We’ve all been there: our income is barely covering our expenses, and we need to find ways to reduce spending. Here are several tips on how to cope when money is tight – and not just by cutting spending!
Roll Back Expenses
There are many potential ways to reduce your expenses. Below, we suggest a few tips.
Change Your Data Plan
In the modern world, going without a smartphone can be unthinkable. However, that doesn’t mean you need the most expensive data plan. Consider getting a cheaper data plan, thereby lowering your monthly phone bill.
Brew Your Own Coffee
Do you have a habit of getting your morning coffee at the major coffee and restaurant chains? Consider simply brewing your own coffee at home. You can make it just the way you like it and save tons of money.
Cancel Your Gym Membership
If you’re not using your gym membership, consider using alternative options for exercise. For example, you could go running outside and get some fresh air. You could go hiking, play team sports like volleyball and soccer, or just go for long walks. The options are endless! You could also work out from home. There are numerous bodyweight exercises you can try if you don’t have weights.
Postpone Your Exotic Vacation
Have you been dreaming of a Disney cruise or some other exotic vacation? Consider postponing that until your finances are in better shape. You can indulge in a staycation or explore your local area.
Cook at Home
Instead of always buying expensive meals at restaurants, you could practice your culinary skills! This may also give you an opportunity to make healthier meals than you might get at your favourite restaurant chain.
Reduce Your Electricity Costs
Are you spending too much on electricity? Do you have a habit of leaving the lights on when you leave the room? Find little ways to save on your hydro bill.
Find Free Ways to Have Fun
Not every fun activity has to cost a lot of money. Hiking is usually free, as well as going for walks, enjoying the beach, and much, much more.
Shop at Thrift Stores Instead
You could get brand-name clothing at a thrift shop for a fraction of the price. Consider buying clothes at thrift stores next, instead of the big expensive outlets.
Additional Tips
In addition to cutting expenses, aim to increase your income and get your debt under control.
Raise Your Income
You could raise your income in several different ways:
- Ask for a raise. If you’re a loyal worker who always does a good job, consider asking for a raise. Approach the request tactfully.
- Get a promotion. Work overtime or show more initiative at work, and you may earn a promotion in no time.
- Change companies. Sometimes, you need to switch employers. Find a larger and more established company that will appreciate your skillset.
- Change careers. If your current career is not satisfactory, consider retraining for something brand-new, whether it is coding or graphic design or anything else that sparks your interest and promises higher pay and benefits.
- Start a side hustle. With social media, it’s never been easier to promote your product or service, no matter how niche it may be.
- Get a second job. This may be a measure of last resort, but getting a second job, such as a part-time or weekend gig, can help tide you over.
Boosting your income will go a long way toward covering your expenses. If you’re unable to cover your expenses at any time, consider applying for a personal loan online. We don’t do credit checks, so even with a poor credit score, you could qualify for online personal loans via Friendly Lender.
If you need to improve your credit score, sign up for Credit Verify! You will be able to monitor your credit health and catch mistakes on your credit report with this cutting-edge platform.
Get in Control of Your Debt
You could try one of two major approaches: the avalanche method or the snowball method. The avalanche method has you pay off your highest-interest debt first while making minimum payments on your other debts. The snowball method has you tackle your smaller debts first, followed by the largest.
In addition, consider debt consolidation. You will be making a single monthly payment, possibly at a lower interest rate. This will reduce your stress, as you won’t have to deal with multiple different creditors.
Conclusion
Today’s economic conditions make it harder than ever to cover your expenses, let alone save money. However, the above tips on cutting expenses, raising your income, and getting your debt under control could help you make a lot of progress in your personal finance journey.
If the expenses get to be too much, apply for a personal loan online via Friendly Lender. The application process has never been quicker or easier, and you will receive an immediate response.
