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4 Ways to Make Every Penny Stretch in 2017

4 Ways to Make Every Penny Stretch in 2017

Budgeting is something that most people hate to think about. Strangely enough, when they actually start to get into budgeting they find that they actually enjoy it. Not only does it give them more control over their life, but it relieves the stress that comes from not quite knowing how much money you have and if you are going to make it until next month. If being less stressed and having more control is something that is appealing, then keep reading. Here are 5 simple ways to help accomplish your budget this year.

1. Eat out less

Many people do not realize just how much they spend eating out each month. If you eat out for lunch every single day, you are probably spending upwards of $150 to $200 on lunch. That is the price of a decent car payment! If you choose instead to bring a lunch from home and save that money, the options are endless. You could get an upgrade on a car, create an emergency fund, save for retirement, or save up for a big summer vacation.

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2. Food savers

Food savers are one of the fastest growing trends in the last few years. The idea is that if you can make many meals at once, and then freeze them, you can save money and time, while still enjoying delicious meals. Many people will make up to 30 days worth of meals, put them in the freezer, and then spend an entire month without cooking.

Most of the meals can be warmed up in a crockpot, essentially requiring 5 minutes of time to have a healthy, delicious dinner. This will only save you money if you don’t overspend on a food saver. Try to get one that will last, but not cost more than it is worth. You can find some good medium-range food savers and reviews here.

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3. Carpool

If you have not budgeted then you likely do not even realize how much money you are spending on gas each month. The truth is, the average person spends almost $250 on gas every month. A majority of that is likely driving to work. Doing something as simple as finding a friend or co-worker that goes in the same direction can save another $100 a month.

Carpooling is also great for the environment and a great way to meet new people. With all of the benefits, why not give it a shot? If it doesn’t work then it is easy to go back to driving yourself.

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4. Pay of debt

The average American has a significant amount of debt on their credit cards. This may not seem like a big deal, but most credit cards have extremely high interest rates. This means that the average American also spends upwards of $100 a month just paying off interest. This is not paying off actual debt, this is just paying off interest. This is essentially money that is just getting thrown away. Pay off your debt and then focus on not getting back into debt and a significant amount of money can be saved each month.

5. Check insurance

Many people have had the same insurance company for years. A lot of things change in years and while that company may have been the best deal a few years ago, you could be drastically overpaying now. If you have the time, try shopping around with a few different insurance companies to see if rates have changed. You may be surprised.

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All of these have the potential to save hundreds of dollars a month. That money can be used for dozens of better things if it is saved and utilized. All of that on top of the increased satisfaction that budgeting brings makes it a no brainer!

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Spencer Mecham

Personal Finance Coach, Digital Marketer

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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Featured photo credit: Austin Distel via unsplash.com

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