Top Six Ways to Find Money in Your Budget

How excited would you be if you found money in the couch cushions?! Or maybe you take out your spring jacket for the first time this year and find a $20 bill in the inside left pocket? Ok, perhaps I am dating myself here because a lot of people don’t use cash (but you should!). Seriously though, just imagine how you feel when you find something of value. It's very exciting! The truth is, you likely have something of value right under your nose, but you just need to open your eyes to see it.

Our clients hire my wife, Kaitlin, and me to find things of value in their lives, and then for us to encourage and nurture them in those things. Our clients rarely realize that when they come to work with us though. The biggest things we help clients find have nothing to do with numbers but instead things like their why, core values, and priorities. We work on mindsets, habits, and behaviours around money, but often these things translate into so many other parts of their lives.

In one of our first sessions with a new client we go through a spending plan that they have made; line by line. They often assume it’s for us to tell them no or to cut back. (Spoiler alert: we never tell our clients what they have to do!) We're really just looking for insights into their relationship with money and their mindset around it.

Inevitably during a spending plan session, some things jump off the screen that are great starting points and easy wins for these clients that are starting out thinking they are with us to learn how to make a budget.

I want to share with you the top 6 easiest ways to “find money” that you might just be giving away:

1. Insurance - car, home/tenant, and life insurance.
Get quotes every year. It may take a few hours of your time, but you could save hundreds of dollars per year. (You might not even be in a contract on your current policy and be able to change in the middle of the term.)

2. Phone and Internet Service
Call your phone and internet provider about discounts or different promotions for your plans.

3. Cable TV
Evaluate your cable plan; better yet, get rid of it in favour of a more cost efficient streaming platform.

4. Eating Out
Eating out is a budget line that can get away from a person. Set a limit and stay within it. You could also re-evaluate eating out and see if it’s holding you back from your financial and health goals.

5. Meal Planning & Grocery Lists
Having a plan is often a good thing in many situations; grocery shopping is definitely one of them. You can save on your grocery spending line by making a meal plan, sticking to your grocery list, and using cash.

6. Miscellaneous Budget Line
By definition, miscellaneous means varied types of something. Your miscellaneous budget line doesn’t have to be as random or unplanned as that. Evaluate what this line is going to be for. A good rule of thumb is a set an amount ($50, $100 or so) that would be used towards unplanned expenses; for example, medication for a cold that you weren’t expecting, buying a gift for a birthday party you didn’t anticipate your child being invited to, a higher than normal utility bill, etc.

My six easiest ways to find extra money are simple: shop around for insurance policies, ask for discounts and promotions on your phone and internet plans, cut cable, eat out less often or with a plan, meal plan and use grocery lists, and be specific with your miscellaneous budget line.

Absolutely these actions take a little effort, but the thought of what that money could do toward your future goals makes me really excited for you. Of course, just like finding money in the couch or your spring jacket… it’s going to feel oh-so-good! Or… you could just leave the money "in the couch" for those big businesses to keep taking… it’s up to you!

What’s next?

Are you struggling to make ends meet? Are you sick of feeling overwhelmed with your money? Do you want a plan that allows you to enjoy your hard-earned money without having to feel bad? Find out how 1:1 Coaching or Membership can give you the tools, motivation and support you need.