Finances FYI Presented by JPMorgan Chase
Navigating a financial tightrope is a tricky balancing act when you are struggling to make ends meet.
If you’re trapped in a paycheck-to-paycheck cycle, you’re not alone. PNC Bank’s 2025 Financial Wellness in the Workplace study found that 67% of Americans are living paycheck to paycheck.
Given rising costs, it’s easy to understand that so many people are scraping by.
Here are some tips to help you stretch your money and tide you over between paydays when cash is tight. Hopefully, following these strategies can make your dollars stretch further.
1. Create and Stick to a Budget
Creating a budget can help you track your expenses and see where your money is going. Some people don’t realize they are overspending in certain areas until they see the figures in front of them.
You can record your income and expenses in a spreadsheet like Excel, in a notebook, or use a budgeting app. Be sure to log every purchase from your rent or mortgage payment to your morning coffee to get a true and accurate account of your daily and weekly spending.
Keep an envelope with you and save every receipt in it so you don’t overlook logging any purchases.
Sticking to a budget might seem overwhelming when you’re strapped for cash. But it’s a helpful and necessary tool that can be an eye-opener and help you get your finances under control.
2. Cancel Unnecessary Subscriptions
Canceling unnecessary subscriptions is essential, especially if you’ve ever been shocked when a subscription fee is drafted out of your checking account and reduces your already low balance.
Some people even pay double subscription fees for the same service and don’t even realize it. Or they sign up for a free trial and forget to cancel it before the monthly or annual fee process. Too many subscriptions can quickly add up and take a considerable toll on your wallet.
3. Plan Meals and Cut Back on Dining Out
With high inflation rates raising the cost of everything, whether it’s cheaper to cook at home than eat out is debatable.
That said, the average price for restaurant meals is breakfast $15, lunch $18, dinner $25, and the average price for a fast food meal is $11.56.
By comparison, a monthly thrifty grocery plan for a single person ranges from $297 – $372, which is less expensive than eating every meal out every day.
If you create a weekly meal plan and factor in eating food that’s already in your pantry or fridge and buy only the necessary missing meal ingredients, you’ll save money.
For example, make some easy meals from pantry staples like soup, pasta, and rice, add fresh or steamable frozen vegetables, and add meat from your freezer to lower the grocery bill.
4. Make and Stick to Shopping Lists
You may already know and follow the rule for never going to the grocery store when you’re hungry. Doing so helps prevent you from tossing expensive, nutritionally worthless snack foods into your shopping cart.
Making a grocery or shopping list before you head out to any store can serve the same purpose. When you stick to a list, you already know how much you’re going to spend, and you won’t regret a needless expense that decreases your cash flow.
5. Use Mental Tricks to Avoid Impulse Buys
Capital One shopping reports consumers spent an estimated $282 per month on impulse buys in 2024.
To avoid impulse buys, stick to a shopping list and press “pause” before buying something you didn’t plan on buying.
Wait at least 24 hours before buying that sweater, book, or pair of shoes- or even longer. Also, recognize how you’re feeling when you want to make a spontaneous purchase. Retail therapy is a big reason people buy things they don’t need. If it’s an emotionally charged purchase, don’t buy the item.
6. Use Coupons, Buy in Bulk, and Thrift Shop to Save
You can save money on groceries, clothing, and other necessities by using coupons and discounts, buying in bulk, and shopping at thrift shops for secondhand items. When finances are tight, every dollar you can save — or that you refrain from spending — helps.
7. Save Energy and Water at Home
To save energy and decrease your utility and water bills at home:
- Turn off lights when you leave a room.
- Only run your dishwasher or clothes washer when they’re full.
- Unplug appliances when not in use.
- Turn off the faucet when you brush your teeth.
- Take short showers instead of a bath.
8. Pick Up a Side Gig
Boosting your income through a side gig — like grocery shopping, freelance writing, or even waiting tables — can improve your financial picture. Consider using those extra earnings to pay off high-interest credit cards or boost savings between paydays.
9. Automatically Save Part of Your Paycheck Each Week
If you auto-save a portion of your paycheck each week, you can build an emergency fund to cover unexpected expenses. Even if it’s $20 a paycheck, you’re saving instead of spending.
Following these tips can help you spread your money farther between paychecks by spending less and saving more.
Finances FYI is presented by JPMorgan Chase. JPMorgan Chase is making a $30 billion commitment over the next five years to address some of the largest drivers of the racial wealth divide.
