The following is a guest post
Do you feel like you’re living hand to mouth, never having any spare cash for yourself once the bills have been paid? It may be time to step back and take stock of your finances. Many of us scrimp and save on everyday things yet pay for cable TV or broadband internet without batting an eyelid. Often we don’t realise just how much we’re paying for these “luxury essentials”, as I like to call them; perhaps because it’s usually a fixed amount per month which we’re used to paying. But no matter what your lifestyle or level of income, there are ways of making more money, or making what you have stretch further.
Clear Out and Make Cash!
The first, and perhaps the most popular, is the garage or yard sale. One woman’s junk is another woman’s treasure, as the saying goes, and it is certainly true in this case! I recommend a total clear out of your home, garage and attic, collecting up anything and everything which either hasn’t been used in the last 6 -12 months, or that you’re not likely to use again. If it’s electrical, make sure it still works and fit new fuses in the plugs if necessary (a little expenditure here will pay for itself later). Wash clothes, polish shoes and make sure all the pieces are in the board games. Ask friends and family if there’s anything they want rid of, that you can sell for them at commission.
Once you got a decent amount of ‘stock’ it’s time to prepare for your sale. You should advertise it in the local papers at least 2 weeks in advance, and see if you can get your neighbors involved too. More stalls equal more buyers! Price everything clearly and reasonably, but don’t be surprised if people will try to haggle even the cheapest items. Even getting a single quarter off the price of something makes a buyer feel like they’ve gotten a bargain!
Switch Your Providers
If having a yard sale isn’t practical or possible at your home, think of other ways in which you can rid yourself of unwanted items and /or free up some cash. Going back to the earlier example of bills; are there cutbacks you can make in this area? It may be possible to receive fewer television channels or downgrade your internet package and therefore reduce the monthly amounts you pay. If you have utilities such as TV, phone and internet with different providers, is it possible to switch them all to one? Or vice versa, switch to different providers for each one: are you paying more for the convenience of a single monthly payment? If you take all these things into account, and do a little comparison of package prices, you may be surprised.
Got a Credit Card?
If you’ve got a credit card which you use regularly, don’t just rush to cut it up in a bid to stop spending the money. Instead, think about switching to one which would work better for you. Provided your credit score (FICO) is reasonably high, you should qualify for a cashback credit card which accepts balance transfers from other cards. A cashback card will earn you a percentage of money spent on it, so in effect you’re getting paid for spending money! Just be careful to pay the balance back in full each month (or as much as you can), otherwise the interest might negate the cashback. Reward cards are another example of credit cards which give you something back, except in their case it might be coupons for money off fuel or purchases at your favorite stores instead.
Cut and Save
If you haven’t already, discover the wonderful world of coupon-cutting! A couple hours a week spent going through the magazines and newspapers, and through online vouchers sites, can yield several dollar’s worth of savings. A top tip here: only gather coupons for things you’d normally buy at full price. If you buy a multi-pack of chips or a laundry detergent purely because you’ve found a coupon for it, you’re not really saving money.
There are of course hundreds of ways in which to save money on everyday things, but I’ve just talked about a few of the most common ones, which I swear by personally.
Louise Tillotson is a British financial writer who works for Moneysupermarket, a UK price comparison site, and has written for a number of financial websites both sides of the “pond”, on topics such as unsecured loans, debt and bank accounts. Her particular favorite topics are parenting and frugal living.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
