5 Ways to Stretch Your Budget if You Have a Mortgage

Tips for Making Your Money Go Further

If most people could wave a magic wand and never have to worry about money again, they probably would. Unfortunately, life requires working for a paycheck and covering bills to stay afloat. Taking out a mortgage on a home is one of the most significant expenses a person will encounter as an adult, and it can require moving things around to accommodate.

If your wallet is feeling tight these days, you’re not alone. Due to the recent inflation rise, many daily expenses cost more money. One of the best ways to combat financial stress is by learning responsible money-saving practices!

Below are five examples of stretching your budget while you pay off your mortgage and juggle other expenses.

Negotiate With Companies

One way to make life easier is by lowering specific monthly bills. You can reach out to companies like your internet or energy providers to ask about potential discounts or promotions you may qualify for. You can also explain needing a lower monthly payment, or you’ll take your business elsewhere– this may incentivize them to find lower solutions to keep you as a customer!

Insurance companies can also be accommodating in helping borrowers pay lower bills. Moving things around or refinancing certain loans can help save more in the long run!

Adjust Your Spending

When was the last time you sat down and saw how you spend money each month? Doing this periodically can help you save on unnecessary spending and could free up cash you didn’t know existed.

Write down exactly how much income you make and look at what leaves your account every month. Maybe you’re paying for a streaming service you barely use or forgot about an online magazine subscription. These little expenses can add up over time if you’re unaware!

Start Meal Prepping

Ordering lunch or dinner through an app while you’re working can be convenient, but also add up over time. If you want to save money each month, get serious about how you grocery shop to make a significant difference in your finances!

Make a monthly budget for food, plan out your meals, and dedicate a day each week for cooking. It can become a fun activity to hone your culinary skills while saving money!

Download Money Saving Apps

There are tons of apps out there that can help you save money. Your local supermarket could have one that offers coupons and discounts, or you can download cashback apps that provide money for future expenses at certain stores. These goodies can add up if you shop often enough at the same places!

Stretching your money can simply mean being savvy about how you find the right deals in your area.

Pay With Cash More Often

Another way to stretch your budget is by knowing exactly how much you spend! Instead of using credit cards for all purchases, take out cash and use it whenever possible. This trick can help you avoid overspending or overdraft fees.

Spend Your Money Wisely

Paying off a mortgage can be a big responsibility, but there are ways that you can alleviate the stress if you’re struggling. Negotiating with companies to lower your bills or downloading coupon apps can make a big difference in your wallet!

If you’re looking to move to a smaller home with a smaller mortgage, contact real estate agent Linda Moore for help.