How To Save Money Without Getting a Second Job

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In Today’s world the word budget and savings can bring on anxiety for just about anyone. At times we can feel as if there is no wiggle room or way to get ahead without finding another job and we are already exhausted with the one we have! Try a few of these ideas to help build your savings account without adding another job title!

 

1. Decide What to Cut Out

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Look through you bills, hobbies or even the amount you spend eating out or shopping. Decide which of these things you can cut out or do without. Then put that amount away or aside in a savings account or “money jar” and watch the savings add up!

 

2. Consider Changing Your Current Job

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You may not want to work two jobs but is there another job you have had your eye on that pays more? Maybe you were considering a job or career change that could boost your income.

 

3. Pay Yourself

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In all of the “savings advice” that I have ever heard I do remember the tip to “Pay Yourself”. Sounds nice right? Of course it does. Think of a weekly, bi weekly or monthly amount you would like to put away to start saving. Maybe it’s only $5.00 per payday or $20 per week. Either way it is always a great thing to start. Think about starting small and slowly increasing the amount as you get use to not having that money in your regular budget.

 

4. Work Overtime

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Does your employer offer overtime? If so, take on a couple of extra hours per week and use that money alone to start a nest egg.

 

5. Collect Your Spare Change

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In our house we have always had this little jar or pot that my husband throws his change into each week. After a while it becomes a good amount of money that we can bring to a coinstar machine. Also it is a great way to have “rainy day money”. It may not be huge savings but every penny counts as a financial gain.

 

6. Ask For A Raise, More Duties at Current Job

Have you been at your employer for a long time with no recent raise or promotion? Think of a strategy when talking to your boss about a possible pay increase. Use that increase each payday to start saving.

 

7. Rent Out Your House Or Car

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Have you heard of this idea before?! This is a new one for me but there are websites and social listing sites such as Airbnb.com and Relayrides.com where you can list your home or car for rent. Do you own a large house? Maybe you travel frequently for work and could make an income off of someone staying at your place while you are gone. Do you have multiple cars that are not used often? Rent one out.

 

8. Shop Smarter

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Whether it is for groceries, clothes or eating out. Do price research, couponing and most of all ask yourself if it is a necessity. Just make an effort to be an all around wise shopper. Keep a diary of your spending so that you will make yourself accountable for what you spend each week and you will be less apt to spend it. Using cash only, helps as well.

 

9. Adjust Current Bills

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Are there any bills that you can reevaluate? Look over your Cell Phone, Cable, Internet and other bills that you may be able to renegotiate at a lower cost. You may be able to save yourself $20-$100 per month. For example, my Cable Bill went up and when I researched their competitor’s prices and called to threaten to switch, they lowered my monthly price. Be sure to give it a try!

 

10. Consolidate Credit Cards

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Do you have more than one credit card or just one with a high balance and interest rate? Look for a new card that will offer you 0% on balance transfers! I have done this many times and have saved a ton in interest. This will also help you pay down your “loan amount” much quicker.

 

11. Refinance

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Do you own your home or car? Check with local lenders and mortgage brokers to refinance. Most times you can lower your interest rate, length of loan and monthly bill just by refinancing.

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