Paying off debt and taking over your finances is a lot of work and sometimes, it can take a while to see a payoff. But a lot of us are short on cash NOW and need to make changes right away to even survive the month. Others need instant gratification to get motivated.
Here’s a couple of things you can do right NOW to stretch this week’s paycheck.
Cut Your Cable Bill
Utilities are a killer, but if you rank them from most to least important, cable is on the bottom in my opinion.
As long as you’re not locked into a “bundle” plan where it will cost an arm and a leg to change your package, call your provider and drop your package by a tier or two.
Check out the differences in package price from Comcast:
Dropping your package by even one tier could save $10/month ($1200/year). Dropping to the lowest package could save you up to $54!
Cancel a Subscription
After my first two babies I used Weight Watchers to lose the extra weight. The app on my phone was so convenient, but also $20 a month. Now that Ben is six months old, I’m back on Weight Watchers, but I’m using an old school book and slider system that an old friend gave me and still losing weight just as fast.
There are a million subscription services now. TV ones like Hulu, food delivery ones Like HelloFresh, product ones like Birch Box, Bark Box, the list goes on and on. Nothing against any of these services, I even used to subscribe to Citrus Lane in my more frivolous days, but if you’re seriously strapped for cash, using savings or credit cards to pay for necessities, this is something you can easily cut without a huge change in lifestyle.
Picture a bucket full of holes and you trying to keep as much water in as possible. The holes are your bills and debts and the water is your hard earned money. The object is to plug as many holes in the bucket as possible. You do this by cutting unnecessary spending and using this extra money to pay off debts.
A month or so ago I bought three oval picture frames that I was *convinced* I was going to use. Whelp they sat on top of the dryer for weeks. This month I was going to cut it close on our grocery budget and had to drum up some extra funds. Good thing I remembered those frames! I returned them (without a receipt even), put $17 back in our account and two nights worth of suppers in the freezer.
Just because you’ve bought something doesn’t mean you have to keep it forever. If you have a relatively recent purchase and are running short on cash, return it!
If you don’t…
Sell or Consign Something
I do this all the time with old kids clothes and toys. Find a consignment shop or a pawn shop that pays cash up front (instead of waiting until they sell the item). My favorite is The Children’s Orchard. A lot of places will give you a cash offer on the item and offer you a certain percent more if you agree to take store credit instead. This is how you can walk into a store with a box of old clothes and walk out with new items without even opening your wallet! OR, how you walk out of a store with more cash than you had when you went in.
For other types of items, sell it directly to a cash buyer. This has gotten so easy in the world of Craig’s List and Facebook yard sale communities. Just always make sure to watch out for yourself and make the actual sale in a safe place. Find a Safe Deal Zone near you. None close? Arrange to meet in the parking lot of a local police station.
Sell a Service
Use your spare time for spare cash. My best friend drives for Uber at night or on weekends if she needs to make ends meet. Jeff helps people fix their websites on Coppermine. You even get paid to do people’s grocery shopping and deliver the groceries with Instacart. I make crochet items and sell them. You can babysit, walk dogs or do housework for other people on Care.com or privately for people you know. Play to your strengths and interests.
Fast Food Challenge
This is one of our favorites for really tightening the budget. The challenge is not to eat any food that isn’t groceries. No coffee drive through, no lunch in the caf at work, no vending machines, pizza delivery, restaurants. Nada. Framing it like a “Challenge” in your mind and getting your partner on board is more motivating than just saying “oh boy, bagged lunch all week.”
To help resist temptation, I leave my debit card at home when I leave the house. Its just too tempting to get an iced coffee on the way to work and then cruise down to the cafeteria if the morning is slow or the lunch I packed isn’t interesting enough.
Just don’t go to Target if that’s your weakness (it’s mine). Just don’t go along to the mall with your friends if you KNOW you can’t resist. Don’t cruise the clearance section looking to justify spending with “but it’s on clearance!” Don’t check your favorite deal sites (mine is Zulily. Love it.).
Take a walk instead. Or go to the library and borrow the book you were going to buy (they lend movies and TV series too). Take your kids to the local playground instead of some place that charges admission like a zoo or themed park.