8 Steps To Stretch Your Money (When it is right)
8 Steps To Stretch Your Money (When it is Right) – Aside from knowing how to budget your funds, you need to learn one critical lesson: how to effectively stretch your funds, especially when the time is right. This skill helps ensure that, amongst other things, you achieve your financial goals in the shortest possible time. In the course of stretching your money, you do not have to appear so cheap, as is expected. It has a lot to do with the kind of decisions you make, and how smart and intentional they are. Must have Checking Account Features
Having established the above fact, it is then important to know how to go about stretching your money and this is the essence of this article; to better equip you on the steps to take in stretching your money. In this article, we will look at Eight (8) smart ways to stretch your money. Must have Checking Account Features
8 Steps To Stretch Your Money:
The key steps focus on maximizing savings, reducing unnecessary costs, avoiding debt, and finding ways to increase income. Following these steps helps stretch your money further.
1. Plan your Meals
One of the things that consume our money is food. We spend so much money on food and this happens to take a lot of our budgeting expense. On the other hand, if we can rightly plan our meals, we will realize that we can actually save so much money at the end of the month or as the case may be.
READ ALSO: Must have Checking Account Features
2. Cut down on driving your own car
After food, the next important thing is the need to move from one place to another and the cause of doing this is that those who have cars get to spend so much money on fuel and car maintenance expenses. Rather than driving all the time, you should use public transit sometimes when it is possible. The amount of money you will save from fuel purchases will drastically be sensed.
3. Reduce subscription How to Put Away Emergency Funds
When you are actually looking out to stretch your money, there is no point paying for a cable subscription when you rarely use it or you are not always around to watch your favourite TV shows. Even though in recent times, Cable TV subscription has become a necessity, it is another place where your money goes unchecked. Most times, you get to watch fewer channels than you pay for, thereby spending more than what you actually need.
4. Get insured, but not at the expense of your pocket’s sanity
Insurance these days has become nearly as important as food. We all need insurance for many things in our lives ranging from life, health, housing, education, etc. In the quest of getting insured, we often choke our finances up with so many insurance plans which could hamper our financial goals. You should look out for insurance plans that are a bit affordable and within the reach of your income; one that would not utterly frustrate the essence of insurance in the first place
READ ALSO: Top 4 Advantages of Online Banking
5. Substitute card for cash
Although we are in an era where online transactions and swift transfers tempt us to buy anything, you should decide to pay cash for most purchases. When you pay cash for things, you become more responsible with finances and more likely to take note of purchases.
When paying with cash, you will realize that if you don’t have cash at the moment for certain things, you will refrain from buying them and this is a great way to cut down expenses. Though when setting out on this, it might look uncomfortable, but it will turn out that you are actually saving a lot of money at the end of the day.
6. Take control of your spending
Bank and Credit cards are not helping matters when it comes the stretching our money. The ease that comes along with using our credit cards often leaves us indebted because we most times spend money on what we do not need because of the ideology of consumerism. https://qckmoney.com/
It would help if you leave your card at home as you go out for window shopping or any other outing. The feeling of being able to buy anything (whether you can afford it at the moment or not) stems up usually because there is a credit card in your purse or wallet.
READ ALSO: 15 Commonly Forgotten Expenses in Household Budgets
7. Sell some of Your Stuff
If you are trying to stretch your money, one surest way of achieving this is to look deep within your home, you will find things you purchased a long time ago that you do not need, you will find old items, outsized clothes, undersized clothes, old furniture, old books etc. You will always find something in your home that you could sell to get an extra buck.Types Of Bank Accounts
Rather than hoard things in your home and have them gather dust, when you need to stretch your money, look within and sell off some of those things. The money you realize from the sale may go a long way to attending to your financial needs as the case may be. How to Put Away Emergency Funds
8. Let your meals come from home
Eating out could be more expensive than you think it is. For a moment, sit and count the cost of having to eat out every time you want to eat, one thing you’ll realize is that you are spending a greater percentage of your income on just feeding.
Rather than just eating out, you should do your best to prepare your meals from home. This would help you to save a lot of money which could be used for other purposes in relation to your budget.
READ ALSO: How to Put Away Emergency Funds
Conclusively, the art of stretching your money especially when you are on a budget is one of the most important skills you need to adopt as you Budget your finances and part of the things you can do it also to get out of debt. Doing these would ensure that the stress that you have when it comes to finances is lessened. https://qckmoney.com/