Money Hacks to Help Extend Your Proceeds

Learning how to properly manage your finances can make your life easier. Although money may not buy happiness, it can ease your fears about being able to take care of your family.

Whether you earn millions or thousands of dollars each year, it is best that you understand how to stretch your dollars. Here are a few money hacks that will help you extend your proceeds.

Track Your Spending

It is difficult for you to control your money if you do not know where your money is being spent. You might not think that your $1.50 per day candy bar habit is wrecking your budget, but small expenses add up.

Take a week to track the exact amount of money that you spend each day. At the end of the week, review your list and make adjustments to your spending. Eliminate any expense that is draining your finances.

Create a Budget

Spending money without a budget is a habit that will keep you from maximizing your finances. In the United States, approximately 66 percent of families do not budget their money. This is the primary reason that the majority of Americans live paycheck-to-paycheck.

Creating a budget does not have to take up too much of your time. You can track your budget in a simple notebook.

There are apps that will help you create a budget such as Mint, GoodBudget and HomeBudget. These apps are inexpensive and user-friendly.

Reduce Your Discretionary Spending

This might be the most difficult challenge for people who want to extend their money. Making changes to your discretionary spending might unnerve you.

If you want to make your money last, you have to make sacrifices. The good news is you only have to eliminate or replace a few expenditures to see a difference.

To implement this hack, make a list of your discretionary expenditures. Here is a list of common expenditures that can wreak havoc on your budget.

  • Cable Television
  • Fine Dining
  • Gifts
  • Donations
  • Travel
  • Electronics
  • Shopping

After you have written your list, select a few items that you can eliminate or downgrade. For example, if you are accustomed to eating at expensive restaurants, find an affordable restaurant the serves food that you like to eat. Instead of traveling to distant locations, you can save money by exploring attractions in your city.

Earn More Money

The best way to extend your proceeds and keep more of your money in your pocket is by earning additional income. You can get a part-time job, start a business or sell unused items on classified ads.

Get Out of Debt

Being in debt is like having holes in your pocket. As soon as you earn money, you have to give it to your creditors. That is no way to live.

The surest way to extend your money is to create a debt elimination plan. As soon as your debts are repaid, you can pay yourself the money that you paid to your creditors.

By applying these money hacks, you can extend your proceeds and maximize your income.