If you’re like us, you cannot be taking lots of trips throughout the year. There’s just not enough time we can get off and money we can save. BUT there are always things you can do to save money.
Budgeting is easy but staying on track is hard. First you should write down what you are spending a month including rent/mortgage, food (grocery shopping and eating out), school (tuition, parking, books, etc.), phone bill, car payment, gas, insurance (life, house, car, etc.) , pets (food, toys, vet bills), shopping and what ever else you can think of. There are going to be flexible cost which you should focus on to change. Those include shopping, food and anything leisure.
Creating a budget is going to be important to stay on track. Create columns for monthly expenses that are non flexible, monthly expenses that are flexible and monthly income. Review the flexible expenses that you can remove.. like morning coffee, shopping sprees and more. You will then be able to see what you come out with per month and go from there.
Here is a hypothetical side by side budget of the difference if you were to not spend any extra money a month. You can see that you you can save hundreds of dollars just cutting down the expenses that are not necessary.
Tips on making/saving Money
1. Working a second job
Working a second job is a great way to save a little more money. Like myself I have a second job. I do have a full time 9-5 job and I am able to work on the weekends and if I need i can work after my 9-5. The downfall with a second job is that you will literally have no life. With the second job which is in retail and is about minimum wage here in Ontario, Canada; I can make about $250 bi-weekly.
2. Working overtime
Overtime is just as good because you are making that little extra. It does suck because a lot of times when you do see your paycheck after taxes its sometimes not worth it.
3. Collect your loose change
Keep all the loose change you can. It doesn’t seem like much but it will add up. After you buy your morning coffee keep that change and put it into a jar or piggy bank. Even if you collect some change that you have found on the road or sidewalk.
4. Collect cans/ bottles
Collecting can and bottles will help get back a little bit of money. There are recycling programs where you get either $0.05 – $0.10 per bottle depending on where you live. This is a little tedious but could be work it in the end. This option also helps with the environment!
5. Eat out less
Bring your lunch to work instead of going out for lunch. Instead of going out of dinner.. shop for that food at the store and cook it at home. The average meal in Canada costs about $20 (without a drink). Say you eat out 3 times a week that will add up to $3120 a year.
6. Make your own coffee
Stop buying a morning coffee and make one before you left the house. I personally have also stopped buying a coffee every morning and making my own which has actually helped saved over time. The average coffee is about $3.30. Have a coffee every morning before work is going to be a total of $858 a year on just weekdays.
You will for sure find something you haven’t used in years. Those things you don’t use can be sold for a little extra cash. I’m sure there’s something in the garage, attic or deep in a closet. Try to sell it or bring it to your local pawn shop to see how much you could get from them.
8. Rent out a room
If you have an extra room in your home/ apartment that you do not need try to rent it out. If you are not going to be around for a while rent out your whole house. This will help with any payments you would have to make out of pocket.
9. Odd jobs
If you continue doing odd jobs the money will add up. Some small odd jobs include cleaning, yard work, pet sitting/walking.
10. Cancel monthly subscriptions
Canceling subscriptions could save you hundreds that you didn’t think twice about. Netflix is about $10.00 per month, Hulu is $5.99 per month (basic package), Disney + is abou $6.99 per month and Amazon Prime is about $12.99 per month.
11. Quit the gym
Lots of people are spending tons of money for gym memberships which they either don’t use as much as they can or at all. Starting from $10.00 per month up to $100.00 per month it is worth it to save that money. You could save anywhere from $120-1200 a year.