“That’s great,” you’re thinking, “but where am I going to come up with that amount every week? I barely make ends meet now.”
That’s a pretty typical sentiment from people who are just beginning to turn their financial situation around. There are a lot of ways to come up with extra money throughout the month.
Request a rate reduction on your credit cards
If you are carrying a credit card balance, getting your interest rate reduced will directly save you money each month. Ask for a reduction in interest rate and if the card be restructured into a monthly payment plan on lower interest.
Shop for better insurance options
This is such a competitive market and the offers are numerous. All it needs is sometime to research and call various insurance brokers and compare who can give you a great deal.
Use a list for grocery shopping
This one is something that helps me a lot. By writing down your grocery list it will help you stay focused on the stuff you actually need, reducing your grocery bill because you’re putting less unnecessary stuff in the cart.
Transform one splurge a month
As you plan your fun money in your budget game plan decide to turn your 1 week dinner night into a fancy meal cooked at home saving you quite a bit of money.
Set up a carpool
Find someone that lives fairly close to you that works where you do and start carpooling together. Even if you can only do it a few days a week, you’ll still drastically cut down on your commute costs, plus it will be a lot harder to stop for those impulse splurges.
Check subscriptions and trim unused ones
Check on all your subscriptions that you are paying money for. You may find you are not using some subscriptions and its best to cancel those subscriptions for now.
If you suddenly find some kind of unexpected money in the form of a bonus, salary raise, inheritance, money friends or family owed to you etc. put that money away towards your emergency fund. The key thing here is to actually save this savings.
If you haven’t already, I recommend setting up an online savings account at a bank separate than the one you normally do business with for your emergency fund.
Time to move forward
Congratulations! You made it! Now’s the time to keep going. You reached your mini goal now lets aim for a single month’s living expenses and then increase that to two and three and slowly but surely watch your emergency fund grow. If an emergency occurs tap into this fund only, as you don’t need to use your credit cards or take any kind of loans, all because you are now prepared. You are now operating from a confident and fearless state of mind which allows you to be stress free and sleep peacefully!