Everybody could do with saving some extra money now and again. Maybe you’re saving towards a mortgage, a new vehicle, or just want to have enough money saved up for incidentals.
When you already feel as though money is tight, saving any extra funds may seem impossible. However, with a few changes, you’ll start to see where cuts can be made and how you can start to generate extra money for your savings in no time.
Here are some ways to do that.
Budgeting
Managing your money starts from knowing precisely what is spent where, when and how. Start by creating a budget. Not budgeting means careless spending, and careless spending can mean being left with no money before your next paycheck.
Start by taking your monthly income, calculating monthly outgoings such as rent/mortgage, utilities, insurance, gas, and food costs and then calculate what you have leftover. Don’t forget to set some aside for family expenses! Some can be placed into savings, and the rest of it spent on what you want. If you end up with any cash left over at the end of the month, then you can put that into your savings account ahead of next month’s deposit.
Make Cuts
And yes, this could mean cutting the cable. You have access to thousands of movies and TV series on popular streaming services, so why pay all that extra for a whole load of channels you never watch anyway?
Making cuts also means putting a pause on eating out and getting takeout. Eating at home can save you some serious dollar over time. When grocery shopping, consider using store brands over more well-known brands. Create a shopping list and stick to it to avoid overspending at the store- and if that’s an issue for you, consider using your grocery store’s collect from store option.
With a couple of changes here and there, you’ll be surprised at how much the savings will rack up over time!
Get a Side Hustle
The more money that comes in, the more you can save. If you are paid hourly, speak with your boss about increasing your hours for a while.
If that’s not possible, look into taking an extra job at the weekends or in the evenings. This could be anything from working a few hours at a store to writing content online—every penny matters.
If regular additional work isn’t possible, look into some freelance work for when your schedule allows.
You could also consider becoming an internet seller either from suppliers or by crafting projects on websites such as Etsy. There’s no reason why a hobby shouldn’t turn into some form of income- who knows where that will take you? You can also find a job as a part-time delivery driver. Platforms such as Amazon and DoorDash provide flexible courier jobs.
Save Smart
Of course, you’ll want to think about where your savings go so that you can generate decent interest. Websites such as Pigly.com offer savings calculators to show you exactly what your investments will look over time.
Saving smart means saving regularly and thinking about making the best investments. Soon, you’ll be saving like a champion!
Leave a Reply