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5 Ways To Find Discretionary Cash On A Tight Budget

Finance BY Abdul Aziz Feb 02, 2023
Discretionary cash

Discretionary cash is the money you’re free to spend on anything you choose. It doesn’t have a specific label in your budget that marks it for paying bills or buying food. When you have more of this money in your budget, you’ve got the freedom to take advantage of opportunities whenever they present themselves, whether you want to buy a new outfit or go out with friends.

Unfortunately, most of us don’t have nearly as much discretionary cash as we might like. Hefty bills and low incomes could leave you with nothing in your pocket for your savings, or everyday life. So, how do you find more cash to spend however you like on a tight budget?

Cut The Costs Of Loans

Cut The Costs Of Loans

Loans are one of the biggest issues people face when it comes to finding extra money in their budget. With extra fees and interest to pay on the money you borrow, you can end up with nothing left over at the end of each month. While you can’t simply avoid paying back what you owe in most cases, you can cut the costs of your loans with a little creativity. Refinancing your existing student loan debt into a new loan can significantly reduce your monthly expenses going forward.

Use Lists More Often

Lists might seem time-consuming to many of us, but they can be an excellent way to make sure you’re using your cash sensibly. If you write a list before you go to the grocery store each week, you can reduce your chances of purchasing items you already have at home or buying things on impulse. Lists can also help when you’re shopping for gifts, or buying other items you need in your life, like clothes and hygiene products.

Audit Your Recurring Expenses

Most of us have a handful of recurring expenses we need to deal with every month. It’s common to assume these are simply parts of our budget we must live with. However, the reality is you could be wasting money without recognizing it. Look at all your monthly costs and ask yourself whether you need to be paying for everything you buy. Can you consider canceling some unused subscriptions or memberships? Could you consider switching to a different supplier for energy, utilities, or insurance?

Expand Your Earning Potential

Sometimes, the easiest way to find more discretionary money in your budget is to increase your access to extra finances. There are more ways to do this than you might think. You don’t necessarily need to get a traditional secondary job to make some extra money. You could consider working as a freelancer or contractor part-time instead. You could also think about selling your services on a part-time basis, offering dog walking, cleaning, or driving support to customers.

Use Rewards Apps

Finally, a great way to boost your spending potential is to gain more rewards wherever you can. Cashback apps and similar solutions can help you to earn money and points whenever you shop online and offline. While you might not earn a fortune from these products, the points you do earn will go towards your future expenses, cutting your costs slightly each month.

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Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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