You’re using coupons at the grocery store. You’ve cut out the daily latte. You’ve canceled subscriptions you can do without…and still you’re having trouble making your dollars stretch to your next paycheck.
It’s a common condition given today’s soaring prices of everything from gasoline to toilet paper. Financial advisors suggest three good ways to help your money go further:
- Start with a budget – It’s hard to keep track of where your money is going if you’re not sticking to a plan. Start by listing fixed expenses such as rent, utilities, car payments and insurance. Put at least five percent of what’s left in a savings account. Then list the expenses over which you have more control, such as food, entertainment, and clothing. Take your lunch to work. Sub out chili and a game night for dinner and a movie out. Determine to make last year’s winter coats do another year of duty. Decide how much you can afford to spend at the grocery store each week and still have a few bucks left over – and stay within that number, even if it means subbing a hearty soup or chicken-thighs-on-sale for several meat meals.
- Walk, bike, and don’t make unnecessary trips – Plan your errands and do as many as possible at one time. Walk or get reacquainted with your bike for as many trips as you can manage. It’s good for your health and you’ll save a little – or maybe a lot – on gas and the cost of car maintenance.
- Use that piggy bank – Empty the coins in your pocket or purse each night into whatever passes as a piggy bank. You won’t miss the change, and you may be surprised at how much you will have banked at the end of a month. Reward yourself with a latte or a lunch out. Then park whatever’s left in your savings account and start all over again.
