Thursday, January 8, 2015

Making Your Household Income Stretch

Whether you are employed or a homemaker, there are some simple things that you can do to make your household income stretch. 

With prices hiking, it is sometimes easy to overspend. However, with a few simple tips, you can stretch that household income to have everything that you need for yourself and your family. 

Here are a few simple tips that you can follow:

  • Have a budget – It is best to stick to a budget when spending, whether it’s for groceries, gifts for the holiday season, or vacations. You have to know what you are capable of spending comfortably. Not only that, you also have to stick to the budget that you set. Find cheaper alternatives, look for discounted items, and go to thrift stores. You will be surprised at how much money you can save by doing these thing
  • Buy used items – You don’t need to have all new items for your home. Instead, look for second-hand items and spend smartly. If you are looking to purchase a car, buy a used car instead. If you need new clothes, go to second-hand stores. These are some of the things that you can do in order to make your income stretch. Just make sure that the second-hand items that you purchase are still in good condition.
  • Downsize – Check your surroundings. Do you really need a big house? If you have more space than you really need, maybe it’s time to downsize. If you need to stretch your income, consider moving to a smaller place. This doesn’t mean that you have to live in a cramped space. It just means living within your means and letting go of the things that you don’t need.
  • Eat at home – Eating out is fun for the entire family, but you can make your income stretch by staying at home and preparing meals on your own. Get your coffee at home in the morning, prepare easy dinners, and look for recipes on for easy meals that you can prepare in just a few minutes. When you eat out, you spend double or even triple the amount that you pay if you prepare your own meals.
  • Save on electricity – You can also stretch your income by saving on electricity. Make it a point to turn off all lights, electronics, and appliances that are not in use. During the daytime, make use of natural light instead of turning on all your lighting. Doing this can save you hundreds or even thousands of dollars each year.

These are some of the tips that you can follow in order to make your household income stretch. You don’t need to have a lot to live comfortably. If you practice smart spending, you will notice that your salary will be more than enough for all your needs and maybe even accommodate some of your wants. Be creative and make wise decisions, and soon, you’ll even have enough savings in the bank that you can spend on something that you have always wanted.


Brenda said...Best Blogger Tips[Reply to comment]Best Blogger Templates

Thanks for the great ideas. Our oldest son just started college this year and we've been trying to do everything we can think of to save money. I hadn't thought about buying used clothes, thanks for the suggestion.

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