Tips to Make Your Money Go Further

Many Americans live paycheck to paycheck, with barely enough money to get by. They struggle every day, just trying to get their bills paid and food on the table. This is even more true during the pandemic. Many people have lost their jobs, and getting unemployment isn’t easy. In fact, many people haven’t received any money to help them through this difficult time.

Are you in the same boat? Struggling to pay the bills? Did you wish that you could make your money go further every month? Here are some tips to help.

Decide that something needs to be done. Unless you realize and admit that you have a problem, nothing is going to change. You need to make the decision that you are going to fix your financial problems, so you can make it better. This is often the hardest step, and most people struggle to admit that they have a problem.

Then, you need to figure out where you are spending your money. You will want to look at your bank statements over the last few months to see where you are spending your money. Are you spending more than you thought at the grocery store every week? Are you shopping for clothing on a regular basis? Going out to eat too much? Are you wasting money on things that you don’t really need?

This can be eye-opening. You may not realize how much you spend a week on eating out. Are you buying lunch every day instead of packing? You could save a lot of money just by bringing your lunch. Are you buying coffee every morning? It would be so much cheaper to brew one at home and get a nice travel mug to bring it to work. These little things add up, and you will be amazed to see where you are wasting precious money.

Shop brand store items. Though you may be used to buying brand names, the truth is that store-brand items can save you a lot of money without sacrificing quality.

Try to negotiate. Many people have used the same companies for years! This includes their phone, internet, cable, electricity, and more. You may notice that your bill tends to go up every year. If you are serious about making your money go further, you may want to talk to these companies and try negotiating. If you are a good client, they may be able to give you a deal if they want to keep your business. You may need to remind them that you can go to another company that doesn’t cost quite as much (because there is an introductory offer)!

Make some sacrifices to improve your financial situation. You may have looked hard at your finances and still can’t figure out how to improve it. Now is the time to make sacrifices if you want to become stronger financially. You may want to think about selling your home and buying a more affordable one (or even renting for a time until you get back on your feet). You may want to sell your car and get a cheaper one to get rid of your car payments. Not only that, but you may want to look for some part-time work. Though you may sacrifice your time with your family, you will be much less stressed when you don’t worry about your finances daily.

If you are serious about saving money, commit to it. Determine where you are spending your money and find ways to cut back. Store brands cost less than name brands. Eat out less and put that money directly into your savings. Bring lunch instead of buying something every day. Sell your home and buy a more affordable one. Pick up a few extra hours a week to get a jump start on your savings. All of these little things can make a big difference.

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Previously published on Medium and/or Newsbreak.