Many Americans are living paycheck to paycheck when there might be room to save some money or free up some extra cash. Fear not though, there are still ways to stretch your bank account further.
A well-balanced budget helps you prioritize your spending so you have enough money to cover your monthly bills, let alone your weekly bills. The more you plan, the fewer surprises, which means you might even have money to spare.
Reduce Spending
Once you have a budget, there may be things you'll notice you can do without. For example, unused subscriptions or superfluous expenses. Look carefully to see which ones you can eliminate.
Emergency Fund
Unexpected expenses, like injuries or car repairs, can really strain your finances. Even if you can't add to your emergency fund consistently every month, putting in little bits at a time can go a long way.
Savings Challenge
A money-saving challenge can alleviate day-to-day budgeting boredom. Try the 100-envelope challenge and put away over $5,000 in 100 days!
Use Apps
Through tracking your credit card use and bank accounts, budgeting apps can help motivate you to save just by showing you your financial picture in its entirety.
Side Gigs
There are many side hustles you can do online for some additional income that can go towards savings and expenses. And many you can do without leaving your home and on your own schedule.
Live Beneath Your Means
Cut out unnecessary spending, and don't open new credit card accounts or take on personal loans. Try a no-spend month, where you don't spend any money on non-essential items for a full month.