Simple ideas can help add cash to your wallet
What would you do with an extra $100 a week in your pocket?
With back-to-school shopping completed and Christmas products already lining stores’ shelves, I’ve been thinking about how I’ll be budgeting for holiday spending.
I’m strongly opposed to paying for presents on credit, and prefer to have saved up the cash we need by trimming expenses elsewhere.
I recently sat down to take a hard look at our budget, and figured out a few places where I could trim $50 to $100 from our weekly spending. By starting now, I’ll have more than $800 in the bank for guilt-free Christmas shopping.
These tips apply beyond the pending holidays, too. You might be experiencing an income shortage, want to make a lump-sum debt repayment or RRSP contribution, or even take a vacation.
Cut your services. Check with your phone, Internet and cable providers, and reduce your packages to the basics. Or, consider eliminating certain services, such as cable TV, altogether.
Start meal planning to reduce waste, and substitute generic brands for their more expensive counterparts. Prepare more meals based on vegetables and beans instead of more costly meat.
Take a break from buying items such as jewelry, clothing and sport equipment. These items are usually wants disguised as needs. Ask yourself, if you had to decide between the item and food for the day, which would you choose?
Say no to events where you’ll be tempted to overspend — charity fundraisers, nights out at the bar or your favourite store’s customer appreciation sale.
Stop outsourcing. Clean your house yourself, do your own nails and mow your own lawn.
Cancel memberships you’re not taking full advantage of — the gym is a big budget buster for many. Were you addicted to Netflix, but haven’t watched it in months?
Sell unwanted items through used good websites or consignment shops. As you spend the weeks purg- ing, you’ll not only have a less cluttered home and cash in your pocket, but you’ll also realize the extent of how much unnecessary shopping you do.
Shop around for better pricing on your home, auto and life insurance. You may be eligible for a significantly lower rate through a workplace program or alumni association.
Pay off your consumer debt. Adam Hill recently took a very active approach to his family’s finances and paying down debt versus maintaining their debt. “Since really focusing on our debt, we’ve been able to pay it down where before it felt like there wasn’t any extra money for debt repayment. We’ve saved a lot in interest by paying down our high interest debt.”
Of course, you can also look to increase your weekly income as a way to find extra money, whether as a permanent or temporary measure. Consider taking a part-time job, approaching your boss for a raise, or offering your services as a dog walker, house cleaner or babysitter to friends and neighbours.