Are you living paycheque to paycheque? Going through financial struggles can suck the joy out of life. However, you don’t have to drive yourself into crippling debt to live life to the fullest. In this post, we’re sharing our best tips to save money and stretch your monthly income. Let’s get started.
- Start Budgeting
How can you manage your income if you don’t know where and how much you’re spending?
Budgeting continues to be an effective way to manage finances. Making a monthly budget gives you a framework for spending and saving your income. There are several budgeting apps available that will assist you in sticking to a budget.
- Make Shopping Lists
Do you just go to a grocery store and shop from memory? This habit makes you susceptible to overspending.
Before your weekly food shop, take a look at your pantry and make a list of all the things you need. This is a simple yet effective way to avoid purchasing things you don’t need.
- Choose Affordable Entertainment Options
If you spend weekends going to fancy clubs, it’s time to look for better ways to keep yourself entertained. Rather than blowing your money on ridiculously priced drinks, stay in and watch a movie or go for a nice meal with a friend. Trust us, your wallet and liver both will be very thankful.
- Cut-down Utility Bills
Electricity, gas, internet and phone plans are all necessities. But if you’re struggling to make ends meet, you should switch to affordable alternatives. Compare electricity prices of different retailers and transfer to a cheaper plan. And same goes for other utilities.
- Learn Cooking
Don’t use your lack of cooking skills as an excuse to eat out every night. It might seem like a small expense, but it can add up and deplete your finances.
Thanks to the internet, you can learn how to do virtually anything without leaving your bed. So open up YouTube or Pinterest and give cooking a try. Not only will this save you money, but also help you eat nutritious meals.
- Avoid Online Shopping
Online shopping can be addictive. Instead of turning to retail therapy whenever you feel stressed or unhappy, work on developing healthier coping mechanisms. It would be best to unsubscribe from promotional emails and uninstall shopping apps.
- Use Public Transportation
Using a private vehicle for daily commute can be quite expensive. You can save on fuel and vehicle maintenance by using public transport. And it’s better for the environment too, which never hurts.
- Buy in Bulk
From toilet paper to laundry detergent, buy common household items in bulk. You can get a membership of a bulk store for more discounts.
- Set Financial Goals
Setting financial goals is an excellent way to motivate yourself to be smarter with money. Whether you want to buy a car or put a down payment on a house, pin it on your financial goals vision board.
- Quit Smoking & Drinking
Smoking and drinking are expensive vices to have. For your long-term financial stability and physical wellbeing, quit or at least cut-down smoking and drinking.
- Limit Subscriptions
It seems like every day there is a new must-have service or streaming platform. But there are only so many hours in a day you can watch shows and movies. So, limit your subscriptions to the ones you often use and terminate the rest.
- Buy Pre-owned
From clothes to furniture, almost everything is available second-hand. Buying pre-owned items is a cost-effective and sustainable way to shop.
Just by being aware of your finances and a bit of planning, you can increase your monthly savings. We hope our tips help you achieve your financial goals.