How to Stretch Your Money Further | St. Johns Bank

Everyone experiences times when money is a little tight and being cautious of spending is a necessity. Sometimes this occurs when the price of living increases, or maybe your income changes.

When you need help stretching your money further, these tips can help you continue to live comfortably without breaking the bank.

Small Changes Can Add Up

A huge life overhaul may not be required when you need to make your dollar stretch further than before. Small changes, or regular habits, can help cut costs in many different areas.

Shop Smarter

Grocery costs take up a large amount of many households’ budgets. According to experts, only 5 to 15% of monthly take home pay should be put toward your grocery trips. This percentage varies depending on income, how many people are in your family and geographic location.

Setting a grocery budget that is realistic for your lifestyle will help cut down unnecessary costs. Utilizing grocery pickup, researching sales and using coupons can also be beneficial for stretching your dollar further.

Find Free Fun

Having fun doesn’t have to come with a big price tag! There are many free activities in your local community waiting to be found.

Some ideas of free fun include local museums, festivals and picnics in the park. When the weather isn’t ideal and staying inside is preferred, the internet is full of fun indoor activities to keep children occupied.

Do an Expense Audit

When was the last time you looked through all of your household expenses thoroughly? Chances are, there are expenses that are rarely used and can be eliminated completely. Search through bank and credit card statements to get a good understanding of where your money is going.

A good place to start is subscription services. Are all of the streaming services that are automatically withdrawn from your bank account being used regularly? If not, it’s time to cut them off. Do the same for every other expense your household has.

Stretching your money further can feel overwhelming, but with small changes, it is possible.

To explore the ways we can help you with your financial service needs, visit our website today!