Having a lot of money doesn’t eliminate marriage problems, but financial problems can definitely lead to some serious problems in your marriage. Financial issues are one of the main causes of marriage problems, so it makes sense for couples to be proactive about budgeting and on the same page on all things money-related.
Many couples live paycheck to paycheck and need some extra cash to make ends meet. Getting an extra job, or even a different job, may be an option, but for many it is not. Where can you find some extra cash? You might be surprised what comes up if you consider these eight steps.
No matter where you are in your financial journey, if you find $500 buried in your dresser drawers, you could probably think of something productive to do with it. Whether you’re working to pay off debt, save for a big expense, or grow your retirement nest egg, that extra cash can go a long way. There are only two ways to increase the amount you can save for these goals: spend less or earn more. Here are eight ways to save more and spend less by finding some extra cash in places you might not be looking.
1. Get organized
Before you can find something, it usually helps to start looking. It takes a concerted effort to get organized with money, and it’s not easy. But it’s simple, and well worth the time and energy.
First, track your spending. Get your bank statements from the previous two to three months and put all the expenses in one category, food, housing, children’s activities, gifts, utilities, entertainment, etc. No judgment at first, just numbers. Then evaluate these expenses by asking questions. It is necessary? Could I have saved that money? What is this? And why do we pay for it? You may find some monthly expenses that you missed or forgot. Then you can start cutting the chaff.
2. Cancellation of Subscriptions
We are a society of content consumers and the choices are endless. Now that you’re getting organized, you might find yourself signing up for too many streaming services. If you have Amazon Prime and Apple TV+, are you sure you need Disney+, Hulu, Netflix, Paramount+, AMC, HBO, FUBO, Youtube Premium, Youtube TV or Peacock?
Try to limit the next month to one or two services. What about the audiobook subscription you haven’t used yet this year? Call the service and ask for a refund of the previous month (they often grant these requests) and then cancel them. They’ll always be there next month if you decide you can’t live without them
3. Mobile phone and Internet
Now that all of your bills and expenses are right in front of you, you may notice that you’ve been paying the same price for the same phone service and Internet service for months or even years. Good news: companies are constantly offering new plans and incentives to keep current customers and acquire new ones, and technology is constantly changing.
Find out if you can get a better deal by switching to a new provider, or if your current provider offers a plan that fits your needs better than your current plan. If you threaten to leave your current service, they will work very hard to keep you as a customer and you can save more than you expect on those monthly bills. It is wise to cover these costs with your providers at least once a year.
4. Insurance
Here’s another expense you may not have considered for quite some time. While there may be some savings from this, it is more important to make sure you are properly covered on your home, auto, renters and personal property in order to protect your family and assets. For a detailed explanation of the value of insurance, check out this video series produced by the Ramsey Organization –
In the process of looking at other providers and coverage options, it’s common to find ways to save by bundling services or switching to a new provider. It is worth seeking out the services of an independent insurance broker to do the research for you. They want you as a customer and will work hard to make sure you get the right coverage at the best prices. But make sure they have the heart of a teacher when you talk to them and help you understand the limitless complexity of this industry.
5. Discounts through employers and organizations
Your employer may offer discounts on services you use regularly or items you need to buy. Universities, school districts and local governments tend to offer benefits to their employees that many don’t even realize. Private companies are increasingly adding them to their available benefits as well. Contact HR for assistance with these offers.
If you are a member of a union or guild, discounts are usually offered as a member benefit as well. This may also apply to other local organizations to which you pay membership fees.
Don’t just buy a service or item to get the discount. This doesn’t actually save you money. But if you need a new laptop, for example, and you have the necessary cash, then take the 10% discount offered through the company.
A school district where I work part time offers discounts on transportation, apartment rentals, hotels, rental cars, cell phone service, gym memberships, various retail stores, kids swim school, and much, much more.
6. Buy groceries in bulk
If you have a Costco or Sam’s Club membership, it may not save you money to do 100% of your grocery shopping at these retailers. But some facts is definitely better to buy in bulk. This can take some research, meal planning, some math, and trial and error to make sure you get the most out of your bulk items before they go bad.
Consider buying in bulk for the following items: Meat can be stored in the freezer in meal-sized portions and last for weeks. Two dozen eggs at Sam’s are much cheaper than the local grocery chain. Coffee, cereal, canned goods such as beans and tomato-based products, and regular cooking ingredients are all examples of bulk purchases that can pay off in the long run.
Don’t forget to treat yourself to a waterproof hot dog or pretzel as a reward for saving on bulk groceries.
6B. Prepare your lunch
Do you pack your children’s lunches for school? If so, it wouldn’t be much more difficult to find a simple meal to prepare and add to the assembly line the morning or night before. You may be able to store the ingredients in the fridge at work and make them there during your lunch break. Bulk grocery shopping can help save money.
Headed out for a family road trip? Pack lunches for the road. It’s easy to drop $30-40 at a fast food restaurant. This amount can pay for three to four packed sandwich meals for the family.
These are small cost-saving steps, but they strengthen the discipline muscle and have the benefit of being healthier and bringing the family together.
7. Sell your stuff
While you’re taking care of your financial spring cleaning, do a little spring cleaning around the house and take inventory of anything you no longer use or need. Take what you no longer need and categorize it to either donate to charity or sell.
If you itemize deductions on your taxes, you can write off any donations to places like Goodwill, The Salvation Army, local ministries or organizations. Keep good records of each item and they will give you a receipt to keep for tax time.
If you think your items are worth something, you’re probably right. Old furniture, appliances, musical instruments, collectibles, books and some electronics like old cell phones will have value to someone. You just have to find each other. Facebook Market is quickly becoming the default place to connect your junk with a new owner (no fees). Once you’ve agreed on a price, pick a public meeting place, bring your spouse or a friend, and make the exchange in cash. It’s often that easy.
8. Make a written budget each month where every dollar has a purpose.
That’s the big one. Without a monthly written budget where all your incoming money goes to a purpose and the balance goes to zero, we’re all just crossing our fingers and hoping there’s enough money to somehow cover our expenses. Without a written budget, all the cuts and savings we just discussed are just theoretical. Every financial plan requires a budget, whether it’s the federal government, a large corporation, a small nonprofit, a school district, or your home and family. Make this a top priority! My favorite budgeting tool is EveryDollar. There is a free version and you can try it here.
Once you’ve created your budget based on all the expense tracking you just completed, you may find that you have money left over after covering all of your expenses. If that’s you, congratulations! You just gave yourself a raise! The fun part is figuring out what to do with your extra money.
If you want some help with your budget and getting on the same page with your husband, I’d love to help. You can click the link below to schedule your FREE consultation.
Ben is a certified Ramsey Financial Coach and provides Financial Coaching to couples through the Marriage Revolution.
