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Give yourself a raise even if your boss doesn’t

Do you need to increase your cash flow to make your monthly budget work? Almost everyone could use a few more dollars each month. Fortunately there are ways to give yourself a raise even if you don’t get one from your work.
How can we give ourselves a raise?
If you didn’t get a raise this year or it wasn’t as much as you hoped to receive, you can still have more money in your monthly cash flow.  It requires making a few changes to what you spend and your spending behaviors but it can add up to nearly $12,000 per year.
What are some of the obvious places to make changes?
It starts with food related activities. If you can brew your own coffee at home and brown bag lunch your savings can be as much as $250 per month.  If you eat out twice a weekend, reduce that by 50% and you will likely save another $150 per month.
What other monthly expenses should be considered for reduction?
The most obvious two are monthly cell plans and cable/satellite TV plans. Going back to the basics on both of these can create savings of nearly $125 per month. If you don’t use your landline, think about cutting the cord and save another $50 per month.
Where can we find more money?
Review your insurance coverages and premiums because this is a great place to lower expenses. If you have an emergency fund, you might be up to increase your deductibles and bundling all your insurance might net you saving of up to $100 per month.
What are other ways to find savings that are not obvious?
Two that are easy to do are: Review your accounts and services with your financial institutions. Make sure that you aren’t paying for something you no longer use or are missing out on rewards should be earning. The other not so obvious place to save is using store loyalty cards to earn savings. These two activities can very well net another $100 per month towards your cash flow.
What about a behavior change that can net positive cash flow?
This one sounds simple but if can be very difficult because we are all time starved. Don’t shop at one place for everything that you buy on a regular basis and try to eat out of your fridge/pantry before going to the store. Buying from multiple stores can create savings of $100 per month and not throwing out food can save someone another $50 per month.
Are there more ways to save?
For some this might be the extent of savings potential but everyone probably has some vice or way they spoil themselves or a savings activity that refuse to do…maybe it is with pedicures, overpaying for haircuts, not using coupons, that just by making a few changes could net another $50 per month.
Where should all the savings go?
Increasing your emergency fund, saving for irregular expenses such as gifts and kids sports dues, and saving for planned expenses like vacations and furniture. All items that if you can save money for them will only help keep your budget on track and your debt from increasing.

Posted: 3/17/2017 with 0 comments

Categories: Budgeting, Financial, Money, Money Matters, Saving, Spending

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