Breaking the Pay Cheque Cycle | Bridging the pay cheque gap
Flexible personal loans bridging the pay cheque gap…
Do you sometimes toss and turn at night feverishly awaiting your next paycheque? Then, once your wages hit the bank, does it suddenly disappear in what seems like a flash? If so, you may need to retake control of your financial life. Here are some pointers to help you along on the journey back to comfortable living:
Time is Money
You may work hard and deserve some time off, but what are you doing with your time off? Did you know that the average Briton spends a decade of their adult life watching TV? You could complete three university degrees in that time, and have some recreational time left over!
Reconsider your daily habits and aim to cut back on the amount of time you spend in front of the TV. It can be a nice relaxing antidote to the stress of worrying about money. But when you need to take control of your finances, limit the time you spend on the couch. Suddenly you will find yourself with lots of free time in which you can a host of other things to improve your monetary situation. For example, you could take an online course to upskill yourself, and this might lead to a promotion at work, and a pay-rise along with it.
Limit social media usage and unfollow certain vendors:
This may seem like a strange one, but think about the last time you saw an Instagram or Facebook post displaying a product that you think you need to own. Our modern world is saturated with consumerism and materialism. But ask yourself, do you really need the most recent smartphone, or will a second hand one suffice for now?
A simple solution is to unfollow profiles of businesses and companies which constantly seek to sell you their latest products through social media. Take heed of the adage that ‘ignorance is bliss.’ If you don’t know a product has even been released, you won’t feel the burning need to purchase it.
…But do invest in useful products:
Is this not contradictory advice, you may say, given the previous piece of advice to stop buying products? However, investing in a product is a lot different from running to the shop and buying on impulse.
Take, for instance, coffee. The Telegraph published research at the end of last year which displayed the staggering statistic that us Britons pay almost twice as much on specialist coffees from the high street chains (£608.84) each year than we do on food and drink when we’re on holiday (£359.45)!
As an alternative, invest in a good quality thermos and brew coffee in the morning to take with you. This assures you will not run into the nearest café before work to buy a specialist cappuccino.
Furthermore, why not invest in a slow cooker to cook casseroles and stews? You can make healthy and hearty meals relatively cheaply. These are also cheaper and will go a lot further than the local Chinese takeaway’s set meal for 2.
Get your priorities right:
No one likes living too frugally, and what is the point of earning money if you can’t enjoy yourself, right? All of the above advice is not meant to scare you into saving like a miser and not experiencing the good things in life.
It is simply asking you to consider your priorities. First of all you need to take a step back and look at your income and expenditure. If you are spending more than you earn or you are just about breaking even, then you need to do something about this. Next, take a look solely at your expenditure and prioritise: What is necessary? What is a luxury? Think about your long term financial goals. If you are simply living paycheque to paycheque you will get caught in a rut. To escape this can take some self-reflection and hard work, but it will pay off in the end.
Get a flexible personal loan
Have you considered getting a loan to ease your financial troubles? If you secure a flexible personal loan you might be able to improve your short term finances and then start planning for your long term budgetary goals. At Simple Fast Loans we offer competitive loan rates and can offer emergency cash on the same day.