You’ve been tightening your belt when it comes to expenses and you’re still not able to make ends meet. That’s a common problem many individuals and families are facing, especially coming off such a tough financial year. What can you cut back on when you feel like you’ve trimmed the extra fat in your budget as much as you can? Sometimes it’s not about doing without, but taking a proactive approach to find some extra cash. Here are five tips for monthly savings that may provide you with some financial cushion.

5 tips for breathing new life into your budget

1 Find a way to increase your income

This is the easiest way to inject some much needed cash into your budget. Whether it’s taking on extra hours at work if they’re available, or picking up a side hustle, the added income may be exactly what’s required. There are part-time jobs out there if you look hard enough. If you’re not ready to commit to the set weekly hours of an official part-time job, there are other money making options available as well. From babysitting, tutoring and helping children with virtual learning, to dog walking, grounds keeping, bookkeeping, grocery delivery or food delivery, there are plenty of ways to earn some extra bucks right now.

2 Downsize or refinance your vehicle

Do you have a brand new vehicle that’s been sitting in your garage all year, while you’ve been working from home? You’re not alone. If your vehicle also comes with a high monthly payment, It may be time to sell it, refinance it, or trade it on for a less expensive model. You might actually have enough equity in your vehicle to purchase a used vehicle for cash. Imagine no car payment for the foreseeable future. How happy would your budget be with that?  If that’s not an option, refinancing your auto loan to secure a lower interest rate might be the perfect solution. A local credit union, such as Spirit Financial Credit Union, provides members with low rates on auto loans and auto loan refinancing. They also provide flexible terms to meet every need. View auto loan rates and learn more about refinancing.

3 Refinance your mortgage

While refinancing your auto may give you some extra room in your budget, refinancing your mortgage might give you even more. If the current rates are significantly lower than your existing mortgage rate, you can see a nice reduction in your monthly payment through mortgage refinance. The trick is finding a lower rate, as well as low refinance fees. When shopping for rates, always compare fees as well.  Learn more about two great Spirit Financial Credit Union mortgage loan refinancing options and view our rates. Always include your local credit union in rate and fee comparisons. They offer lower rates than big banks because their mission is to provide the highest level of service and value to their members.

4 Consolidate high-interest credit card balances

You may not realize the financial strain that high-interest credit cards can have on your health, both physically and financially. If you’re struggling to make minimum monthly payments and your balance doesn’t seem to be declining, it just adds to the financial pressure. Credit card balance consolidation might help. Some financial institutions, including Spirit Financial, offer members low introductory rates for credit card balance transfers. This can be just what the doctor ordered when it comes to a healthier budget. Spirit Financial is currently offering a low 1.90%* introductory balance transfer APR for 12 months from account opening. Best of all, consolidating all of your higher-interest credit card balances will leave you with one, easier to manage, monthly payment. Keep in mind, after the 12 month intro period, the rate reverts to the current credit card rate. 12 months of a low rate might buy you the time you need to pay down your balance and enjoy a little financial freedom. Just as with refinancing, always compare fees. You will also want to know the time period for the low introductory rate, as well as the rate it will revert to when that ends. These are all important in your decision making process. You want to know what you’re getting yourself into if you don’t pay off the balance in time.

5 Sell items you no longer use

eBay, Facebook, Etsy, and Craigslist are perfect for selling good, but unused items that are laying around collecting dust. Think laptops and other electronics, fitness equipment, bikes, books, collectibles, children’s and baby items, furniture, and even jewelry. If you have a stockpile of new and gently used items, the money you need may be sitting right under your nose.

We hope these tips help you ease the strain on your budget. Remember, your credit union is always here to help you achieve your financial goals. 

*1.90% Introductory Balance Transfer APR for 12 months from Account opening. After that your APR will be 10.90% or 12.50% depending on the card program. Any existing balances of Spirit Financial Credit Union loan or credit card accounts are not eligible for the Introductory APR for balance transfers.