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How to save extra money so you can reach your financial goals


Are you looking for ways to make extra money to pay off debt or save for that piece of furniture you have been dreaming about for months? Here are four tips and tricks you can incorporate to find extra money to put toward debt or savings without getting a side hustle.





Tighten up your budget.

Many want to get out of debt or save up for a large purchase but are hesitant to make cuts to their budget to achieve that goal. Look, I get it, it's hard to make sacrifices from the lifestyle you have grown accustomed to, but doing so will help get you to your goal quicker, and that's what should be your focus. Here's my challenge to you, commit to making cuts to your budget by a certain percentage on individual line items that you control the amount allocated. So what's it going to be? 5%, 10%, 20% challenge yourself, even if you already live a lean lifestyle. 


Do weekly check-ins.

By now, you probably know I am a huge proponent of living with a monthly budget, assigning every dollar a "job." Once a week, sit down with your spouse and go over the week's expenses to see if any budget line items need extra attention and improvement going forward. These check-ins let you see problems and make the necessary corrections right away rather than waiting until the end of the month when it is likely to have become an even bigger issue.


Pay cash for the line items that tend to be easy to go over budget.  

Now we all know that there are those line items in our budget that seems impossible to avoid going over budget. Be determined to set a weekly budget if it happens to be items like groceries or gasoline and pay cash. If paying cash is too hard because stores are not accepting it due to the COVID-19 pandemic. Challenge yourself to keep a running tab of what you spent on your phone or the back of an envelope, basically something that you keep with you at all times so that you can immediately update the budget and track your progress.


Implement a spending freeze.

I would start by doing this for one week and, over time, build up to a month. If you are freezing your spending for a week, try and dedicate one week every other month. Challenge yourself to spend not one dime, take the savings, and apply it toward your debt/savings goal. However, if you are implementing it for a month-long spending freeze, impose it one to two times per year. You will still need to allow a small budget for fresh items like produce, dairy, and other basic staples, but you should limit the amount and stick to your budget. Either way, this is your opportunity to use overlooked or ignored food in the depths of the freezer, pantry, and refrigerator while saving toward your goal. 


So try one, try them all. It's up to you to decide how badly you want to reach your goal, but these tips will help you reach your goal quicker. Don't forget to check out my other money-saving tips blog post.


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Location: Houston, TX, USA

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