Budgeting Basics: How to Make Your Money go Farther

Sometimes it seems like a paycheck is spent as soon it is received. It’s a frustrating cycle that often feels impossible to get out of. The experts at Oswald Financial can help.

They recently hosted a webinar called Financial Basics 101. Financial advisors Russell McAlonie and Sarah Horn, along with Scott Kimble, team leader and sales executive, provided a long list of tips to help you better manage your money.

Let’s start with the 20/30/50 rule. A common rule is that half your income should be set aside for needs such as food, shelter and utilities. Another 30% can be spent on things you want, such as entertainment and dining out. The final 20% should be saved to fund emergencies, your retirement nest egg and paying off your debt.

Here’s how to get started.

Change Your Spending Habits

With the cost of living on the rise, saving can be hard but it can be done by developing good spending habits.

  • If you’re a person who buys expensive coffee each day before work or eats out for lunch, stop. Packing your lunch just twice a week can save up to $80/month.
  • Make a grocery list to avoid impulse purchases.
  • Stop smoking. Cutting out three packs of cigarettes a week can save $72/month.


We all like to unwind by doing what we enjoy, but those unnecessary costs can add up. Save money by:

  • Calling your cable provider every six months to ensure you get the best deal.
  • Cancel streaming services you don’t use often.
  • Eat at home.

So, you have cut entertainment to the bare minimum and you have developed healthy spending habits, and you still aren’t saving as much as you would like. Now what?

Try increasing your monthly income by taking on a second job, turning a hobby into a paid gig, or renting out a spare bedroom to a friend.

Better manage your investments.

  • Take advantage of low interest rates on credit cards or refinance an existing loan.
  • Credit card balances should be limited to 30% of your income. Don’t fund your lifestyle with credit cards.
  • Explore debt consolidation.

Find these tips and more on the one-hour webinar (passcode: Oswald!Q3), then contact the experts at Oswald Financial to get on the path to sound money management.