I’ve noticed that many people are struggling to make ends meet and just looking for a little extra cash to get along. There are a few simple things to do that will bring you anywhere from several hundred to over a thousand dollars per month. You can use this not only to have more of a savings and more of a stable financial setting, but you can also use it to get a good start on any business you might be starting.
Get Rid of Anything
Get rid of any services that you don’t really need. If you have 1,000,000,000 cable channels, maybe downgrade that to the minimum and get rid of all the movie channels that you never watch anyway. This can easily save you $50 or more (or even more if you get rid of cable completely).
Bring Lunch to Work
Bring a lunch to work, or eat out less. This doesn’t mean you need to be cheap with your wife or sweetie pie, but if you find yourself eating out almost every day, try to minimize that. This can save some people anywhere from $200 to $400 or more a month. Just try to eat normal meals in and save the going out for the special times.
Quit Smoking
If you have any bad habits like smoking, try quitting. Not only will this improve your health, but you could save anywhere from $150 to over $300 a month — plus your wife will stop nagging you to quit.
Throw Away Cell Phone
If you really need a cell phone (completely understandable), try to keep the minutes in check and try to get rid of any of the extra features that you pay for by never use. Doing this can save anywhere from $10 to several hundred a month.
Limit Your Budget
Try to set a budget for yourself as far as shopping goes. Doesn’t matter if you’re shopping for clothes, food, or whatever else. You don’t need many of these things, and you should try to limit your spending here. If you set a fair limit, you’re still able to get those new clothes and the like, and you probably won’t miss too much (but you’ll save anywhere from $100 to $500 a month).
Look for Cheaper Alternatives
For your entertainment, try to sometimes think of cheaper alternatives. There are plenty of cheap to free things that can be just as much fun and cost a lot less. Instead of dropping $50 to $100 on a night out, try to budget yourself to keep it under $30 or so — and limit the number of times you go out.
Try Off Brands
Doesn’t matter if its food or other products. Many off brands not only taste the same or better, but they often are either a better quality or have much more quantity to them.
Limit Your Credit Cards
Here’s a big one. Try to limit your credit cards! Just because you can get a credit card to purchase that $3,000 tv doesn’t mean that you should. The interest rates alone on these can you a bundle. A $3,000 tv can all of a sudden turn into a $6,000 tv over time. Limiting yourself here will not only directly save you money, but not having those high interest rates will save you hundreds to thousands more.
Look into Used Items
Look into some used things instead of buying everything new. Some used cars can be great deals, and they can be much more within your budget. Looking for a new tv or stereo system? Try checking out the classifieds first. This doesn’t mean you have to buy crap — look for high quality used items.
Don’t Buy Frivolous Things
And finally, don’t buy anything that you can’t afford. If you can’t afford that new tv or car, don’t try. This will send you into a world of never-ending debt and make it nearly impossible for you to get out of.
Negotiate Your Debt
If you are in debt, try to negotiate with your creditors. Often times, you can negotiate your debt down to 50% or less. I know a person who was able to pay off a ton of debt and did so with only paying 40% of what she owed (and her debt was fully paid off). To the creditor, some is better than nothing, and if they think there’s a risk of getting none, they will bargain with you.
Give Extra Payment
If you own a home or car that you are still paying off, try to give one extra payment a year. This might not seem like much, but it can save you $100,000 or more on a house in the long run.
Ultimately, what you do is up to you, but if you follow these tips, you’ll find that you’ll have a lot more money to play around with. Even doing a few of these things will bring you a decent extra income and probably won’t “hurt” you in anyway.
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