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Make a budget (and stick to it)

Savvy spenders make a budget and commit to it. When you spend less than you make, you avoid the pitfalls of high interest credit card debt and open the door to saving and investing.

If you’re not sure where to start, there are tools designed to help. Start simple: List your income and expenses, including rent or mortgage, utilities, food, transportation and entertainment. Don’t forget items like tuition, car payments, taxes (if you’re an independent contractor) and insurance. Then, prioritize so that you can take care of the essentials first.

Finally, don’t forget to set aside money each month for unexpected expenses, like car repairs or medical bills.

Kiss Your Credit Card Debt Goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

Explore better rates

Shop grocery sales and delay gratification

If you love to eat out, you’ve no doubt noticed that prices are going up, up, up — often at a rate surpassing inflation. And guess what? If the bill is bigger, that percentage tip will be as well. If you're not ready to cut out dining out entirely, look for ways to save on this budget item elsewhere.

Those who grew up in tough economic times or in a struggling family will likely have learned the wisdom of buying what’s on sale at the grocery store. You may not want to give up your favorite brand of yogurt. But if an equally good brand is on sale, why not go for it? Multiply this strategy over many food shopping decisions and you’ll notice a difference [at the checkout].

Make a grocery list before you head out; avoid impulse purchases; buy store-brand items.

Plan your meals, too: Dining out frequently is the enemy of every food budget. Take advantage of coupons, or sign up for discount and cash-back programs like Ibotta or Checkout 51.

You may also want to try preparing meals in bulk, so your food is ready ahead of time and you’re less tempted to eat out.

Read more: Want to invest your spare change but don't know where to start? There's an app for that

Automate your savings

Automation makes saving and investing effortless — and it’s the effort that keeps many of us from getting started.

Direct deposit your paycheck into a savings account, or a vanilla money market account that you can tap after a few months. There are also incremental investment apps out there that you can use to round your purchases to the nearest dollar and withdraw that difference from your bank account painlessly.

Discover the power of FreeCash – your ticket to easy money

Dive into a world of rewards at FreeCash where earning cash is as simple as a click. No gimmicks, just real cash for your time. Join the community of earners today and watch your wallet grow effortlessly.

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Putting it all together: Stretch but don’t strain

By following these tips, you'll discover how a stretched paycheck makes your money go farther. But don’t forget to strike a balance between saving money and enjoying life. If you're too strict with your budget, you may find yourself feeling deprived and unhappy.

So have fun and treat yourself every now and then.

Or to quote that 1970s McDonald’s jingle, “You deserve a break today.”

What to read next


This 2 Minute Move Could Knock $500/Year off Your Car Insurance in 2024

Saving money on car insurance with BestMoney is a simple way to reduce your expenses. You’ll often get the same, or even better, insurance for less than what you’re paying right now.

There’s no reason not to at least try this free service. Check out BestMoney today, and take a turn in the right direction.

Chris Clark Freelance Contributor

Chris Clark is freelance contributor with MoneyWise, based in Kansas City, Mo. He has written for numerous publications and spent 18 years as a reporter and editor with The Associated Press.


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.