Monthly spendings and bills can be the recurring bane of our existence. It can feel like no matter what we do our outgoings always find a way to exceed our incomings. It doesn’t have to be this way, however, with plenty of options available for maximizing your money and making it work for you instead of the other way around. Read on below for ten key ways to increase your monthly budget in order to have more money to spend on yourself and your family.
Solar Power
Perhaps the issue is that you are spending too much money on energy. A clever way to provide your own source of energy is by investing in solar power. This is an especially good option if you have a flat roof and live in a hot area, such as Arizona. For solar panels Tucson options, we would recommend getting in touch with Custom Solar and Leisure for an affordable and easy installation process. Of course, there will be upfront costs and some maintenance fees, but it will drastically reduce your energy bill over the years to come.
Smart Meters
Another way to keep on top of your energy bills is by installing a smart meter. They can keep you abreast of how much money you are spending on energy and when with some of them even able to monitor which rooms take up the most energy and also turn off power when they aren’t being used. By keeping energy costs down, you will quickly find yourself saving more money each and every month.
Selling Stuff you Don’t Need
You can easily obtain an extra amount of money each month by selling off the possessions that you no longer need. Whether it’s through a yard sale or selling online, you will be surprised by what people are willing to buy. Additionally, by getting rid of the unnecessary stuff you will find yourself having way more space around your home, which might prompt the question as to whether not you should consider:
Downsizing
Your children could have moved out, or you have recently lost a partner. Or you simply want somewhere more manageable. Downsizing into a smaller home will basically reduce your costs in every way imaginable. While it may be a bit of a shock at first, you may even find that you prefer this simpler and, ultimately, more sustainable mode of living. This could result in even more money if you sell your old place and pocket the difference.
Cutting Down on Groceries
The first point of order when maintaining your monthly budget is to download a banking app that keeps track of your spendings. They will be able to let you know exactly what you are spending your money on when you go to buy groceries. By understanding your spendings, you will quickly be able to reduce it. One clever tip is never to go to the grocery store or supermarket hungry; this will mean that you will make far less purchases on unnecessary snacks. Talking of unnecessary food:
Stop Eating Out and Ordering Takeout
When buying it at the time, takeout sounds like a glorious option. You sit at home in your pajamas and somebody comes to your house and delivers you a meal. When adding up the amount of money you may be spending on takeout, however, you may find yourself shocked by just how much it costs compared to everyday groceries. The same goes for trips to the restaurant: when you factor in food, drinks, and the tip, the overall cost simply might not be worth it, especially if you are going on a regular basis and the novelty has long worn off.
Eliminating Debt
If you are in debt, you might be finding it hard to keep on top of your monthly outgoings. That’s why it’s recommended to tackle this option first through aggressive savings and paying off your smallest debts first. By doing this, you can create a snowball effect that slowly manages to help you pay off all of your other debts. By then, you will be delighted at the amount of money you have leftover every other month.
Cash Back Credit Cards
While a credit card is not recommended if you are already in debt, they are a clever option if you are looking to get your money back each month. That’s because some credit cards offer up to three percent cash back on all purchases made with the card, money that you can put directly towards your savings account. Three percent might not sound like a lot of money, but it quickly adds up over the course of a year and can be the difference between a positive balance sheet and a negative one.
Take up a Side Hustle
Done correctly, taking up a side hustle can easily be the most profitable option on the list. Think of which hobby you enjoy the most, and then figure out a way to monetize it. By working extra on top of your main job, you will find a way to supplement your primary income and become even more profitable. This should be entered into with some caution, however. If you feel like you are already doing too much work at your main job, adding a side hustle to the mix can easily lead to burnout. Nonetheless, if you manage to have the energy to set up a side hustle, it can take you to some amazing places, end up replacing your primary job and potentially create a fortune.
Leverage Your Already Existing Network
Do you have friends and family that you can lean on at this time? Or are you popular on social media and can raise money through a direct plea? Surprise yourself with the generosity of others by asking them for financial assistance! You can also reach out to acquaintances and former colleagues and ask them if they are looking for new hires; you might be able to help out in interesting ways.
I’m a 20-something stay-at-home mother and wife. I have an amazing husband, a beautiful daughter, two loving dogs, and a lazy cat. I wouldn’t change my life for anything! I love to read, listen to music, cook and blog!
Speak Your Mind