Help Employees Spend Wisely and Stretch Their Paychecks
By Terri Dougherty
With the cost of everyday items rising, your workers are likely looking for ways to stretch their money. Smart spending can help them do that.
Help employees by sharing these money-saving tips:
- Track spending for a month so you understand where your money is going. Use information from credit card statements and your debit or checking account to see how much is spent on food, rent, clothing, transportation, and other items. Cash purchases can be tracked using receipts or a phone app.
- Add up your spending and consider where to cut back. Optional expenses such as eating out, streaming services, alcohol, entertainment, and gifts can be good places to trim.
- If you use a credit card, make payments on time to avoid late fees. Pay off the balance in full each month, or at least pay more than the minimum, to reduce finance charges.
- Curb impulse buys by waiting 24 hours before making a purchase that isn’t a necessity. Remove shopping apps from your phone and unfollow brands on social media that are too tempting.
- Create a meal plan and a shopping list before going to the grocery store. Look for recipes with common ingredients that can go a long way; plan to make extra so that you have leftovers and aren’t tempted to eat out as often. Inexpensive ingredients such as beans, rice, tortillas, pasta, potatoes, and lean meats can be part of numerous meals.
- At the grocery store, be alert. Look for sales on frozen and canned fruits and vegetables. These options last longer and can be purchased in bulk when they’re on sale. In addition, savings from store-brand items can add up.
- Look for free fun. Take advantage of free concerts and museum days in your community. Visit the local library to see if passes for the zoo or other local attractions are available. Explore biking and hiking trails or stroll through the city.
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