Jehan Divecha - 5 Tips to Stretch Your Money as Everyday Expenses Increase

2. Jehan Divecha - As inflation continues to rise, it can be difficult to stretch your money to cover all your everyday expenses. Whether you're a student, a young professional, or a family, it can be challenging to make your money last until the end of the month. In this blog, Jehan Divecha will explain five tips that can help you stretch your money as everyday expenses increase: Create a Budget and Stick to It According to Jehan Divecha, The first step to stretching your money is to create a budget that accounts for all your expenses. Start by making a list of all your monthly bills, including rent, utilities, and any subscriptions or memberships you have. Next, track your spending for a few weeks to get a better idea of where your money is going. Use a budgeting app or spreadsheet to categorize your spending and identify any areas where you can cut back.

3. Once you have a clear understanding of your expenses and income, create a monthly budget that you can realistically stick to. Make sure you allocate enough money for essential expenses like rent, groceries, and utilities, but also set aside some money for discretionary spending like entertainment and dining out. It's important to be honest with yourself about your spending habits and to resist the urge to overspend. Find Ways to Cut Back on Expenses Once you have a budget in place, look for ways to cut back on your expenses. Start by reviewing your discretionary spending, such as entertainment and dining out. Consider cooking more meals at home, cutting back on takeout, and finding free or low- cost entertainment options, such as community events or outdoor activities. You can also look for ways to reduce your fixed expenses, such as negotiating lower rates for utilities or refinancing your loans to get a better interest rate.

4. Another way to save money is to shop smarter. Look for sales and discounts on groceries and household items, and consider buying generic or store-brand products instead of name-brand items. You can also take advantage of loyalty programs and coupons to save money on purchases.

5. Use Credit Cards Wisely Jehan Divecha says, Credit cards can be a useful tool for managing your expenses and earning rewards, but they can also lead to debt if not used wisely. If you use credit cards, make sure you pay off your balance in full each month to avoid interest charges. Look for credit cards that offer rewards or cashback on purchases that you make regularly, such as groceries or gas. You can also use credit cards to build your credit score, which can help you qualify for lower interest rates on loans and credit cards in the future. Plan for Emergencies Unexpected expenses, such as car repairs or medical bills, can quickly derail your budget. To prepare for emergencies, set aside a portion of your income each month in a savings account or emergency fund. According to Jehan Divecha, Aim to save at least three to six months' worth of living expenses, so you have a cushion to fall back on if you experience a financial setback.

7. Invest in Yourself Finally, investing in yourself can be a smart way to stretch your money in the long run. This can include investing in education or training that can help you advance in your career, or investing in your health and well-being. For example, getting regular exercise and eating a healthy diet can help you avoid expensive medical bills down the line. Investing in yourself can also help you build a strong financial foundation, so you're better equipped to handle any financial challenges that come your way. Jehan Divecha says,Stretching your money in the face of rising everyday expenses can be challenging, but it's not impossible. By creating a budget, cutting back on expenses, using credit cards wisely, planning for emergencies, and investing in yourself, you can make your money go further and build a more secure.