How to Find More Cash in Your Budget for Savings

personal finance

How comfortable do you feel with your current savings? If you suddenly needed to pay for a repair, or you discovered an opportunity to buy something you really needed, would you have the right amount of cash in your bank account? If the answer is no, you’re not alone. Countless people find themselves struggling to maintain the right saving habits.

When you’re living in a world where your bills appear to be constantly increasing, and your incoming cash remains woefully consistent, the problem can become even worse. Fortunately, even if you have a relatively tight budget, there are still ways you can find more cash in your budget for long-term, and short-term saving goals. Here are our top tips.

Deal with Debt the Smart Way

In an ideal world, no one would ever have to worry about taking out a loan or dealing with debt. Unfortunately, that’s not the case for most of us. At some point in your life, there’s a good chance you’re going to need to get some extra financial help from a bank or loan provider. The good news is that a loan doesn’t have to destroy your saving strategy. Learning how to deal with debt the right way can significantly reduce your monthly expenses, and give you more cash back in your pocket. Reviewing options for refinancing student loans can be a fantastic way to reduce interest costs and fees, and it’s often easier than you’d think.

Put Limits on Your Spending

Do you find you sometimes spend a lot more than you wanted to, often without realizing it? Maybe you automatically buy a takeaway when you’re feeling tired, or you click the buy button online when you see an item you like online without thinking. If that’s the case, putting limits on your spending can save you from a lot of headaches. There are a few ways you can do this. Your mobile banking app may allow you to place a daily spending limit on your debit or credit cards with a couple of taps. You can also restrict yourself from making purchases online, by removing your card details from the forms for your favorite sites, and locking your cards up in a safe.

Reduce Your Utility Bills

Utility bills are a common part of life for most of us, but they can also be a huge drain on our resources. The chances are, alongside your rent or mortgage, your utility bills contribute to the largest portion of your spending each month. With that in mind, it’s worth looking for ways to cut back. The first step in doing this effectively is looking for opportunities to switch your provider whenever possible. You can compare options online to see what’s available in your area. After you’ve done this, look for ways to actively cut down your usage. You can use smart plugs to automatically switch devices off when you’re done using them, or switch old-fashioned appliances out for more eco-friendly alternatives.

Have a No Spend Day

It might sound like an unusual step but committing to spending absolutely nothing for one day a month can be a fantastic way to cut down on your expenses. This could mean you make all of your meals at home from the ingredients you already have at home and avoid turning on the heating by cuddling up under blankets. You could read a book or spend an evening at home rather than going out and having fun with friends, and make your own coffee and lunch to take to work. Look for ways to reduce your spending on this single day wherever possible. Even if it means cutting out as much electrical use as you can for the single day. Once you’ve nailed the one day a month routine, you can consider upgrading to two days instead.

Start a Side Hustle

If you’re already pinching pennies wherever possible, and you’re struggling to find additional ways to save some extra cash, the best option could be to look for opportunities to increase your earnings instead. While you might not have the time or energy to take on a second job, you could potentially look into a lucrative side hustle idea you can operate in your spare time. You could start freelancing as a virtual assistant on certain days of the week, or consider writing blogs and becoming an affiliate marketer in your spare time. You can even transform a hobby into a side hustle, like making home accessories or baking for friends. Why not even offer to walk your neighbors’ dogs in exchange for cash?

Upgrade Your Savings

Finding enough cash to pay your bills and contribute to savings can be a difficult process, but it’s not impossible. Even if you’re struggling on a tight budget, the tips above could open up just enough extra cash to take your savings strategy to the next level.

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The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.