When your income barely covers your expenses, “stretching” your dollar can definitely go a long way. To stretch your dollar means to make the most of the money you do have. Learning to live within your means is a major part of financial freedom. The CGS Team is sharing 5 ways to stretch your dollar and get the most bang for the buck you do have!
#1: Use cash for every purchase.
Giving yourself cash to use for daily purchases, instead of credit, is a great way to stay within your budget. Once your cash allotment is depleted, there should be no reason to spend any more money. This is also a great way to still allow yourself to spend without feeling deprived.
#2: Make your own coffee.
If you’re anything like the ladies of the CGS Team, then you have a thing for tea and coffee. Not just any tea and coffee, but those of Starbucks, coffee shops, and even drive-thru restaurants. However, being able to make your own tea and coffee can save you some serious bucks. The CGS Team is breaking out the Keurig, and so should you!
#3: Maximize your savings opportunities.
We probably sound like a broken record, but utilizing a high interest savings account is one of the easiest ways to make money off of your money! Online banks like Synchrony offer up to 3.75% in interest, as opposed to common banks like Wells Fargo who only offer .10%. You can also utilize coupons and credit card rewards to save. Coupons provide immediate saving. Credit card rewards, like cash back, is a way to save money when spending, although it may not be immediate.
#4: Keep the change.
Loose change adds up, especially when you are using cash for your purchases. Start throwing loose change in a jar, without picking out the quarters! If your jar is full after 6 months, take it to a Coinstar machine and cash out! Not full after 6 months? No problem, keep adding change and it will be full in no time.
#5: Go on a financial fast.
The best way to stretch your dollar? Don’t spend it at all! Try a 2 week financial fast where you don’t buy anything. Of course you can pay your bills and living expenses, but anything additional is off limits. If you can go 2 weeks without caving, try another 2 weeks, and then another. Before you know it, you’ll have extra income at your disposal.
Related: 5 Simple Ways to Save.
How do you stretch your dollar? What ways do you save money on a daily basis? We want to hear what works for the CGS members! Leave a comment below to share!
2 thoughts on “5 Ways to Stretch Your Dollar”
Love this article! At the beginning of the year I started using cash only for purchases and have noticed I’ve been saving a lot more!
I’m right there with you @kaylabrenae Using cash makes a huge difference! Ladies, have you read the “5 Ways to Stretch Your Dollar” post? Have you tried any of these tips? @alexjochmann @melanie-olson @lwaaf7 @safenn @bailydm