Spend Less, Earn More
There are many different ways to spend your money. But maybe you want to make more money, too? It turns out that there are a lot of ways to do this—and these work better than simply going into the office and working more.
Some people tell you that when they want more money, they go back to school and get their degree. They say it's the best way because in addition to getting an education, you'll also be building a network of connections for years to come.
Others will tell you that the best way to make more money is to get a promotion. After all, you'll be expected to do more work and receive a higher paycheque.
Still others will tell you that the best way to make more money is to go out there and hustle. Network! Pitch! Sell!
And hey, there's nothing wrong with any of these options. But if you're looking for another option—a cheaper option—here are some ways to spend less and earn more:
1. Do less work for fewer hours.
We all have the same amount of time in a day. So if we cut our time in half and work just 5 hours a day, we should be able to make the same money, right? This idea has its detractors—who say that you'll be seen as a slacker and get less promotions. But there are some real advantages here—you're not going to work yourself into the ground, you'll have more time with friends and family, and you won't feel like burning out.
2. Work full-time for fewer weeks per year.
Here's another way to spend less and earn more: take fewer weeks of vacation or holidays per year. Then, you can spend those weeks of vacation doing what you want. Some people might worry that this will affect their promotions or reviews—but there are ways to manage your workload while you're out so that everything is covered when you return. You'll still get the same amount of time off, but everything will be covered while you're out and you can spend a full week relaxing with friends and family instead of slaving away at the office.
3. Reduce your transportation cost by moving closer to work.
Gasoline can be expensive—and for some people, it's one of the largest expenses in their budget each month. Try living closer to work if possible. This way, you'll have lower transportation costs and can spend more money on other things.
4. Reduce your entertainment expenses.
How much do you spend each month going out to lunch with co-workers? How much do you drop on drinks when out at the bar? These are some of the easiest ways to spend money—and most of them can be easily avoided. If you're trying to save for something, these sorts of expenses should be cut down first.
5. Make your own meals.
If you're trying to spend less, one great way to do it is by cutting out restaurant meals. Try making your lunches at home and packing them for work. Then, try making your dinners from scratch. It doesn't have to be fancy—it can be really simple dishes like stir-fries or pasta. But it'll mean that you're not spending money on high-priced lunches or mediocre dinners at restaurants.
6. Stop going out with friends as much and this saves hundreds of dollars a month.
If you're trying to save money, try spending less on alcohol. You can always drink at home, for instance. Or you can go for the non-alcoholic version—try getting a refillable water bottle and soda instead of buying that $5 coffee drink from Starbucks.
7. Stop spending money on restaurants.
If eating out is what's keeping your budget in the red, stop going out as often or completely stop going out altogether and this will help keep a lid on your spending. If you want to go out while at work (and there's nothing wrong with this), just find a place nearby and order in instead of going out every day.
8. Plan on eating less at work.
If you know that you're going to have a budget for dining with co-workers, try cutting back this way and save some money. Or, if you don't have a budget for it, plan on eating less at work and bring lunch from home each day—this can save hundreds of dollars each month.
9. Try getting food from a grocery store instead of picking up take-out at the local restaurant.
For many people (especially in Canada), restaurants are one of the largest expenses in their budget each month. So if you're trying to spend less, try getting food from a grocery store instead of eating out. And the best part is that you can use those savings to buy ingredients for meals at home.
10. Become a vegetarian—this is a way to cut your spending on food in half.
Eating at home can be cheaper than going out all the time, but you can save even more by becoming a vegetarian. This will dramatically reduce your spending on meat (which can be one of the most expensive parts of any meal). By cutting meat from your diet entirely, you'll save big bucks each month (especially if you use coupons before buying it in bulk).
11. Use coupons and price matching when possible.
Coupons are a great way to save money when trying to cut back on expenses—and it's something that anyone can do. It just takes a little time, scanning the sales flyers, and the internet for coupons that aren't food related: you'll be able to reduce your spending in different areas.
12. Reduce your spending on entertainment by doing more practical things.
Going out for dinner or drinks with friends is fun—but it's not the only type of entertainment available. Instead of going out all the time, try doing something more practical like going to museums or galleries. These are cheaper options and you'll end up learning something new while having some great conversation with friends at the same time.
13. Offer to pick up the tab on a date—this is a great way to save money on dates.
One of the biggest expenses when meeting someone is the cost of buying dinner or drinks. But if you kick in and pick up the tab, not only will you get a free night out without having bought drinks all night, but you'll have more money left over for other things, like bills or savings for something else.
14. Consider cooking your own meals at home instead of going out all the time.
Conclusion
There you have it—14 tips to help save money and lower your expenses each month. By following these tips, you'll be able to save more money while enjoying the things you love.
And don't forget: a good credit score is something that every Canadian needs. So, when trying to increase savings, keep on top of your payments so that your credit score doesn't take a hit!
Featured Image Credit: CGP Grey on Flickr CC
Image(s): FreeDigitalPhotos.net
Emily is a Londoner from Canada who enjoys music and sports. She's been writing about all things personal finance since 2010, specializing in debt reduction and travel hacking.