Thin Budget? Here Are Tips on How to Stretch It

By Lacey Conner of familywellnesspro.com.  

It seems like prices have been on the rise for some time now. In fact, over 78% of Aussies have been forced on spending, and it doesn’t seem likely to stop any time soon. It’s no wonder that our budgets can inch dangerously close to bare. This can definitely cause stress and anxiety. Luckily, today’s tips from Mindful Mumma Designs can help you stretch your budget, reduce stress, and enjoy your free time again.

Start with Self-Care

Self-care is important for everyone, no matter where you work or what you do. Treat yourself well each day with things that make you feel good. This might be stretching, defusing your favourite essential oils, journaling, or listening to your favourite podcasts on the way to work.

Sell Your Expertise

Many people are starting side hustles, and many more start their own businesses during the summer and on weekends. If you have special skills, such as crafting, painting, or even babysitting, then look into starting a business so that you can earn outside of work without having to deal with taxes as both a self-employed person and an employee. 

Consider Your Housing Situation – Rent or Buy?

While it might sound counterintuitive, sometimes the best way to ensure your financial future is to spend now. Consider buying a home in an affordable area that allows you to make mortgage payments instead of rent payments. If you have yet to start saving, Ally offers many tips on saving up for a down payment, including reducing your high-interest debt, selling things you don’t need, and looking at special programs for first-time homebuyers.

However, you need to be realistic about home ownership. Yes, it allows you to build equity, but it also costs more money to maintain a house than it does to rent an apartment. Think through your housing situation thoroughly before making a big change. Look into apartments in your area to see if you can find a better fit cost and size wise for your current situation.  

Look for Grants

Depending on your household income, you may qualify for grants and government assistance. If so, don’t hesitate to take advantage of the options. A little help can go a long way when your budget is tight.

Understand Your Budget

Our budgets can change from month to month, and there are ways that we might be damaging our finances without even realising it. Make a point to review your incoming and outgoing funds at least every few months. Then, eliminate unnecessary expenses, such as bottled water, ATM fees, and name-brand food at the grocery store.

Make a Plan for Your Financial Situation

Financial stress can take a toll on your overall health and well-being. Don’t be afraid to take steps to change the way you handle your financial ups and downs. You may decide that buying a house is a great financial investment, or go the opposite direction and choose to rent someplace that better fits your needs. Look into many different options from starting a business on the side to applying for low-income grants, because there are lots of ways to take the financial burden off of you so that you can focus on other aspects of your life. 

Mindful Mumma Designs is here to help you bring more positivity into your surroundings. Let us know if you have any questions!