A high-paying job doesn’t guarantee financial comfort anymore. According to Fortune, many six-figure earners are “living the illusion of affluence” while juggling side hustles and stretching meals.
They are increasingly shopping at Dollar Tree and Walmart to stretch their paychecks.
As a longtime frugal liver and a fellow “need to stretch my paycheck” person, I say, “welcome! We have just the tips for you!”
1. Create a Budget
Before you can save money, you need to know where it’s going. The first money-saving tip is to create a monthly budget to gain control of your spending. You need to track your income and expenses to see where your money is going.
2. Cut Unnecessary Subscriptions
Do you really need those subscriptions that you barely use? Review your credit card bills and cancel any subscriptions you can do without. Anything you don’t use regularly should be cancelled. You can always sign back up if you really need to.
3. Cook at Home More Often
Eating out can be costly. Cooking at home not only saves money but also allows you to enjoy healthier meals. If you eat out frequently, start by cutting down one night a week, and then add more nights as you become more comfortable cooking.
4. Use Cashback and Rewards Cards
You need to do some spending. Get rewarded for your spending by using cashback and rewards credit cards. Switch your necessary spending to a credit card that offers cash back or rewards on every purchase.
5. Buy Generic Brands
When you go shopping, choose generic brands over brand names. Generic products are often just as good as name brands but come at a lower price. Always choose these first when going shopping. Generic should be the default.
6. Shop for Groceries With a List
Make a grocery list before you go shopping. Plan your grocery shopping in advance and stick to your list to avoid impulse purchases.
7. Cancel Unused Gym Memberships
If you’re not hitting the gym regularly, it’s time to say goodbye to that monthly fee. If you decide to go again in the future, then you can sign up again.
8. Sell Items You No Longer Need
Declutter your home and make some extra cash by selling unused items online or at a garage sale. If you haven’t used it in years, it’s time to let it go. Of course, if you have a storage unit filled with stuff, get rid of that first!
Feeling overwhelmed by clutter? Join the 30 Bags in 30 Days Declutter Challenge and take the first step toward a more organized home! This free printable makes it easy to stay on track with a straightforward goal each day. Download it now and start clearing space for what truly matters.
9. Reduce Energy Consumption
Lower your electricity bill by turning off lights when not in use and unplugging appliances when not in use. Although it may not seem like much, cutting down even a bit of your electricity use can add up over time.
