements or current income. Both elements should be considered in the best case scenario. If your income isn’t sufficient to cover your requirements and costs, you’ll need to make some changes.
Your budget should always be set up such that your spending do not exceed your revenue. If you do it the other way around, you’ll end up with a monthly deficit and have to borrow money to get by.
It may be awkward to ask friends and relatives for money, and it may have a negative impact on your relationship with them. Due to the high interest rates, taking out a payday loan to help you get by might be incredibly pricey. Payday loans often carry interest rates of 400 percent, which is absurd. At that rate, you’ll spend so much money repaying the debt that you won’t be able to justify the amount you borrowed.
Try going through your budget line by line to see if there are any costs that may be reduced or eliminated. Rework the numbers so you’re on track to spend less each month than you earn.
Budgeting isn’t the most fun thing to do, but it’s vital and very beneficial if you’re trying to get your finances in order. A budget is just a spending plan that you may build up in whatever way you choose. Just be sure you can meet all of your necessities before focusing on your desires.
The Ultimate Guide to Budgeting is a good place to start.
How to Persuade Your Partner to Participate in Budgeting
Adopt a Frugal Way of Life
One of the finest things I did to better my money, pay off debt, and break the paycheck to paycheck cycle was to embrace frugality.
In only one year, my husband and I were able to pay off $14,354.81 in debt.
Contrary to common assumption, frugality does not imply living on a shoestring budget and seldom spending money. It’s about being resourceful and making the most of what you have, as well as defining your beliefs and spending in a manner that reflects them.
I can practice frugal living and spend guiltlessly on what’s essential to me while not spending much on items that don’t bring value to my life since I know what my values are.
Personally, I like saving money and finding bargains, but not at the risk of mine or my family’s health or safety. When it comes to frugality, you must define a boundary that is comfortable for you, however when it comes to being cheap, you just strive to avoid spending money at all costs.
For example, as a thrifty person, I will purchase old furniture, but I will not buy a used mattress because of hygienic concerns. I also don’t mind spending extra money on high-quality things that will last longer in the long run.
Because my kid grows so quickly, I prefer to purchase used clothing and clearance items for him, but I may get him a nice pair of brand new shoes at the start of the school year because they will be more sturdy and last longer. Frugality allows you to save money and live on less while yet being able to spend money on the things that matter to you.
If you want your income to last two weeks, I recommend trying to live a thrifty lifestyle. Start making more meals at home instead of eating out for convenience (for great meal prep ideas, check out $5 Meal Plans and My FreezEasy!) can make your own coffee at home to avoid paying for expensive Starbucks beverages
Use all of the tools available to you to find free and reasonable methods to occupy yourself, and avoid squandering your hard-earned money on splurges that don’t actually correspond with your beliefs or ultimate aim.
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Spending Too Much of Your Paycheck
From time to time, we all indulge in a little extravagance. Splurges are enjoyable and even essential. There’s nothing wrong with it as long as it doesn’t go out of hand.
When I was living paycheck to paycheck, one of my worst behaviors was becoming too enthusiastic when I was paid and felt compelled to spend money very immediately.
I’d go to the shop and treat myself to a new dress or a delicious lunch at one of my favorite places. I would say yes to each chance that came my way, and before I knew it, my paycheck was almost depleted and my bank account was dangerously low.
Living that way put me in a state of fear and tension every two weeks because I knew I wouldn’t be able to make ends meet. This is why it’s critical to embrace frugality and clarify your principles; otherwise, you’ll find yourself spending all the time and afterwards regretting your choices.
Use the 48-hour rule if you have trouble falling for the newest craze and making impulsive purchases based simply on emotion. Try waiting 48 hours and sleeping on your choice if you’re at a shop and see something you like and are tempted to purchase.
After that period of time has passed, you may discover that you didn’t really want or need that thing and that you can live without it.
If going out on the town every weekend is one of your habits, check if you can reduce it to every other weekend and have friends around instead. Also, Groupon may help you save money on activities and events that you would otherwise spend money on.
Check out the Digit app to help you cut down on indulging and stay on track with your objectives. This robo-financial assistant software employs a sophisticated algorithm that tracks your individual spending patterns and can aid you in reining in your impulse purchases. Here’s a look at what the app is all about.
Maintain a Daily Budget
Consider switching to a daily budget after you’ve gotten your budget under control to help you remain on target and prevent overpaying. It’s easy to make a daily budget. All you have to do now is divide your spending budget into 30-31 portions.
Subtract your usual living expenditures, such as rent, utility bills, insurance premiums, debt payments, food, and so on, from your budget, and use the remainder as your spending allowance.
Assume you have $400 left over each month. This equates to $13.33 a day that you can spend to stretch your income. To raise your daily budget, you may even go a few days without spending any money at all.
Let’s assume you have two days a week when you don’t spend any money. They might occur on hectic work days when you don’t have much time to spend money in the first place. Your daily budget would rise to $18.18 as a result.
Check your bank account on a frequent basis to keep track of your transactions and revise your budget. That way, you’ll have greater control over your spending and won’t be startled or freaked out if your money run out.
When You’re Living Paycheck to Paycheck, Here’s How to Save Money
Do you want to learn how to make a budget that you’ll enjoy?
It’s easy to become tired of living paycheck to paycheck. I recall reaching a point when I was fed up with the loop and determined to build a different world for myself. I produced the Budget Beyond Your Paycheck Bundle to assist you in making the transition to living on your own terms. You’ll get a terrific collection of worksheets that will walk you through the steps I took to get the same outcomes. Get your bundle here and start reclaiming control of your salary right now!
Request a Pay Increase
Now that I’ve covered a few strategies for keeping your spending under control and adopting frugality, it’s time to tackle the elephant in the room: making more money.
Remember that if your wage isn’t enabling you to live comfortably, you can always strive to boost your income, and one of the simplest methods to do so is to request a raise.
One of the greatest times to ask for a salary raise is during your yearly performance review, but if it’s been a while since you’ve had one, you may do so at any time.
Make sure to look into the compensation ranges for your job and gather any paperwork that may help you justify a raise. If you’ve been doing well at work, don’t be hesitant to ask for a raise.
The worst that may happen is that someone says no, yet data suggests that those who ask for increases are more likely to obtain them. You might be losing out on hundreds of thousands of dollars over the course of your career if you don’t ask.
Getting a raise in wages might help you stretch your money farther than before.
Start a Side Business
Getting a side business is another option to supplement your income. Side hustling is all the rage right now, but if you’re strapped for cash, I’d suggest giving it a go. Side hustling may help you achieve your financial objectives faster and retain more money in your pocket overall.
You may work part-time on the side or select a flexible side hustle that enables you to work from home or on your own schedule whenever it is suitable for you.
If you need to fix your problems with a low income soon and are unable to obtain a raise, I strongly advise you to start a side hustle.
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Obtain a Debt Refinance
Finally, be aware that excessive debt payments may prohibit you from making it two weeks between paychecks. Your minimum monthly payments may be significant if you have a large auto loan or several education loans.
If your interest rate is also high, you might consider refinancing your loan. Refinancing enables you to take out a new loan with a different lender, but it may also save you money by lowering your interest rate and/or monthly payment. Check out LendEdu if you’re thinking about refinancing your student debts.
When it comes to refinancing student loans, LendEDU is one of my favorite free sites since it allows you to compare multiple offers for a cheaper interest rate without having to run your credit. If your student loans are costing you thousands of dollars each year in interest, you may save thousands by refinancing with LendEdu’s aid.
Putting It All Together
Living paycheck to paycheck and not being able to stretch your money till the next payment does not have to be a long-term issue. With these advice and tactics, you may improve your financial situation and perhaps boost your income.
The goal is to always have more money coming in than money going out, as well as the ability to regulate your spending habits.
Have you ever struggled to stretch your salary over two weeks? If you’re having trouble getting by till your next paycheck, feel free to print out my free Mindful Budgeting worksheet, ask me any questions in the comments below, or contact me personally.
Favorite Web Sites
ThredUp – The greatest online consignment store for finding inexpensive women’s and children’s clothing and accessories.
LendEdu is a free online marketplace for refinancing student loans. Compare student loan rates without jeopardizing your credit.
Survey Junkie – Make money online by completing surveys.
Opinion Outpost is another reputable survey firm that I recommend. My spouse utilizes this site to make additional money so we can go out to eat.
My favorite high-yield online savings account is CapitalOne 360. When you sign up for an account, you’ll get a $25 bonus.
Bestow — Get rapid, low-cost term insurance online without having to see a doctor or take a medical test.
Stop stressing about money and reclaim control of your life.
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- Templates for 2 Monthly Bill Calendars
- 1 Checklist to “Begin Paying Off Your Debt”
- 1 Checklist for ‘Drastically Cutting Your Expenses’
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The “is $1,500 every two weeks good” is a question that has been asked by many people. The answer to the question is yes, but it depends on how much you spend in a given month.
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Frequently Asked Questions
How can I save my 2 week check?
A: As we all know, the check is 2 weeks long and it pro-ratas out to a fortnight. So in order to save that much time into your account, you would need to complete around 60 days worth of work in your account.
How can I make my wages last the month?
A: The best way to make your wages last the month is to take a part-time job alongside your full-time one. If you have kids, it may also be helpful for them to get a summer or after school job.
How can I save money if I get paid biweekly?
A: There are two ways to save money with this monthly income. One is by not spending as much as you normally do, and the second one is by increasing your income so that it equals your expenses each month.
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