Four ways to find cash
When you’re counting quarters at the coffee shop to pay for your morning latte, you may think you’ve hit a new financial low.
But what if you had a secret money stash that you never knew existed?
The good news is, you do! Finding new ways to save and better utilizing what you have can have a big impact on how much cash is in your purse. There are a few areas that offer you cash opportunities, and by making a few small changes, you can quickly find them and free up more of your income.
1. Make spending cuts in five categories
Do you usually spend $5 on a large latte every day? Instead, go small and pocket the savings. If you spend $70 in groceries each week, cut out some of the necessities and only spend $50.
By examining specific categories that you spend on each week, and vowing to cut down and put the additional savings in a separate account, you can still enjoy your usual activities and find easy ways to increase your savings. The key is to be specific with how much you want to save in each category, however.
If you’re accustomed to spending $100 on your phone plan, switch to the $80 and put the additional $20 you would have spent in a separate account. This can ensure you’re saving a steady stream each month.
2. Pay with cash
Using credit to pay for everything may be convenient, but if you carry a balance on your card, you’re giving away your hard-earned cash by paying interest. When you pay with cash, not only will you avoid additional charges, but it may force you to rethink whether certain purchases are necessary once you see the bills leaving your wallet.
3. Have a sale
When is the last time you donned your prom dress or used the food chopper that’s collecting dust on your refrigerator? If you have a pile of stuff in storage, around the house and in your closet that is not being used, it’s time to sell those items on eBay or have a yard sale. Not only will you have more cash in your pocket, but you can clear out some of the clutter in your home as a bonus!
4. Address poor habits
Poor habits, such as smoking, drinking and eating junk food, are not only bad for your health, but they’re expensive. Rather than draining your accounts to indulge in something that is not good for you (and may likely increase medical bills down the road) make a goal to cut out these habits and put your money toward your financial and physical health.