If you’re tired of using complicated methods to see how much money you could save over the long term if you cut cable or stopped some other monthly reoccurring fee, you’re in luck. You can figure it out with a simpler method than you have been using. It’s called the Rule of 184 and it can help you quickly determine whether a reoccurring payment will be worth it to you in the future.

How the Rule of 184 Works

With the Rule of 1984, you’ll take the monthly payment you’re contemplating and multiply it by 184 to see how much that expense would cost you over a 10-year period.

For instance, let’s say you want to put an addition onto your house. But in order to do, you’re going to have to agree to a payment of $220 for a period of 10 years. To see the true cost of how much that will set you back, you’ll multiply that monthly figure by 184.

That number takes into account the interest you could make, set at 8 percent, over the next 10 years if you had invested that monthly figure instead of spending it.

So let’s see how much that home renovation could potentially cost you. It would rob you of $40,480 over a 10-year period. Once you see that figure, you might decide that backyard oasis isn’t worth the money. Or maybe you’ll decide to spring for it anyway. That’s up to you. But at least with the Rule of 184, you’ll make a more informed decision.

How It Can Benefit You

When you start thinking in terms of how much each purchase is costing you, it can be a powerful motivating factor.

While you might not decide to forgo every purchase, even if you opt not to do some of them you’re going to have an improved financial picture.

Maybe you’ll decide that $100 cable bill isn’t worth the $18,400 that could be sitting in a bank account for you in 10 years’ time. And maybe you’ll realize that gym membership isn’t worth it if you only go there once a week.

You might start looking for a cheaper route to go with your purchases. Instead of the sports car that might cost you $400 a month, maybe you’ll go for a less flashy but much cheaper model.

If you find a few places to cut back on and take the action of investing the money instead, you might end up with six figures more for your retirement than you would have if you didn’t know the Rule of 184.

It’s rare to find a financial rule that is as straightforward and simple as the Rule of 184. So when you stumble across one, you should make sure to put it to work for you.

If you’re struggling to make ends meet and you’ve slashed all you can from your budget, you have to find a way to bring in more money. Even if you can devote a few hours a week to doing a side gig, you’ll be better off.

You may not want to work this second job forever though. So remember, start paying off debt with the extra money instead of inflating your spending habits.

Collect Metal

If you’re the type of person who always likes to be on the move, collecting cans you see alongside the road might be a good odd job for you. While you won’t get rich from doing it, you can gather up a lot of cans to turn in.

And as a side perk, you’ll be getting exercise while you do it.

Be a Housesitter

Are you a trustworthy sort of person? Do you have one of those faces that people just seem to like and trust right away?

If so, housesitting might be for you.

When people go on vacation and don’t want to let their houses sit vacant the whole time they’re gone, they hire housesitters.

Walk Dogs

If you love animals and exercise, dog walking might be an option to explore. A lot of people don’t have the time to take their pets on long walks or they aren’t in good enough health to do it.

That’s where you can come in. You can earn a nice chunk of money just for walking Fido around the neighborhood a few times.

Take Online Surveys

Before you become a survey taker, you need to realize you won’t make a killing at it. At best, you can earn enough to give yourself a little spending cash for the week. If you need to earn several hundred dollars a month, this won’t be the right fit for you.

Be a Friend For Hire

If you make instant friends with almost anyone you meet, you could become a professional friend. This service is used a lot by people who are visiting strange towns and want to have someone to hang out with in a city full of unfamiliar faces.

Tutor Someone

Were you a math whiz in school? Are you great at explaining things to people who need a little extra guidance? If so, tutoring might be in your future.

You can charge a considerable amount of money per hour for your help tutoring grade school and high school students. If you’re a teacher, work with children in another capacity, or have other similar qualifications, it will be much easier for you to find clients.

Host a Sports Camp or Give One-on-One Lessons

If you were a star athlete in school and you’ve kept in reasonable good shape, get ready to make a killing. You can put out the word you’ll be willing to help kids learn the basics of the sport you excelled in. Or you might let parents know you can help take their child’s sport skills to another level.

School sports have become so competitive that students routinely are enrolled in sports camps and parents often pay for tutors.

When you’re supporting a family on only one income, it can be tricky to feel like you’re making any financial progress at all. And because you only are bringing home one salary, it’s essential you pay close attention to what your financial goals are and how you’re going to get there.

Here are some of the things you should be looking at when you’re trying to support a household on just one income.

Saving as Much In Your 401k as Possible

You need to sock away as much as you can for retirement because you’ll only have one 401k or pension to count on in your golden years since your partner isn’t working. Unless they play to join the workforce later, you need to be aggressive with your savings.

Most 401ks have an option for an automatic increase of 1 percent per year. That means that every year, your 401k contribution will go up by 1 percent, usually until you reach a certain percentage, like 20 percent.

Because that’s such a small amount at a time, it’s doable for you. You may not even miss that amount too much, especially if you get an annual raise too.

Watch Your Food Costs

This is where the stay-at-home partner can really contribute, by cutting corners on groceries whenever possible.

Because they’ll have a little more time on their hands to do the grocery shopping, they may be able to clip coupons or use digital coupons to lock in more savings. They should also prioritize putting together a menu so they don’t overspend on food, particularly fresh produce that might end up getting thrown out before it is used.

One great way to ensure there is no overspending on groceries is by using cash every time you go shopping. Plus, you should never go grocery shopping on an empty stomach. Everything in the store will look tempting to buy.

Be Sensible With Your Big Purchases

While little things do add up, those big-ticket items are still the ones that can impact your budget the most.

When house shopping, you should opt for one that still leaves plenty of room in your budget after you make the monthly payment. The same applies for car shopping, particularly since you may need two cars for your household and you only have one income to buy them with.

Have Your Own Spending Money

While you may only be bringing in one salary, the unpaid person in the relationship is still making a contribution. They may be raising children or taking care of the household and all the finances. They shouldn’t be made to feel like they aren’t entitled to spend any money just because what they’re doing isn’t compensated with a paycheck.

One way to work around this is to have both partners get an allowance at the beginning of the month. Whether it’s $100 a month or more, this is money that is just theirs to do with as they please. That can make everyone feel as if they don’t have to justify the little purchases they want to make that will make them happy.