Let's be honest; everything costs more these days, and most people's paychecks haven't exactly caught up. While the situation may seem a bit hopeless, a few small adjustments can help your money flow a bit better, which could make a big difference in your bottom line. From how you receive your paycheck to where you keep it, some smart tweaks may help you stretch those dollars further.
These aren't side hustles or overtime shifts. They're simple habits that might help you build your wealth and lower your financial stress. Let's look at a few deceptively simple ways to start making money moves with the paycheck you already have.
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Ensure your tax withholding aligns with your financial goals
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Regularly reviewing and updating your W-4 form helps ensure the correct amount of federal income tax is withheld from your paycheck. This proactive approach can help prevent unexpected tax bills or large refunds, allowing you to use your money each month as you need it.
All sorts of life changes can impact your tax withholdings, like marriage or having children. These changes should prompt you to revisit your withholding. Not sure what your withholdings should be? The IRS provides a Tax Withholding Estimator tool on its website to assist in making accurate adjustments.
Opt for an interest-bearing checking account
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Not all checking accounts accrue interest, but choosing one that does lets your money grow over time. Often, these accounts require keeping a minimum balance or meeting specific activity criteria. However, if you can meet these, this is an easy way to supplement your income.
Avoid unnecessary bank fees
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Bank fees — such as monthly maintenance charges, overdraft penalties, and ATM fees — can erode your account balance over time. Consider staying on top of your bank's policies or even switching to a different bank to minimize these expenses. Monitoring your account activity and maintaining the required balances can help you avoid charges.
Resolve $10,000 or more of your debt
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1 <p>Clients who are able to stay with the program and get all their debt settled realize approximate savings of 46% before fees, or 25% including our fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.</p>
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Direct a portion of your paycheck into savings automatically
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Automating savings by directing a portion of your paycheck into a savings account can help build financial discipline. This "pay yourself first" strategy reduces the temptation to spend any extra money you have by moving it somewhere that's harder to get to. You can use this method to help you achieve just about any financial goal, whether you're saving for a larger purchase or trying to pay off debt.
Review your pay stubs
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While it may not be the most exciting part of being employed, reviewing your pay stubs can help you catch miscalculations or mistakes sooner. Mistakes can occur, and catching them early helps prevent potential financial discrepancies. Make sure you know what your paycheck is supposed to say so you can ensure it is accurate every payday.
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Choose a quality bank
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Not all banks are the same. Select a bank that offers favorable terms that fit your needs. For instance, you may look for a bank with low fees and competitive interest rates.
Having access to online banking can make this process much easier, since you can compare each bank right on your computer. Even if you choose an in-person bank, being able to compare easily online is a game-changer. So, don't let online banking scare you!
Check your expenses
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Back when you had to hand cash over every time you wanted to purchase something, it was much easier to keep track of your expenses. These days, subscription payments come directly out of your account without you ever having to do a thing.
Between services you may not know you're paying for, to price increases, you could have money going out the door that you're not even aware of. To avoid this, routinely monitor your expenses to be sure that you're not paying for anything that you don't want or need.
Use financial tools
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There are tons of financial tools online that can help you manage your money more efficiently. Automatic budgeting tools can track your expenses for you and identify areas where you can save. Negotiating your bills and finding discounts has never been easier, either.
All you have to do is go online to find one that will fit your needs, and then you can take advantage of these tools to make managing your money a little bit easier.
Look for little ways to save
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You don't have to make big money moves to stretch your paycheck. Buying cheaper versions of the same items at the grocery store or working out at home instead of at a gym are both small changes that can make a significant impact on your monthly bills. Meal planning and cooking at home can make a big difference, too.
Earn cash back on everyday purchases with a debit card
Want to earn cash back on your everyday purchases without using a credit card? With the Discover® Cashback Debit account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2 <p>See website for details.</p>
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Learn more about the Discover Cashback Checking account
Bottom line
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Making your paycheck stretch further doesn't always mean making drastic changes. Sometimes, simple adjustments can make a noticeable difference, allowing you to eliminate money stress.
Once you've figured out a way to make your paycheck last a bit longer, you can start looking for other ways to grow your bank account — like investing — so that you're making the most out of that leftover money.
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