How to stretch your money

3:10:00 PM

1. Make a spending list
Use Excel or a finance-organizing app. That way you can see how much you've been spending and where you have to cut on. Keep your receipts or write down the cost every time you spend money on something and then add it all up.

2. Set your budget
Write down all your bills (the fixed costs you have) - things you always need to have money for and pay first. Then subtract that from your weekly/monthly revenue. This will determine how much you can spend after paying your bills. Dont' forget to set a little bit of money aside to put in a savings account!

3. Get a savings account
Do get a savings account and try to put some money aside every month. You never know what's going to happen tomorrow and you might need some money and you don't have it because you thought you could go on a shopping spree after all your bills had been paid.
You can set different savings deposits for each objective you have: e.g. one general savings account for whatever happens (back-up money, if you will); then, you can have another one for a trip you're planning, for example. That way you'll feel like you're closer to your goals and you're working towards them and you can see that visually, as the money starts to pile up.

4. Take advantage of sales and promotions, as it'll help you save more money and put it aside at the end of the month if you still have money left over from your budget.

5. Save gas money
If you drive a car, search for the cheapest gas stations in your area or think about giving somebody a ride and splitting the costs.
If you have a good public transport system in your area, you might want to think about reducing your car trips if it's cheaper at the end of the month - do the math to compare both possibilities!

6. Sell your stuff
Think about decluttering your home of things you don't need anymore - you might be able to sell them online and make a bit of money from it.

7. Try making money online
There are lots of online sites where you can make money freelancing or doing some kind of job (like translations or transcriptions) or even answering surveys. You can even sell photos online on stock image websites. You can also think about starting a business online or make money by making a website. There are tons of possibilities out there!

Bonus: Check out this post about spending less time and money on fashion, if shopping sprees are your personal nemesis!

The idea here is that if you allocate your spending more efficiently, you'll be able to do more of the things you've always been wanting to do and life a happier life!

Happy saving!

You Might Also Like