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Money tight? Do you want to stretch your paycheck further? Many of us desire such a situation. I’ll occasionally consider how I may reduce my expenses even further in order to save money till the next payday. It is feasible, but only to a certain extent.

According to CNBC, 63 percent of Americans have been living paycheck to paycheck since the Covid-19 outbreak. That is, they are one unexpected expense away from being unable to pay their bills until the next paycheck arrives. Sometimes we don’t have a choice, especially if we have children.

You’ll do all you can to avoid using a credit card, but it’s the only option. It’s a difficult situation to be in. I’ve been in that situation before, and you don’t have to be.

Here are few ways to stretch your paycheck:

Increase Your Withholding Allowances

Some people, depending on their circumstances, like to receive a large tax return every year for a variety of reasons. For example, the best strategy to save for an emergency, a down payment on a house, custodial accounts, and so on.

However, if you’re trying to stretch your budget, these goals aren’t in your favor right now. To fix the issue, submit a new W-4 form to your employer, requesting that your federal income tax withholdings be adjusted. 

If you’re unfamiliar with it or don’t understand how it works, speak with your human resources department or a Certified Public Accountant [CPA] to better understand your requirements. They should be able to advise you on the best course of action.

In this area on your W$ is where you get to claim the total number of dependents. The less you claim the more taxes the IRS will take.

But be cautious not to claim too many exemptions, or you may wind up paying the IRS, which will come with interest, something you don’t want.

Live A Frugal Lifestyle

Frugal living does not imply denying yourself of your desires. It all comes down to prioritizing what you spend your hard-earned money on and making the most of what you already have.

Making simple everyday improvements may have a significant impact on your life. You don’t have to make things difficult for yourself by eliminating a practice entirely.

Take for example: 

We like dining in a variety of restaurants. That’s something we used to do on the spur of the moment, numerous times a week.

However, it comes at a high cost because no one goes to a restaurant just to order one meal and then go. We normally get an appetizer and drink a glass of wine while we’re there, not to mention gracefully tipping the server.

We now prefer cooking at home for the most part, picking up a pizza special once a week, and eating out once a month.

Related: What To Do To Stop Spending Too Much

Budget Differently

You may be wondering what the hell you did with your paycheck just a few days after the deposit was made. You’ll be surprised to learn the large expenses are not the issue because  it’s hard not to remember them. On the other hand, t he “paycheck killers,” as I call them, are little, consistent expenses.

Printing out your bank and credit card statements from the last four to six months is the simplest approach to track your spending and have a better picture of where your money is going. Again, pay special attention to the small sums, since they quickly build up. That was, at least, my experience.

Related: Understand The Importance of A Budget

Take A Second Job

You will reach a point when you can no longer cut back on your expenses after accomplishing all of the above. That’s when a part-time work might help you get closer to your objective. 

It is not necessary to make a long-term commitment.

Now that I have my own family, I understand why my father constantly worked two jobs. His full-time job was delivering newspapers, and he also worked part-time as a security guard. To make ends meet, he will forego his full-time salary and live “extravagantly” on the other income.

My father is the spender, while my mother is the saver.

I took up a part-time job to make money with my spare time and pay off my debt faster. Everything been working great so far. I can now claim that I’m somewhat following in his footsteps, but with a specific goal in mind.

Finally

Be sincere and self-disciplined in your dealings. Don’t take on more than you’re capable of. If you follow these four tips for making your paycheck last longer, you’ll be OK.

What other tips do you think you can make to make your paycheck last longer?

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