"At the beginning of adulthood, we’re constantly told that the best “money hacks” are building up savings, contributing to a retirement portfolio, and saving for a rainy day. While there’s nothing wrong with this advice, it’s the kind of sentiment that goes in one ear and out the other these days. Times are tough, and everything is astronomically expensive. And for the one in three Americans who are living paycheck to paycheck, having enough money to make it to payday is really all that matters.
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How can you stretch your money to make it last until your next direct deposit hits? Is there a way to do this without sacrificing all of life’s pleasures completely? Is it even possible in this economy? Turns out, there are a few money hacks that really do make a difference when it comes to scrimping. Keep on reading to learn the eight hacks that will help you make it to payday.
1. Buy more frozen and canned foods and buy in bulk
Fresh ingredients are expensive, and spending your hard-earned money on them isn’t the most optimal way to stretch your paycheck. Buying more frozen and canned foods during your grocery hauls can help you cut down on costs. Canned and frozen foods are actually harvested at peak ripeness: They’re not lacking in nutrients or flavor. They also have a longer shelf life than fresh food, so you won’t have to buy groceries as often or throw out spoiled, uneaten ones. Plus, with so many options available—from frozen fish and veggies to black beans, corn, and more—you’ll still be able to make five-star quality meals without the hefty price tag.
Another great money hack is to start buying your groceries in bulk. Frequent trips to the market add up fast, so while this might increase the cost of your single grocery run, it’ll save you money long-term. Also, consider buying store-brand versions of items when available: These are typically cheaper than their name-brand counterparts and will ultimately be kinder to your wallet.
2. Switch to a high-yield savings account
Setting aside a large amount of your paycheck for savings isn’t feasible when money’s tight. This is where the brilliance of a high-yield savings account comes in as one of the best money hacks out there. Unlike a traditional savings account, these accounts have higher annual percentage yields that earn more in interest. In essence, they do the work for you by maximizing your contributions.
Depositing just $25 each month into a high-yield savings account will make a world of difference—you’ll earn more interest and grow your money faster. Of course, each high-yield savings account has its own perks, fees, rates, and requirements, so it’s important to do your research before opening one.
Depositing just $25 each month into a high-yield savings account will make a world of difference—you’ll earn more interest and grow your money faster.
3. Register for rewards programs
Using rewards programs is another great way to make your money last. Not only do they give you access to exclusive discounts that can help you save more, but they essentially reward you for shopping with them. For example, my Stop & Shop rewards card helps me save more on select items and also gives me points for every purchase; these points can then be redeemed at a Shell or Stop & Shop gas station to reduce the cost of gas per gallon. Since I live in an area that requires using a car to get around, this money hack has helped offset the cost of ever-rising gas prices.
If stores you shop at frequently for essential purchases offer free rewards programs for customers, be sure to sign up right away. You’ll essentially get rewarded for shopping there. You might earn cash back that can be used in-store, gas points to reduce the cost per gallon, or earn money off once you reach a certain number of points. Whatever it is, utilizing a rewards program will help maximize your shopping productivity and efficiency.
4. Rotate streaming services monthly, and don’t go ad-free
The cost of streaming services gets problematic when they’re all piling on top of each other. One of our favorite money hacks is rotating and paying for just one or two each month to counter this. You might decide to pay for Hulu while a certain show is airing before switching back to Netflix once it’s done. Or, you might take advantage of your Prime subscription and only use Prime Video during a month you’re watching less TV. On top of saving more, rotating streaming services will also keep your watchlist fun and fresh.
Instead of going ad-free with your subscriptions, opt to pay for the version with ads. While an extra $5 or $6 each month might not sound like a lot, it adds up quickly. Plus, the ads usually run for two minutes or less, so they’re not the end of the world. Just pretend you’re watching live TV and can’t fast-forward through the commercials!
5. Leverage your credit card rewards for non-essential purchases
Instead of dipping into your bank account for non-essential purchases, look at different ways you can leverage your credit card rewards. This might mean using points, miles, or cash back to make a gift card purchase, which can then be used toward things like home repairs, birthday gifts, and clothing. One of our favorite money hacks is to check the rewards section of your credit card app to find out what promotions they’re currently running. You might be able to get a free Lyft credit that can be used on your next girls’ night out or points for purchases already made, like 15 percent cash back for Kindle purchases.
Learning how to look at and leverage your credit card rewards differently will not only help you feel better but also allow you to still enjoy yourself. After all, you work hard for your money, and you deserve to treat yourself from time to time. Taking advantage of the perks your credit card offers will allow you to spend without guilt. Since credit card deals can change monthly, be sure to stay in the know by subscribing to a newsletter or emails from your company and regularly checking sites like WalletHub for deals and offers.
Learning how to look at and leverage your credit card rewards differently will not only help you feel better but also allow you to still enjoy yourself. After all, you work hard for your money, and you deserve to treat yourself from time to time.
6. Shop with coupons
If you’re living paycheck to paycheck, it’s time to get acquainted with couponing. The truth is, there are so many deals available for consumers to take advantage of—you just have to know where to look. If you’re an online shopper, try installing a coupon extension like Honey into your browser. These coupon extensions do the work for you and show you what coupons and deals are available on certain purchases. Likewise, searching for coupon codes on Google, TikTok, and Reddit can also be beneficial.
Be sure to download apps that are available for stores you shop at frequently for instant access to the best deals. And, of course, you can always take the old-school route and check out your local paper for coupons and offerings that can be used for in-store purchases.
7. Challenge yourself to “no spend weeks”
It’s easy to spend money without realizing it. Maybe you agree to grab coffee with a coworker to beat that mid-afternoon slump or grab a lunch out when you’re starving. While these transactions aren’t expensive in and of themselves, they add up quickly. This is where challenging yourself to a “no spend week” comes in handy. This is a week when you refrain from buying anything except essentials.
The whole goal of a no-spend week is to help you stop spending unnecessarily and save more in a shorter period. Plus, a week isn’t that long in the grand scheme of things. Once those seven days are up, you can reward yourself with a small treat as a reward for your hard work. And if you want to up the ante, do a no-spend week buddy challenge with someone else—you’ll motivate and hold each other accountable for your actions.
8. Negotiate better deals on utilities and insurance
Contrary to popular belief, utility and insurance prices are not immutable. With a little bit of due diligence, charisma, and finesse, you can get better rates on things like your internet, electric, and gas bills. Conducting thorough research on average market prices and scoping out the competition beforehand is key to mastering a negotiation. This will demonstrate your knowledge during the negotiation and give whoever you’re bargaining with the incentive to match or lower your price. Chances are, they won’t want to lose your business to a competitor.
For example, if you need an oil refill, find out how much your usual supplier is charging per gallon, then call up other places to find out what their rates are. If they’re lower, you can go back to your original supplier and see if they’ll price match. This also goes for things like your internet and electric bills. Similarly, if you have car insurance, spend an afternoon calling multiple insurance companies to find the cheapest rates. In my experience, insurers you haven’t worked with before will typically give you the best deal.
Is this time-consuming? Yes, and it’s not foolproof either. There’s no guarantee that the person on the other end of the line will bite. If that’s the case, thank them for their time and take your business elsewhere if you’re able to. No one should ever overpay for anything in life, especially when living paycheck to paycheck. Taking the time to negotiate high costs will ensure you’re getting the most favorable prices, which should help your money last until payday.