How can I make my money last until the end of the month?

You can turn around your finances with a decent plan and determination.

12:58 14 February 2014

Imagine reaching the end of the month and realizing that you have more money than you expected, instead of feeling the pinch of having less than you expected. Your entire outlook might seem a little brighter if that were the case. You can create that by possibly just making a few minor changes in your current budget, or in your financial habits. Here are a few tips to help get you on your way to a monthly surplus. 

 

• Categorise — first divide your spending into the necessary categories. You will want to include savings as a category, along with your regular expenses, and a small spending amount. Do not forget to include retirement savings and decide if you want your savings to be for emergencies, or if you want a separate account for emergency funds.

 

• Expenses — where possible try to reduce expenses by cutting back on services that you might not actually need, or opting for a less expensive version of those services. Doing comparisons is also a good way to make sure you are getting the best deals. If you can reduce insurance expenses, vehicle loan repayments or debt these are also great ways to free up some extra money.

 

• Income — if you have the ability to take a promotion at work, or move to a company that will pay you more money than you currently make with similar benefits you may want to take advantage of that. If you have skills or hobbies that allow you to offer lessons, classes, seminars, online help, or products you can earn additional income that way.

 

• Education — it may be time to consider some additional education or certifications that can perhaps earn you a pay rise,  better position, part-time work or maybe an entirely new career altogether. You can even teach what you learn to others.