Budgeting

5 Ways to Stretch Your Bank Account

Sometimes unexpected expenses can put you in a bind and leave you working to make your last paycheck stretch until the next one comes in. Emergency plumbing repairs, a broken-down vehicle, and a trip to the doctor’s office are all examples of ordinary things that can really mess up a tight budget.

Fortunately, there are a number of things you can do to stretch your bank account just a bit further before your next check is in your hands.

Shop in Your Pantry

Instead of heading to the store to purchase food for the week, try shopping in your very own pantry and freezer. You likely have food stored in these places that you completely forgot you had. Toss some frozen veggies and beef into a slow cooker for a stew, use those cans of tomato sauce and the boxes of noodles for a pasta dish. Get creative and make it into a game, you might come up with a new favourite recipe.

Repair, Don’t Replace

Say you are on your last $50 for the week and your son gets a hole in his school pants. He only has two pairs. Do you run out and buy a new pair? Not just yet.

Instead of replacing each and every item that breaks in your household, try repairing instead. Clothes can easily be patched, shoes can often be repaired, and a number of appliances and other items around the house can be fixed with a simple tool set.

Skip the Drive

If you usually drive to a) pick the kids up from school, b) get to work, or c) pick up milk, and you are within walking distance of these places, skip the drive. Walking is better for your health, gets you out into the fresh air, and saves on gas.

Start a Savings Account

Of course, all of these things are temporary solutions to what has the potential to be a long-term problem. Instead of worrying about what might go wrong next, try setting aside a bit of money each week into an emergency savings account. While this may seem impossible, there is likely some expense you can cut in order to make room for savings. Perhaps you could eat out less often? Whatever it is, do it and get your savings started.

Take Out a Loan

If the tips above just aren’t going to cut it and you find yourself in need of assistance, we recommend taking out a low-interest instant personal loan. A small personal loan can make a world of difference when you are scraping to get by. If you are in need of a loan, please contact us today.