ARE you battling to make it from one pay cheque to the next?
Do months feel like years?
Then follow these eight easy steps on how to stretch your money so that you can stress less and live a more comfortable lifestyle.
Freeze spending habits
Go on a spending freeze with your partner, colleagues or best friends.
Avoid the inflated costs of eating and drinking out by buying inexpensive wine and snacks.
Create the ‘Biggest Debt Loser’ competition with your friends.
That way, you can share with each other how you’re cutting your costs by negotiating lower cellphone bills or interest rates.
Invest your money
Put your money to work for you instead of working for money all your life.
Over time, investing in well-performing stocks and bonds can build a sizable nest egg, helping you get more out of your finances.
Pay with cash whenever possible
Pay in cash for whatever you can, using envelopes to divvy up your money and keep you within budget.
Using the envelope method as a budgeting tool is a simple way to divide up cash according to your monthly expenses.
Using this system will prevent you from going over budget.
Maximise your saving opportunities
Always look for a way to save and do not let saving opportunities pass you by.
Use coupons or gift cards for purchases.
Maintain cash flow
Always have a consistent cash flow so you do not have to stretch by weighing up your wants versus your needs and long-term financial goals.
Curbing your spending on frivolous or unnecessary purchases leaves more money available to free up your budget.
Put grocery spending on a diet
A surefire way to stack up discounts is to visit discounted gift card sites where cards are reduced up to 25 percent below their face value.
Then you can stack those savings in tandem with regular coupons and grocery rebates apps.
Use this method every time you go food shopping.
Learn the art of negotiation
Whether it’s haggling over the price of a new car or seeking a raise at work, negotiating for a better rate is a proactive, successful way to stretch your money.
Negotiate, even when you think you shouldn’t.
Do not be afraid to ask, as you never know what kind of deal you could get.
You can even negotiate revolving expenses, such as your insurance rates, cellphone bill or even your monthly rent.
You will be glad you did when the savings add up.
Be mindful of your spending
The key to stretching the value of money is to spend on things that dramatically enhance your quality of life and stop mindless spending that does not add any value.
Next time you’re getting together with your friends, instead of going out for dinner, why not order in a couple of pizzas and beers and split the cost among the group?
Trade one good time for another, save yourself about R200 each time out and you’ll be way ahead of the game.
Take this approach as often as you can, and watch the financial benefits pay off.
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