It’s a sad fact of life that many of the most depressing and stressful concerns that people regularly face on an everyday basis centre around financial issues of one type or another.
In many instances, people are drawn to get rich quick schemes, and other dubious programs for making a lot of money in a hurry, or that otherwise promise to completely transform their financial lives overnight, simply due to the fact that these schemes seem to offer a glimmer of hope in those moments when some extra money would make a real difference.
While it’s rarely possible to actually earn a lot of money overnight, it is certainly possible in many instances to make your money stretch further, virtually overnight, by virtue of a few effective approaches.
Here are some quick tips for making your money stretch further.
If you aren’t already, get serious about using a good budgeting tool
No matter how generally conscientious you may be – or at least think you are – when it comes to spending responsibly, it is almost inevitably going to be the case that you are far less in control of your finances than you might believe if you aren’t very carefully monitoring your budget.
Once upon a time, managing a budget was a more or less inevitably tedious process, that involved diligently keeping ledger books filled in and up-to-date. What’s more, “budgeting” has often been associated with the idea of planning out all your upcoming finances in perfect and accurate detail, with no room for deviation.
Fortunately, these days, there are various effective tools out there that allow you to manage your budget in a very intuitive and straightforward manner, and also to update your budget on the fly as needed.
If you aren’t already using a good budgeting tool to track where every penny of your money is going, doing so may well be the most effective way of helping your finances to stretch further.
Perhaps the most well-known and widely acclaimed personal budgeting tool out there at the moment is You Need a Budget, which involves creating budgeting categories and “giving every dollar a job” once money comes into your account, and not before.
A common experience amongst those who use this system is that they quickly end up saving more money than they ever thought they could, beforehand.
Stop the small financial “leaks” that you might be overlooking
When it comes to trying to stretch your finances out, there’s a good chance that you may end up becoming hyper-focused on the “big things,” while nonetheless neglecting the cumulative effect of the various small expenses that might occur regularly in your everyday life.
Consider, though, that even if one gratuitous subscription to an online service might not amount to much, three or four such subscriptions can start to significantly tilt the balance – never mind when you also factor in other expenses that people commonly incur without really paying as much attention, such as buying coffee when out and about or paying for a gym membership that rarely gets used.
There’s nothing wrong with having subscriptions to digital services, of course. But a great way of making your money go further may be to carefully investigate all the minor expenses that you tend to overlook and to then seal up the “leaks” where appropriate.
Figure out which tasks and routines you can fit into your schedule that might help to create a trickle of additional income
As a general rule, you should be very sceptical if anyone tells you that there’s a particular job you can get started on right here and now, that will make you wealthy in a hurry. If those claims were ever actually valid, everyone would be taking advantage, and the entire social fabric would look very different.
While establishing yourself in a well paying career takes work, time, and attention, however, there are certainly bound to be a few tasks, odd jobs, and routines you can fit into your schedule that can help to generate a trickle of additional income. And, that additional income can often go quite a long way – especially when combined with a good budgeting system.
Filling in surveys for money may be one example of something you could do for a bit of extra money on the side. Or, maybe you could do some freelance work in an area you already have some expertise in, with a company or platform that takes a lot of the time and effort out of the process of finding clients.