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Tips On Making Your Budget Stretch Further


With the cost of living on the rise, there has never been a better time to start looking after your money and thinking of ways in which you can make it go further. Making and sticking to a budget means that you can take an in-depth look at your finances and manage them so that they work for you. Below, we’ll look at how to make a budget, and a few tips on how to make your budget go further, from cutting back on unnecessary spending and sticking to your shopping list.

If you don’t have income left over to save for an emergency, payday loan direct lenders can help you deal with an unprecedented situation. 

Make your budget 

The first place to start when trying to get the most out of your money is to make a budget. You can do this easily by either writing it down so you always have it to refer back to, or you can implement it into an app on your phone so you can have access to it whenever you need it. 

Firstly, you should make a note of your income each month – if you work shifts, and your income is not always the same, try your best to find an average that you can work with. Next, you’ll need to make a list of your recurring monthly payments – these are primary payments that you must pay to live, so things like your mortgage or rent, insurance, energy bills and food bills. When you have added these up, take them away from your income. 

The leftover amount is the amount you’ll have for your secondary expenses. You should also factor in an amount to move into your savings so that you can build up a fund for emergencies. If you have some money left over, great! If not, you’re going to need to think about the next couple of points so you can stretch your budget further. 

Cut unnecessary spending 

If you are trying to stick to a certain amount of money each month, cutting out unnecessary expenses is one of the best ways to save. Look through your bank statements so that you can familiarise yourself with what you spend your money on most, and if you can cut back. For example, if you spend a large chunk of your money on takeaways or eating out, try and cook food at home, and only allow yourself a takeaway as a treat – you will be surprised at how much money you can save. Review your subscriptions too, this could be anything from streaming services or gaming subscriptions, and if you don’t use them, be sure to cancel them! 

Make shopping lists 

No matter which shops you go to, make sure you have a list. If you’re doing your weekly food shop, make a comprehensive list of what you need and make sure you stick to it. A lot of us are guilty of wasting money on items we don’t really need, so taking the time to make your list means you can stay on track. This works well in other shops too, for example, if you’re heading to the pharmacy, quickly make a list before you go so that you don’t deviate! Only buying what you need can help you stick to your budget. 

Pay in cash 

Another great way that you can make your budget go further is to only pay in cash. Taking a certain amount of cash with you when you need to pay for groceries or other products when you’re shopping means you must stick to that amount, no more! Try and leave your cards at home so that you don’t have a safety net that may end up with you buying more than you really need. Physically taking out the money you need to pay for things can also make it easier to keep track. 

Pay off your debt 

Making sure that you pay down your debt is a great way of making your budget stretch further, as it will free up money tied up in repayments. It may seem counterintuitive to focus on spending more money paying off your debt, but the sooner they are paid, the better! You may have to sacrifice money in the short term but paying off your debt means one less primary payment, meaning more money for you to use in other areas, or add to your savings. 


Ram Kumar blogs at DeviceBowl. He is a graduate in Computer Science and Engineering. Addicted to Blogging and Coding.

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