Cutting Expenses and Increasing Income Info

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If you’re having trouble meeting expenses or finding money to save for goals, you have two
options: cut expenses and increase income. Finding even a couple of ways to do both can help
you balance your spending plan, achieve goals, and ease stress. Endless options exist for
cutting expenses and increasing income. Here are 10 ideas for each.

10 Ideas for Cutting Expenses

1. Buy what you need. Consider if what you are buying is a “need” or a “want.” Do not
succumb to peer pressure—stick to your spending plan.
2. Get organized. If you keep your paperwork and life organized, you can keep from
wasting money on costly speeding tickets, parking tickets, bounced checks, late
payment fees, and more.
3. Use discounts. Use coupons, customer rewards, student discounts, and the like.
4. Cut costly habits. Smoking, coffee drinks, eating out, lottery tickets, and prepared
foods are all expensive things you can do without.
5. Buy used. Search for used furniture, sporting goods, clothing, electronics, and more at
thrift stores, garage sales, flea markets, and reliable online auctions.
6. Shop smart. Make a shopping list and stick to it; buy nonperishable staples in bulk; opt
for generic brands for over-the-counter medicines, food, toiletries, and cleaning supplies;
never pay full price for clothing and shoes.
7. Eat smart. Save money and eat healthier by packing your lunch, jazzing up leftovers for
dinner, cooking dinner rather than buying prepared foods, and stocking up on snacks to
avoid vending-machine purchases.
8. Entertain for free. Seek out free and low-cost entertainment options such as DVDs from
the library, free movies and concerts in your community, high school and minor league
sporting events, playgrounds at parks, and recreation centers. Limit song, ringtone, and
app downloads.
9. Inhibit impulse buying. Follow the 24-hour rule when making major purchases so you
have time to think. For smaller purchases, try putting items you want on a 30-day list;
review the list at the end of 30 days to see if you still want them. Remove your credit
card number from online accounts so it’s harder to make online purchases.
10. Call and cancel. Go through your bills and think about what you cancel. You might find
everything from unread magazines, unused gym memberships, unwatched cable
channels, and unused cellphone services. Call the companies to cancel the service or
attempt to renegotiate.

1 Cutting Expenses and Increasing Income Info Sheet

10 Ideas for Increasing Income
1. Tutor Share your knowledge by tutoring students of any age.
2. Teach lessons. Offer lessons in music, computers, or any other special talents you
have.
3. Coach. Get your exercise while sharing a sport you love by providing private lessons,
working at sports camps, or finding a paying part-time coaching job.
4. Work flexible jobs. If you are in school or at work most of the time, look for jobs with
flexible hours such as lawn care, house cleaning, pizza delivery, valet, concert staffing,
catering, or being a mystery shopper.
5. Baby-sit. If you are good with children, you can pick up baby-sitting jobs at your
convenience.
6. Pet-sit. If you have the space and temperament for other people’s pets, provide dog
walking and pet sitting services.
7. House-sit. If your life allows, you can make money by simply staying somewhere else
for a week and providing light services such as mail intake and plant watering.
8. Perform professional services. Take on additional work as a writer, editor,
proofreader, bookkeeper, or tax preparer.
9. Sell stuff. Look through your house for unused gift cards, gifts you forgot to return,
unused kitchen appliances, books and CDs, clothing in good condition, jewelry, and
valuable collections. Sell items through reliable online sites and garage sales.
10. Rent out a room. Share living expenses by getting a roommate if at all possible.

*Taken from NEFE’s (National Endowment for Financial Education) Finances Workshop for
Adult Learners

2 Cutting Expenses and Increasing Income Info Sheet