Ways To Save Money On A Tight Budget

Ways To Save Money On A Tight Budget.

Saving money is an important part of personal finance but when your budget is ALREADY tight, it can be difficult to save money quickly.

1. Save money on grocery shopping. …

When you go grocery shopping, the key to success is to make sure you go with a full stomach and a list! This way, you’ll be less likely to deviate from your shopping plans and can avoid blowing your budget.

2. Declutter and sell things you don’t use. …

De-cluttering is such a good feeling. And if you can make money while you’re at it, why not? Some great places to start decluttering are your closet and your kitchen.

3. Take a break from shopping for non-essentials. …

Separate your wants from your needs and put your wants on the back burner. Hit pause on that handbag or shoe purchase for now. You’ll be surprised how much money you save by only purchasing the things you really need.

4. Eat-inmore often. …

Another way to save money on a tight budget is to meal plan and eat in. If you find yourself eating out several times a week, make a conscious effort to cut it down to only once or twice a week. Eating out adds up fast!

5. Pay yourself first

No matter how little you might earn or how much extra you manage to save up, always pay yourself first. You should try to set aside at least 10% of your monthly income into your savings. Do this at the beginning of the month, so that way you are not tempted to spend that money on anything else.

6. Compare before you buyI

Ifyou’re about to make a big purchase, say for a new computer or dining room table, shop around before you buy. You might find a better deal somewhere else or you might realize that the cheaper model actually has more of the features you want than the more expensive one.

7. Review your budget often

Hopefully, by now you already have a budget set up. But that doesn’t mean you should just set it aside and not think about it. Take the time to review your budget at least once or twice a month.

8. Track your spending

If you’re having a hard time creating a budget and saving money, start by tracking all of your spending. There are plenty of apps that you can use that link to your bank, making it easier than ever to know exactly where you are spending money.

9. Create goals

One of the best ways to motivate yourself is to create goals. Try to make a goal of saving a specific amount each month and setting aside some money every time you do something you’re trying to eliminate from your budget, like eating out. 

10. Take a savings challenge

There is no better way to kickstart your savings than by taking on a challenge. These challenges not only cover the steps I mention but also detail more about how to make a budget work for you and tips to save even more.