People everywhere want to make money; that’s just a fact of life. But often, making money isn’t the only way we can have enough to pay the bills and have a great life. After all, it’s not about how much you make but about how much you have left after you pay your bills. Saving money can also enable you to have more money on which to live. So now the question is, should you focus on making money or saving money?
That’s what we’re going to figure out!
Let’s dive into the questions that will help you decide what is right for your budget: Making money or saving money.
How to Save Money
1. Cutting Back
Do you see areas where you can cut back? Cutting back could mean you don’t need to make more money. By saving money, you’ll wind up with more money to spend, either on bills and necessities or extras.
You can cut back on things like cell phones, TV, eating out, movie rentals, magazine subscriptions, and high-priced coffee. (Note that I didn’t say coffee in general … I am not a mad woman!) Anything that is considered ‘extra’ for you, or that you can live without, even short-term. It’s so easy to lose track of how much we’re spending on all the little extras. Track your spending for a month. Every single time you pay for something, write it down. You might be surprised how much is spent on things that are wants and not needs.
2. Shop Frugally
Try shopping frugally. Use coupons, smartphone apps, and shop sales. Only shop once a week maximum, or twice a month. Fewer trips to the store mean more money saved. We usually do our grocery shopping once a week and go once a month for all our household necessities.
3. Shop Online
Shopping online has advantages that will help you with this. There are many deal sites where you can get great products at a fraction of the cost. Use Groupon to save on not only products but also events in your area. Zulily and Jane are also great daily deal sites. Rakuten will earn you cash back at almost every store online every single time you shop.
Another way to save is by having products you use regularly sent directly to your door. I use Grove Collaborative to deliver things like dishwashing soap, hand soap, bathroom cleaners, all-purpose cleaners, and more. Amazon is another great option. By having your products delivered, you’ll only wind up with what you absolutely need and won’t pick up any extras that you don’t.
Tips on how to decide if you should be making money:
Making Money
If you’ve tried cutting back on expenses and changing your shopping habits and you still can’t get by, then you probably should focus on making money.
There are all kinds of ways to make extra money nowadays. People everywhere are finding side gigs to do in addition to their regular jobs. You can make money online, make money in direct sales, and make money selling a product or service.
Writing is a great way to start making money online. If you’re not sure where to start, check out our list of 99 paid writing gigs.
Selling things and providing a service are usually quick ways of making money. Not sure what to sell? Here are 27 things you can sell from home as well as unique service businesses you can start from home.
Maybe you’ve thought about starting a home-based business but, in your current circumstances, don’t have the cash to do so. Believe it or not, there are businesses you can start with little to no money.
Check out these posts to learn more:
- Businesses you can start for less than $49
- Businesses you can start with a $25 investment
- Businesses you can start with no money
At the end of the day, only you can decide if you should focus on making money or saving money. Whether these changes are temporary or long-term, I hope these tips can help you get your budget on track for the long haul so you can enjoy your life.
Anything to add? We’d love to hear your thoughts in the comments!
Here is another great tip: when you take a bath or a shower, don’t let the water flow away, collect it and use it again to flush the toilet. The soap and shampoo will clean your toilet and make it smell nice!
Thanks for the tip, Krent!
In my opinion, saving is the more important than making money because people tend to spend more if they earn more. If you make it a habit to save, then the additional income that you make will start to make a real long-term difference. Saving requires a lot of discipline and you need to get used to making sacrifices and cutting back on impulse spending. Before you get caught up in making money, be sure you have a savings strategy in place to make that extra money count.
Thanks for sharing your opinion, Diana!
I think one of the best tips out there is — don’t grow into your income, which goes right along with what you’re saying.
Hi Holly and Kimi,
Thanks for putting this post together, Kimi. I watch my money by looking out for the best deals and cut back where I need to.
As far as making money goes – I don’t believe in putting all my eggs in one basket so I dabble in web design, blogging, and other side hustles to bring in revenue. :)
And thanks for this list of ways to make money!
Have a great day and rest of the week ladies!
Cori
Glad you enjoyed Kimi’s tip, Cori! I’m with you — can’t go wrong with a good combo of diversified income streams and budgeting!