If you don’t have a budget, it might be time to start one. While some people seem to be fine without knowing too much about where their money is going, most people benefit from the structure of having a budget. Even if your budget is a loose one, you will no doubt be able to save more and spend more on the things you want. However, you must know where your money is going first.
The simplest way to get started is to use Google Sheets (free) or some other spreadsheet program. You can start by listing your income in one column and your monthly recurring expenses in another column. You can then subtract the expenses from the income. Hopefully, this is a positive number!
For income, list all the income you receive from your primary job as well as any extra money that comes in regularly. For expenses, don’t forget to add in extra expenses like money for fun, clothes, and other items you don’t usually think about, but you spend money on.
If you find you are in the red, in other words you have more expenses than income, it’s time to think about one of two options.
Cut Your Expenses
If you think you can cut your expenses each month, this may be the time to take a deep dive into exactly how much you’re spending and on what items. Check your online bank and credit card transactions and either download them into a spreadsheet or manually add them up. If you’ve never done it before, you’ll likely be surprised by where your money is really going. Those daily lattes add up pretty fast! Once you have the facts and you know exactly where your money is going, it’s so much easier to start making budget cuts.
Increase Your Income
On the flip side, you could increase your income to cover your expenses. This could mean taking on a part-time job or maybe some freelance work. Knowing exactly how much extra you want to be making is a great motivator. SideMoney can be part of this income increase. You can use SideMoney to earn extra towards gift cards that can then be used to offset your expenses.
With SideMoney, you can spend some time taking online surveys, downloading apps, and watching videos in your free time while earning extra. The best part is that you can do it anytime and anywhere. So, if you’re just waiting around for an appointment, fire up the app and earn a little bit more. If you’re simply hanging out at home watching TV, you can use SideMoney instead and make better use of your time. Once you get into the budget habit, you just might find the motivation to make more money than you thought you could!