Money Management: 4 Steps to Make Your Money Stretch Further

by Spero Financial

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If you find yourself feeling overwhelmed and stressed about your finances, you are not alone. Rising costs have made money tight for many of us. It can be challenging to simply make ends meet each month. That’s why it is more important than ever to make our money stretch further.

Here are a few tips to get you started. While these tips won’t fix things overnight, our hope is that they help you stress less when it comes to your money.

Is every dollar in your budget assigned a job? If the answer is no, the first step in making your money stretch further is knowing what you’re spending it on.

Look at account statements from the last few months to get an idea of how much you spend on essentials like groceries, gas, and utilities versus non-essentials like entertainment, streaming services, and restaurants.

This will help establish a baseline that you can build on as you make adjustments to your budget.

Now that you have a good idea of your usual spending habits, challenge yourself to find areas you can cut. You may already have the leanest budget possible, and that’s great! If not, be intentional about pinpointing ways to decrease your spending. By doing so, you will have more money in your pocket for the essentials.

Here are some questions to consider before making a purchase:

  • Do I really need to buy a brand-new item, or could I use something I already have/borrow it from a friend or family member?
  • Could I find a way to repair or refurbish broken items rather than immediately replacing them? (Pro tip: YouTube and TikTok are great resources to learn how to repair a whole host of things, from clothing to household appliances.)
  • Can I wait until this item goes on sale (more on that later!) or find it at a thrift shop?

This isn’t to say you can never spend money on non-essentials or treat yourself. However, being intentional about using things you already have can create more room in your budget for the necessities.

Family twist: Involve older kids in basic budgeting decisions to help them understand trade-offs.

So, what does it actually mean to shop smart?

First, keep an eye out for sales. For household necessities like laundry detergent or soap, wait for the items to go on sale and then stock up. That way you get more bang for your buck on those essential items.

Second, consider seasonality! For food items like fruits and vegetables, try to select options that are in season, as they are typically more affordable than something out of season. For clothing on the other hand, shopping for out-of-season items may be a cheaper bet! (Of course, this means keeping pieces in your closet for a bit before you can sport them – but for your wallet’s sake, it may be a good trade off!)

Thirdly, try out budget-friendly recipes. Affordable ingredients like pasta, rice, lentils, and beans can help bulk up a meal and make your groceries stretch further. Look for recipes that include those as ingredients and make a clear list of the things you will need to get before heading to the store.

Family twist: Have kids help pick meals—they’re more likely to eat them, and it becomes a shared activity.

There are a few tweaks you can make to your banking habits to help your money go further as well.

First, look into accounts with higher Annual Percentage Yields (APY). This is simply the money you earn on your account balance over time. The higher the APY, the more you earn. Most standard savings and checking accounts pay next to nothing on account balances. However, some financial institutions (like Spero – we’re not biased or anything!) do offer high-yield accounts.

For example, Spero Financial’s Kasasa Cash Checking accounts pays 5.00% APY* on qualifying balances up to $15,000. To get this APY, all you need to do each month is 1) make 12 debit card transactions of $5.00+, 2) enroll in and agree to exclusively receive eStatements, and 3) receive 1 direct deposit (i.e. pay check) or perform an ACH transaction (i.e. online utility payment). That adds up to some serious cash, especially the higher the balance you keep in the account.

Outside of increasing your APY, take a look at any loans you are currently paying on. If you have multiple loans with high interest rates, consider consolidating them into one loan with a lower interest rate. While it may take a longer period of time to pay them off than you initially planned, you will pay much less in interest over time, which means more money in your pocket for the things that matter.

Don’t forget that Spero Financial has your back through all of life’s ups and downs. (After all, we’re people too, and experience many of the same things our members experience!)

If you would like to speak to a Spero advisor about additional steps you can take to manage your finances, visit https://spero.financial/make-your-appointment/ to set up a free appointment with one of our Certified Credit Union Financial Counselors.

This material is for educational purposes only and is not intended to provide specific advice or recommendations for any individual.

*Annual Percentage Yield accurate as of 05/05/2025. For most up-to-date information on Kasasa Checking Accounts, visit https://spero.financial/earnmore.

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