Ways to Save Extra Money
When you create a plan to pay down your debt and save money for the future, you may want to look for ways to increase your income. By using this checklist, you can find money-making strategies that work for you and make a plan to put them into action. Here's how it works:
- Download Ways to Increase Income and Resources: Checklist to help you identify ways to increase income and free up resources.
- Decide how you will use the extra money, and put it into practice.
- Make it a family affair. Get your whole family involved in an effort to reduce spending and bring in extra income.
There are two main ways to bring in more income. One way is through a one-time activity like selling items you no longer need (e.g. in a garage sale or online). Getting a tax refund by claiming tax credits and deductions for which you qualify is another one-time-per-year way to increase your income. You can also bring in more income on a regular basis by getting a part-time job or applying for any benefits you may qualify for.
More Ways to Save Money
- Borrow movies and music for free at your local public library (but don't forget to return them on time to avoid late fees!).
- Maintain your car by keeping up on oil changes and tire pressure, which can save you money on fuel and repair costs.
- Pay obligations like rent, credit card bills, parking tickets, and other fines on time to avoid additional charges.
- Consider restaurants with promotions where, if you have kids, they can eat free or at a reduced cost.
- Look for sales and coupons for things you need ahead of time.
- Check to see if you qualify for weatherization incentives or programs for your house.
If you're already using the bill calendar and budget worksheet to track your spending habits, make sure you adjust your new additional income in both tools.
Now that you've figured out some ways to bring in more money or free up additional resources, how will you use the extra money? The extra money can help you reach goals like paying off debt, saving up for an emergency fund, or even something fun for you and your family.
Take control of your finances.
The "Get a Handle on Debt" series from the Consumer Financial Protection Bureau (CFPB) gives you tools to budget smarter, pay your bills on time, track your spending, pay down existing debts, and earn extra income. You can also get money-management strategies sent directly to your inbox by signing up for our "Get a Handle on Debt" boot camp:
- "Budgeting: How to Create a Budget and Stick with it," Link opens in a new windowhttps://www.consumerfinance.gov/about-us/blog/budgeting-how-to-create-a-budget-and-stick-with-it
- "Bill Calendar: Know What You Owe and When It's Due," Link opens in a new windowhttps://www.consumerfinance.gov/about-us/blog/budget-help-manage-your-monthly-expenses-bill-calendar
- Track your spending with this easy tool: Link opens in a new windowhttps://www.consumerfinance.gov/about-us/blog/track-your-spending-with-this-easy-tool
- "How to Reduce Your Debt," Link opens in a new windowhttps://www.consumerfinance.gov/about-us/blog/how-reduce-your-debt
Dantus, C.R. (2018, October 9). Two ways to save extra money. Retrieved June 19, 2024, from the Consumer Financial Protection Bureau (CFPB) website blog: https://www.consumerfinance.gov