Sometimes, no matter how hard you try, your budget simply doesnโt go far enough. Whether you run into an unexpected medical bill, need to cover an emergency home repair or youโre just having trouble making ends meet, it may seem like there just isnโt enough money to go around.ย
Keep reading for other ways to stretch your budget, including some strategies that may surprise you.ย
Refinance your debt
If you have a lot of debt, you can take steps to lower your payments by refinancing.
If most of your debt is high-interest credit card debt, you could get on top of it with a credit card balance transfer. With a credit card balance transfer, you open a credit card with a low or 0% introductory annual percentage rate (APR), then transfer your existing credit card balance to that card. Then, you pay off your balance before the introductory period ends and the APR jumps up to a more typical rate.ย
If your car payment is dragging you down, you could consider a refinance car loan. When you refinance a loan, you take out a new loan, ideally with a better interest rate and terms, to pay off the old one. You can also do this with a mortgage. And if you have multiple types of debt, a debt consolidation loan could also be an option. You take out a personal loan, ideally at a lower interest rate, and use the money to pay off your other debts.ย
Note that while refinancing any kind of loan typically gives you lower monthly payments, it doesn’t guarantee that you’ll save on interest in the long run.
Hack your grocery bill
Ordering a meal, snack or dessert on a delivery app is often the easiest choice โ it takes less time, energy and effort. However, the cost of ordering delivery can add up quickly, especially if youโre doing it often. Cooking at home could save you money, especially if you find ways to cut down on your grocery bill. Try these tips:
- Plan your meals and make a list before you go to the store. This way, you wonโt be tempted to buy items that you don’t need. Keep a list on your refrigerator that you can add to throughout the week.
- Buy groceries in bulk where you can, especially canned and frozen goods, pantry staples and supplies like paper towels and toilet paper.ย
- Shop around to find deals โ this could take time, but eventually youโll figure out where items are priced the best, or if there are coupons available.ย
- Look for in-season items, such as produce, which may be slightly less expensive than items that have been shipped from far away.
If you have an outdoor space, you could also try your hand at gardening. Growing some of your own fruit and vegetables could help cut down on your food bills in the long run.
Find low-cost entertainmentย
Having fun doesnโt need to be expensive. If youโre looking for budget-conscious ways to enjoy yourself, try some of the following ideas:
- Borrow books from the library instead of buying them. Another benefit is that you can often borrow books in whichever format you prefer โ hardcover, e-book or audio edition.
- Set up a family streaming plan to share with friends if thatโs available.
- Look for free local performances, such as plays, concerts or book readings.ย
- Explore the great outdoors through walking, hiking or swimming. Aiming for a certain number of steps per day, if youโre able, could also help you cut down on your need for a costly gym membership.ย
Buy secondhand
Cutting down on the cost of clothing, furniture and other household goods is a great way to save money in your budget, especially if you enjoy shopping. Look for secondhand options whenever possible, either online, at local thrift or consignment shops or at weekend flea markets.ย ย
You could also try repairing and repurposing your clothing or host a clothing swap with your friends to trade in your old items for something new.ย
Pay cash
Instead of pulling out your debit or credit card every time you want to make a purchase, give yourself a certain amount of cash to use at the beginning of the week for different types of categories in your budget (such as groceries, gas and dining out). Once you run out, youโre out until the next cash refill. This can help you avoid temptation and keep a close eye on how much youโre spending.
Some retailers donโt take cash anymore, so you may not be able to use this method for everything. Youโll also probably want to continue paying your larger monthly bills (rent and utilities) by check or autopay.ย
Stretch your budget by thinking outside the box
Stretching your budget isnโt always easy, but there are some surprising ways to go about it.ย In addition to refinancing your debt, get creative when it comes to groceries, entertainment, shopping and savings. Try new ideas and make your money work harder for you so that you can save up for the most important expenses. Experiment with different strategies and find the ones that work best for you.ย
Notice:ย Information provided in this article is for information purposes only and does not necessarily reflect the views of smallbusinesscoach.org or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.
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