Looking for Extra Money

Traditional finance experts suggest saving at least 10% of your income regularly. However, a lot of people find it difficult to save at all, regardless of the percentage. An alternative approach is to consider areas in your lifestyle where you can possibly cut back on or increase your income with, resulting to savings you can stash away for emergencies and other unexpected expenses.

Here are 5 areas worth looking into if you’d like to free up some money.

Cut Back on Utilities

Some utility bills, like water and electricity are necessities; but others, like cable, are nice to have. If you can give up some or all of your unused or trivial subscriptions, you could free up a decent amount of money each month. It’s also good to check all your services for hidden costs as well as find a cheaper deal, even if that means jumping ship to another provider.

Buy Smartly

Most of the generic items will do the same job as their branded counterparts, but at a cheaper price. Generic tissues, baby wipes, diapers, cereals and other grocery staples will help bring your grocery bill down. It also helps to use coupons, reward points and rebates as well as buy in bulk during sales and promos. You can stash away some savings just by strategizing your grocery runs and sticking to your list.

Do-It-Yourself

Hiring someone to do certain tasks will certainly give you some breathing room, but doing-it-yourself will come at no cost to you. Simply consider giving the salary to yourself and deposit the amount to your savings account. You can DIY from random house chores like mowing the loan to professional tasks like filing your taxes.

Stash Windfall Money

Did you get an inheritance from grandma or unexpected received a huge commission? Windfall money is not really accounted in your budget and it’s easy to do as you please with them. Instead of blowing it all out on shopping spree of a night of expensive celebration, consider tucking at least half of it into savings. While you have the right to enjoy it, be practical and consider how useful it could to be more worthwhile endeavors.

Get a Sideline

If your day job is not earning enough to help you save, get a second job or part-time gig. Let your main job take care of the entire expenses then throw all your side income into savings. The good thing about most side jobs nowadays is that you can work on your passion. You can be a receptionist by day and a crafter/writer/designer etc. by night or during weekends.

Having some savings sitting on your account gives you a fair amount of confidence and peace of mind. While it’s true that saving money is challenging, you can find ways to free or add up more money by looking into your lifestyle more closely.