It’s no secret that this is the worst time to ask for a pay raise. Many people are lucky to hang onto their jobs at all in the current climate, let alone expect to get a pay raise for what they do –- even if they do truly deserve one.
So does that mean that you can’t look forward to having some extra cash to play with? Not necessarily –- it just means that you have to work a little harder to get it. You see, there are two ways to end up with more money to play with every month: the first way is to earn more, but as we have seen in this situation, this isn’t always an option. The second method puts you in total control however. This involves coming up with savings every month instead.
Where To Find Extra Money
So where do you find the extra money when you don’t get a pay raise or can’t make more money? Saving $10 is the same as earning $10. I guess we would all like to earn $10 if we had the choice, but as we’ve already seen, this isn’t always an option.
There are limits to what you can save each month but then you should also consider the fact that there are limits on what you can earn each month too, particularly if you are an employee.
You can try this method in one of two ways. You can either set an amount as a savings goal each month, or you can simply go through all your finances to see how much you can save (and squeeze from your existing budget). Either way works just as well –- you just have to decide which way you want to go and then, get started!
Find Ways To Save
You’d be amazed about just how many ways you can make this work if you start looking at your finances in more detail. Here are just a few suggestions:
- Look for bulk deals on groceries you buy all the time.
- Cut down on utilities by monitoring your use of gas, fuel and electricity.
- Get a Pay As You Go cell phone instead of having one on a contract.
- Stop buying brand new books and make use of your library card instead.
Here are more money saving ideas to create a frugal household budget.
I’ve tried to offer some diverse suggestions here so you can see that there really are savings to be made in every area of your life. A lot depends on how much better off you want to be each month and how much you want to pare back your living standards for the time being. Of course, the ideal situation would be to reduce your outgo without this affecting your lifestyle.
Are the extra savings really worth making in this way?
The answer is “Yes, of course”! Even $30 saved each month –- which is pretty easy for most of us to do –- will mount if you transfer it into your savings accounts each month. If your outgo is more than your income, then you’ll need to sit down and find a way to tip the balance in the other direction before you do anything else.
But if you do have money left over at the end of each month and you’d like to grow that amount, try building your savings as much as you can. Even a dollar saved here and there can make a big difference at the end of the month. Write down every small amount you’ve saved and see how much it adds up to after thirty days. I think you’ll be pleasantly surprised.