Money Matters: 5 Simple Ways to Stretch Your Budget

Finding simple ways to stretch your budget especially in this trying times is a must. Inflation is going up and prices of basic commodities and services are rising along with it. Soon it would be a challenge to live on one’s paycheck alone. Therefore, it is imperative to find simple and easy ways to stretch your monthly budget, like curbing on your spending or opting for emergency loans in the case you absolutely need them

There are numerous ways that we can stretch our monthly budget. Here are a few ideas that you might want to try this month:

Plan and cook your meals

With the alarming rate prices of food items are increasing these days, one simple way to cut down on your monthly budget is making a meal plan. Plan your weekly or monthly meals and work your grocery list around these meals. This way you will not only avoid over-budgeting when you do the grocery, but will also help you avoid ordering food. You will not only be hitting budge t goals doing this, but will also enable you to serve more delicious and healthier home-cooked meals to your family.

Earn from you passion

Our passions can also take a good chunk of our budget. If you are a plant mumma like myself, you allot a portion of budget each month to buy plants or gardening-related items. If you are into arts and crafts, you set aside a portion of your salary each month to purchase supplies and materials. But what if you can actually find ways to also earn from these passions? If you are a fledgling writer, you can offer writing services to your blogger or online influencer friends. As a plant-loving mum, you can propagate your plants and sell the propagations to other fellow plant lovers. As an arts and crafts enthusiasts, you can earn extra by selling your crafts or making crafts for other people.

Sell preloved items online

One simple way you can augment your regular budget is by selling preloved items online. You might have some nice baby stuff that your toddler no longer needs or some school textbooks that your school-aged children no longer use. There is a wide assortment of items you can post online and numerous ways you can sell them, as well. You can post on sites like Shopee, Lazada or Carousel. You can also post your items on your social media pages, or if you have the time, you can also host your own live selling on Facebook. Profits from these can very well be used to add to your regular budget or set aside for your savings or emergency fund.

Loans, loans, loans

If you are not too lucky in trying any of the other simple ways to stretch your budget above, and you badly need to get cash before you are paid next, consider applying for a loan. There are many companies now that offer short-term loan and you are sure to find something that fits your financial needs. Just make sure to opt for a reputable and trustworthy company and remember to apply for an amount which you are sure you can pay for in the given amount of time.

Put a curb on your spending

If all else fails, there is really nothing more to do than to put a curb on your spending so you can stretch your regular budget. Create a budget and keep track of your spending that way you can easily determine where the money is leaking. Limit your online shopping to only necessities and go easy on unnecessary expense. And while money is tight, lay off on your store-bought coffee for a little bit and brew your own pot at home. These small sacrifices can go a long way in helping you and the family survive on the budget until your next paycheck.