Increasing your household income does not always have to equate to getting another job or side hustle. You can actually increase or stretch your income further by learning how to save more efficiently. By cutting your expenses, you increase your cash flow. Below are a few lifestyle changes to consider making if you want to stretch those dollar bills.
1. Create a Budget
The idea of creating spreadsheets, maintaining receipts, and tracking income may seem unpleasant but budgeting is actually very effective in helping you to save. By budgeting on a monthly basis, you get to see exactly where your funds are going and also determine if there are areas in which you can cut back for additional savings.
2. Comparison Shopping
For every product or service you’re looking for, there are several service providers vying for your business. As the consumer, you have the upper hand in that you can choose who you want to do business with. Comparison shopping is a popular method that helps consumers to make more informed decisions. For example, if you lived in Canada and wanted to switch energy providers, utilizing comparison sites for Alberta electric providers would ultimately provide you with a list of suppliers in the area offering the best deals.
3. Stream Videos and Ditch Cable
Cable services have become expensive. While you may enjoy watching television and movies on a regular basis, there are other options available to you. Signing up for more affordable options like streaming services would allow you to watch the shows and movies you want for under $20 a month.
4. Brew Your Coffee
According to news reports, the average person spends about $14.40 a week or $1100 a year on coffee. Instead of heading to your local coffee shop, you might want to brew your own.
5. Start Couponing
Couponing is not just a solution for groceries. Thanks to sites like Groupon, Living Social, and Restaurants.com, consumers can literally find coupons for just about anything they want. From a night out on the town with friends to a car oil change, you can find ways to save money. Start checking for coupons or discount codes before you make a purchase.
6. Bring Your Lunch to Work
Lunch is another culprit that can drain your funds faster than you realized. Even on a small daily budget, you could spend $100 or more a month just on lunch. While it’s nice to treat yourself on occasion, you can easily bring in your lunch and save money. Start getting creative with your recipes and mixing things up so that your lunch isn’t as boring.
7. Stop Making Impulsive Purchases
Technology causes things to change and evolve a lot faster than times past. Now you can find new models of electronics coming out on a monthly basis. It can be pretty tempting to want to be the first one to purchase that new smartphone or TV, but is it really necessary? A great way to ensure you don’t make impulsive decisions on technological devices would be to wait a day or two. If, after a few days have gone by, you no longer feel the urge to purchase the latest model, then it wasn’t worth it. On the other hand, waiting also allows the price to come down so that you could save money that way as well.
Sometimes, the reason your money is being spent faster than you can earn it is simply because you’re not being mindful. Each of the above tips should help you to save money in all areas of your life. If you still find that your money won’t stretch as far as you’d like, then it may be necessary to consider a side hustle for extra cash.