5 easy ways to get more from the money you earn.
Most of us have some friends who live stylishly—and seemingly effortlessly—on tiny paychecks. What separates the frugal few from the legions of folks who live beyond their means, even on big salaries? Many times, it’s their creative approach to getting more from the money they make.
Here are some ideas on how to stretch your paycheck.
1. Use the one-week rule.
If money is tight, hold off on all non-essential purchases for seven days. You may find that you lose interest in some of them.
2. Know your personal budget busters.
Many of us have an Achilles heel when it comes to impulse spending. For instance, you may find you can't visit an online bookstore without ordering a new book, even if you have 10 unread books piled on your nightstand. Figure out what your No. 1 impulse purchase is, and force yourself to use up your "inventory" before you add to it again. Read that pile of books before buying another one. You'll be surprised at your savings.
3. Invite friends to free activities.
Instead of making restaurant dates, suggest that you get together at a street fair or attend a free concert or museum event. It’s easy to keep your social life going without spending a fortune.
Savings Tip #6
If money is tight, hold off on all non-essential purchases for seven days. You may find that you lose interest in some of them.
4. Tap the power of rewards points.
Make sure you're signed up for any rewards programs run by the retailers, banks and credit card companies you use regularly. Check out their Web sites to see if they offer these programs. This is a great way to expand your purchasing power without spending additional money.
If the rewards you get from a program are for merchandise or gift cards, save them for things you need, such as coats for your children. You'd be surprised at the points you can earn from ordinary purchases you make every day. One diaper company offers gift certificates to major stores and name-brand toys as a reward. A national supermarket chain offers points you can put toward plane flights.
5. Rent the things you need.
You can rent everything from handbags to power tools by using services from local retailers or from those that advertise on the Internet. If you're thinking about buying something you'll only need for a short time, this can be a great way to save money - and reduce household clutter.
Take action now.
Spend an hour checking out the Web sites of the retailers, banks and credit card companies you use to see if they offer rewards programs for your purchases. Signing up for a few may boost your purchasing power.
What's next? A "Get out of debt" checklist
