9 ways to stretch your money

Quick insights

• Budgeting may help you plan how to spend and save your money.
• A few ways to save money include eliminating unnecessary subscription services, shopping secondhand and buying in bulk.
• Cooking at home, buying in bulk and taking public transportation are other ways to help stretch your money.

Making your money go further is a goal for many people. With a finite amount of money at your disposal, budgeting and planning your expenses may help you stretch your money further. Eliminating unnecessary subscriptions and cooking at home may seem like small actions, but they have the potential to add up over time. 

Read on for some tips and strategies about ways to stretch your money.

Ways to make your money go further

If you find yourself living paycheck-to-paycheck, it may be challenging to cut additional costs. However, there are some ways that might help you "stretch" your money, so to speak.

Here are nine strategies to consider trying that may help your hard-earned dollars go further. 

1. Create a budget

Creating a budget can be a helpful way to understand your regular expenses and spending habits. A budget provides a way to track and review your income and expenses on a regular basis. 

There are different ways to make a budget and track your money. Keeping tabs on how you spend your money may help you get a better idea of where you have room to cut back on expenses. 

2. Eliminate unnecessary subscriptions

Many people pay for streaming services, monthly subscriptions and gym memberships. But what you’re paying for and how much you’re paying may be surprising upon examination. 

Taking stock of your current subscriptions and memberships could help you understand your overall monthly spending better. For example, you may be paying for subscriptions you no longer use. Additionally, you might have missed a price increase in one of your subscriptions.

Once you have a better idea of your monthly subscription payments, you may be able to cut back or eliminate some subscriptions altogether to free up funds for other expenses.  

3. Cook at home

Eating out can be a treat and is not an activity that most people can—or want to—eliminate entirely. However, getting food from a restaurant or having it delivered to you may add up to a substantial part of your monthly expenses. 

By cutting back on eating out in favor of cooking at home, you may be able to stretch your money further. It’s not uncommon to pay $20+ for a meal when dining out, but there are several recipes that can be made using $5 worth of ingredients. Not to mention, by focusing on cooking at home, you may be less likely to waste groceries or find spoiled food in your fridge. And there are plenty of ways that you may be able to save on groceries as well. 

4. Buy in bulk

Bigger is sometimes better. And when it comes to buying items in bulk, you may find bigger savings. While the price of buying an item in bulk is higher up front, the price per item is generally less. 

Purchasing items you use consistently that will not spoil is one strategy for buying in bulk. This may be especially true for non-perishable items like toilet paper or canned goods. Just make sure you have enough storage space!

5. Avoid impulse purchases

Avoiding impulse purchases may be easier said than done. But unplanned purchases— even small ones—may add up and impact your budget. Here are a few strategies for avoiding impulse purchases:

• Have a shopping list: Making a list before you go shopping—and then sticking to it—may provide a roadmap to help you steer clear of impulse purchases.  
• Shop online: Shopping online may help you curb some impulse purchases. When you don’t set foot in a store, you cannot browse aisles and be tempted to buy unplanned items. 
• Implement a waiting period: When you see something you like or want that’s not on your list, implement a waiting period. Give yourself a day or longer and if you still want the item after that, consider purchasing it. It’s not really an impulse buy at that point because you’ve given yourself time to consider it. 

6. Use public transportation or carpool

Transportation costs can quickly add up. Between car maintenance, gas, insurance, tolls and parking, having your own transportation may be expensive. But even if you have a car, you may be able to cut costs on occasion. 

If you live near public transportation, consider hopping on a bus or train instead of behind the wheel. If you need to get from point A to point B, you may also find savings by carpooling. If a location is close enough to walk, consider putting on some study shoes or hopping on a bike over booking a taxi or rideshare service.

7. Shop secondhand

In addition to potentially saving you money, thrift shopping can also be beneficial to the environment. Previously owned items—including clothing and furniture—are generally more affordable than new retail items. You may also find free items when searching local buy nothing groups where people giveaway items they no longer need or want.

8. Practice energy efficiency

Your parent who walked around the house turning off lights may have been onto something. Energy efficiency may provide real cost savings. By installing and using energy efficient light bulbs and electronics, you may see your monthly electrical bill go down. There are many ways to save on your heating bill and reduce some of your electricity expenses. 

9. Create savings goals

Having a savings plan or savings goals is one strategy for making saving money more motivating. For example, you may feel more inclined to find ways to stretch your money when you know it's funding a future vacation or your wedding. Opening a dedicated savings account for your goals is another way to stay focused and with your savings and spending. 

In summary

Being mindful of your spending and making intentional decisions about where your money goes may help you to live more frugally and stretch your money further. Finding ways to stretch your money is not about depriving yourself, but rather making sure your money is being used in a way that aligns with your values and goals. 

Budgeting, setting savings goals, shopping secondhand and canceling unnecessary subscriptions are a few ways to save money and stretch your hard-earned dollars even farther.