For most families, saving money appears to be a frequent challenge. Debt repayment is easier than saving money! There is a serious risk while paying off debt: your car may be repossessed, and the lights may be turned off. However, you are the only one who loses out if you are unable to save money. Nobody is going to knock on your door and order that you transfer funds from your checking account to your savings account. Here are 10 strategies to increase your income and reduce expenses.
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1. Side Gigs
You’re not living with a safety net if you find it difficult to save money. Furthermore, anything that arises would have the potential to financially submerge you. You NEED an emergency fund to keep it from occurring. Clearly. You require it. Moreover, starting a side business and investing all the additional cash you make into your emergency fund is one of the quickest ways to accumulate money for it.
Ideas for side hustles include:
- Freelance (writing, tutoring, editing, design, make videos, voice overs, etc.)
- Deliver food or groceries
- Rent your home or spare bedroom on Airbnb
- Clean houses
- Selling your landscape photography for stock photo
- Deliver Amazon packages
- Steady for on-demand hustles
- Offer music or singing lessons
- Doing laundry for others on Poplin
- Dog walking or pet sitting
- Lawn care
- VA services
- Drive for a rideshare service
- Offer classes including homeschooling on Outschool
- Babysit
- Wash and detail cars
It is not necessary to complete every task on the list, nor is it necessary to pursue the side project eternally. I advise you to establish a savings target. Let’s say $5,000. You give up the side gig as soon as you reach your objective. While I don’t think such a hustle-filled existence is ideal, there are moments in life when it is necessary.
2. Cutting Down on Necessities
You might discover after doing a spending assessment that you need to make budget cuts, even for necessities. Saving money on groceries and utilities is achievable, albeit it’s not always simple. First, get in touch with your utility companies and inquire about reductions or flat fees. If that doesn’t work, start looking at different utility companies. By changing companies, you might be able to get a better offer.
Insurance is the same. You should not have to pay an excessive amount for insurance just because you need it. Make some calls to obtain prices. It’s not too time-consuming, and you can accomplish a lot of it online without ever talking to anyone!
Although it will be more difficult, it is still feasible to reduce the number of groceries. Making a true inventory of the items in your pantry, freezer, and refrigerator can help you reduce your shopping spending over time. Make sure to inventory your deep freezer or garage fridge as well. Next, begin to consider the meals you could make using the items you currently have in your pantry. Then, include any omitted ingredients on your grocery list.
Moreover, follow your shopping list! Your cart may not appear to be as full as it usually is, but that shouldn’t be a reason to buy more. Make it a challenge to go to the store after you have finished “shopping” for items at home. This will assist you in identifying your actual demands and your limits.
3. Cash Back
Although I am aware that some people adore their credit cards, I am not referring to using credit cards to get cash back. I am referring to the use of websites such as Rakuten for online shopping. You receive actual cash back, which is transferred to your PayPal balance. After that, you may transfer the funds directly into your savings account!
Plus, there is Swagbucks. Swagbucks allows you to earn SBs for your purchases. These SBs can be redeemed via PayPal for cash or gift cards. Here, the same idea holds true. Make quick increases to your emergency fund by using cashback. The key takeaway from this is to cease considering cashback as “free” money. Rather, consider it the cherry on top of reaching your ambitious objectives. As long as you use it, a few additional bucks in rewards might really start to pile up.
4. Begin with a Freeze
If you’ve never completed one of these challenges, they’re a great way to see your areas of improvement. However, a spending freeze is when you make the decision to only pay for necessities. This is what you do for a set amount of time. Therefore, you might participate in a No Spend Month, during which you refrain from spending money on anything that isn’t necessary for your existence.
For instance and come next spring, plan for A No Amazon April is another option, in which you refrain from making any purchases on Amazon for the whole month of April. These challenges might be an excellent method to create good spending habits and break negative ones. If a month seems too much of a challenge, try to commit to a Spending Freeze week instead.
5. DIY
Of course, there are certain tasks that you really shouldn’t attempt to complete on your own, such as plumbing your entire home if you’ve never done plumbing before. However, there are lots of things you can DIY and learn on YouTube to save a ton of money! A straightforward do-it-yourself project? You may wash your car yourself rather than paying to get it done at a car wash.
You may Google how to replace and install an irrigation timer for your garden and save money by doing it yourself rather than hiring a landscaper. The lesson here is to not let your lack of skill in a certain area prevent you from even attempting to learn it. Be open to doing some minor do-it-yourself work before making a purely convenient purchase.
6. Buy Used
It’s time to reconsider what we need in life. Buying used is the way to go! There are several other consignment stores, but my favorite is ThredUp. It’s not necessary to purchase new clothing. Wearing clothes you’ve owned before will be acceptable to you and your family.
Likewise with automobiles. You don’t need to get a new car, even though I know you’ll panic over it. While it’s true that some used automobiles are terrible, there are really a lot of great used cars available. In addition, take care of your current vehicle if it need maintenance or even repairs. Just because your existing car needs $2,000 in repairs doesn’t mean you should run out and buy a new one for $40,000. That’s not logical at all. Don’t spend money.
7. Ask your Boss for a Raise
It may be time for you to ask for a raise if it has been a while since you received one. I know this one feels intimidating. With the skyrocketing inflation, living expenses have increased significantly. Additionally, if your pay hasn’t increased, schedule a meeting to discuss a possible raise with your supervisor. The worst-case scenario is that they decline your request. However, receiving a raise is the best thing that can happen.
Verifying your tax withholdings is another non-direct method of requesting a “raise” from your employer. You are most likely withholding too much from your paycheck if you receive a sizable refund each year. You could spend that money all year long! Use the IRS calculator by going here to determine the appropriate amount to withhold. Update your W-4 with HR after that.
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8. Pack your Lunch
It’s not necessary to go out to lunch almost every day of the week. Lunches made the next day with leftovers are delicious. I advise making an investment in a thermos, ice packs, and a good lunchbox. This will greatly simplify packaging and maintain the temperature of your food.
Did you know the typical American spends $3,000 on dining out year? and that only accounts for one person! Just picture yourself as a family of five! Now here’s the thing: you may literally save thousands of dollars a year by packing lunch to work, social events, school, etc. Bring your lunch to work three days a week to start, then gradually increase it. Count the amount of money you spend each week on eating out for lunch. It will greatly ease the adjustment!
9. Sleep on it
The truth is that bigger doesn’t necessarily equal better. And occasionally, nothing is truly necessary. You are merely idle. Use the “sleep on it method” as a practice. Whether it’s a large or little purchase, consider your options and don’t make a snap decision. I use Amazon in a similar manner. I’ll fill my Amazon cart with whatever I think I “need” or “want,” and then I review it at the end of the week. And what’s this? I didn’t need any of the stuff at all. I felt that I should have it too after seeing someone else on Instagram who had it. In other words, give it some thought before committing to a buy.
10. Make your Money Stretch
The same goes for using the aforementioned Swagbucks or Rakuten. Use applications that assist you in stretching your budget! Using the Upside app is one of my favorite ways to raise our budget and, thus, savings. You can get cashback on your fuel purchases with this app. It’s quite easy to use!
Fetch is another fantastic app. You can accumulate points toward gift cards by scanning in your print or digital receipts. Although Fetch no longer offers real cash back, you can still stretch your budget by obtaining gift cards for necessary expenditures.
Bonus: Set your Boundaries
Communicate your true feelings and intentions. Be sincere when you say “no” to something. Saying “yes” to anything should be sincere. Before you step a foot into a store, make sure you mean it when you tell your kids you won’t be buying them anything. Hold onto that assertion.
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Likewise, if you pledge to donate to a charity, mean it. Uphold that assertion and contribute. You are the only one who can establish and maintain sound financial boundaries. And adhering to those guidelines is one of the best methods I’ve found for saving money. It will be incredibly simple to watch your money slide through your fingers if you don’t put boundaries around your finances.
To Wrap Things Up
Saving money is a talent that, when it comes to financial well-being, provides long-term security and peace of mind. While paying off debt is crucialโand frequently urgentโsaving allows you to accomplish your long-term objectives, accumulate an emergency fund, and establish a safety net for the future.
Even though it might not be simple, the route is worthwhile. You may create the foundation for a more financially secure and fulfilling future by implementing these 10 tactics to increase your income and decrease your spending. Take little steps now to increase your savings over time!
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