How to Stretch Your Budget for Every Need

Have you experienced nothing to feed your family due to the lockdown a few years ago?

The best lesson we learned from the recent COVID-19 pandemic is to have sufficient funds for our needs. Thus, you should be prepared and knowledgeable enough to stretch your budget, especially during uncertain times.

Once mastered the budget and money-management skills, you can save some money for your emergency fund and investment needs. You can buy a small house and lot in the Philippines, build wealth, and save money for your kids’ future.

This guide will help you spend less and save more money from your budget, especially if you’re struggling to meet your needs.

Spend Less Money with These 3 Basic Needs

When you’re an adult, having a stock of essentials in your home is critical. However, there are instances when your income cannot sustain all your needs. So, follow this helpful guide to ensure you have adequate basic needs for a family's budget. Who knows, you will also have extra supplies to share with those who have difficulty meeting their own needs.

Guide No. 1: Tips to Spend Money on Food Budget

One golden rule about food stocking - avoid hoarding food supplies to prevent too much food from wasting. Remember that food is perishable goods, which means it has an expiration or shelf life. 

Start with meal planning.

Everything will start with a plan. Identify how often you eat a day and how many servings you usually consume per meal. Then, count how many households you have.

Create an inventory.

List all the food supplies and identify which come in handy, are short in supply, and abundant. This will help you determine which ones should be reduced or added more. 

Make an assessment.

Evaluate your consumption to avoid food wastage. As such, you can adjust the number of servings. Turning your leftover food into another meal is also a great idea.

Control your spending habits.

Discipline yourself from spending money on what you need. Stick with your food plan and budget to save extra money.

Guide No. 2: Steps to Saving Money on Utility Bills

The increasing rate of utility bills makes you feel anxious every time you receive that piece of paper. If you don’t want to experience hassle during utility and debt payments, here are the steps to stretch your budget on utility monthly bills.

Take note of your due dates.

All utility bills have their billing cycles and due dates, so make sure you always remember them. Pay on time to avoid penalties and surcharges, especially on credit card debt, although these utility companies give consumers an extension.

Monitor your utility charges.

Eliminate subscriptions you don’t need or barely use, like streaming services. Review your utility charges and check if you have gone overboard. It would be ideal to opt for bulk or fixed monthly charges to avoid excess charges on utilities.

Save energy.

Remember what our parents taught us when we were kids? Turn off the lights when not in use, close the water faucet properly to avoid leakage, and always close the fridge door. Simple things like these can ultimately save your monthly consumption and lessen your bill.

Guide No. 3: Ways to Save More Money on Household Essentials

You can also save some extra cash on household essentials. Here are some practical ways to save up money.

Spend just enough for your monthly routine.

Similar to food supplies, avoid hoarding household essentials. Buy just enough for your monthly routine. Evaluate your previous budget and usage to determine how much you will buy for the following monthly expenses.

Opt for cleaning supplies with anti-viral properties.

Since the COVID-19 pandemic is not yet over, choose cleaning supplies with anti-viral properties. From bath soaps and bleach to alcohol, check if these supplies can protect you from harmful bacteria and viruses.

Choose cost-effective household essentials.

Just because it's cheap doesn’t mean it's ineffective. Don’t easily be tempted by attractive advertisements. You can still find affordable cleaning supplies that keep your home clean and hygienic. So, follow your instinct and opt for cost-effective household essentials. 

Money Tips to Stretch Your Budget More

There are also other ways to stretch your tight budget even more. Here are the top three (3) tips.

1. Use cashback, rewards, or discount cards.

Pay cash, but don't be ashamed of using rewards, cashback, and discount cards when grocery shopping. All these exist to help you lower expenses. Some companies even offer rebates if you pay in advance so take advantage of them.

1. Don't keep too much cash in your wallet.

Having too much cash in your hand is tempting. Chances are, you might divert them to other things you want to buy. If you have enough money for your budget and have some extra cash, put it in savings immediately. 

1. Save money on ATM fees.

Most individuals neglect ATM charges each time they withdraw cash or make a balance inquiry. You know the dates of your income, so schedule your withdrawal to save money on ATM fees. It is also best to utilize your bank's online banking for other transactions, like checking your balance from your savings account.

Being thrifty brings more rewards to your financial life. You will have peace of mind because you know you will not experience financial stress during uncertain times. Moreover, you can purchase an affordable house and lot property to create your financial portfolio.

Fortunately, Lumina Homes got your back. We offer a variety of affordable house and lot for sale units throughout the Philippines. Therefore, you can choose which location you prefer to invest in or stay in. 

Lumina Homes also ensure that these residential communities are fully equipped with essential amenities for the entire neighborhood, such as mini-parks and playground, activity hall, and more. It is also an advantage if you’re a Lumina homeowner because you can access the nearest government business centers, schools, hospitals, supermarkets, and malls.

For more inquiries, you can contact us through our message box below or visit the Lumina office near you.