10 Ways to Save Money on a Tight Budget

It’s funny how when things are tight that saving is the last thing on your mind. But still, something inside is telling you to make the push and go for it. Because the truth is you know that saving money is necessary for your to reach your goals. If you find yourself in this situation then you are defnitely looking for the best ways to save money on a tight budget. You can start with this list.

1. Create a Budget

Setting a good budget is can be hard, but sticking to it is even harder. But when thinking of all the ways to save money on a tight budget, this take the cake.

You need to start by determining what your needs are. These would be things like food, gas, clothing, power, water, etc. Figure out what all these add up to and set aside the correct amount of money just for that.
Another great idea is to take some money out of the bank at the beginning of each week, and make sure that it lasts. $100 may not seem like much, but that’s just the start. If you manage to succeed with $100 then try 90, then 80 and so on. Once that number stabilizes you’ll know what you need, rather than what you’re wasting it on.

If you managed to get used to living on this tight of a budget, then you’ll be able to put quite a bit into savings.

If you are having trouble getting your budget down pat, then try one of these free budget planning tools.

2. Shop Decisively

Always make a point to check for the absolute best price. I don’t care if it’s toilet paper, you go out there and find yourself a deal. Use coupons, check for sales online, try the newspaper, all of these places have deals running at some point. Then when you do find the best price, you can buy with confidence.

You can take this a lot farther though. If you take the money that you would have paid for the same items, then put it into your savings account, even just a few dollars a day can really add up over time. Think about this 10 bucks a day would be $3,650 dollars a year.

3. Always Pay Yourself First

It might make sense to pay everything off then see what’s left over to save, but money has a way of spilling out into other things. Doing this is a recipe for disaster.

Instead put your money in the bank, and transfer your set amount of funds that you’ll use for that week to where they are needed. If there is anything left over from that, send it right back to where it came from, there’s no need let it sit in an account that’s not gaining interest.

4. Save Like You Mean It

I know it’s hard to move money back to your savings account just for the sake of saving it, so you need to have your reason to focus.

You reason may vary. It could be for a vacation, making an emergency fund, or even saving for a house. The actual reason isn’t as important as making sure that you have one, and that it’s something you really want. Then put up a daily reminder for yourself, a picture of your dream home (or whatever it is) and keep telling yourself you will save enough for it.

5. Automate It

If it’s so easy that you don’t even have to think about it, then that’s the way to do it. While you probably knew that most employers will do direct deposit, you might not have considered that they will also split the funds for you. You can have them transfer the money automatically into both your savings and checking accounts. And even if they won’t do it, a lot of times your bank will. So call around and see what you can get them to do.

If you are self-employed on the other hand, you may have to do a bit of the work yourself. But that doesn’t mean you can’t create automatic schedule deposits, it just means it has to be done after you get the money from your clients.

6. Carpool or Take Public Transit

I don’t like doing this, but it’s hard to argue with the results. Carpooling or public transit systems can save you a fortune on your daily tasks.

If you know some reliable people at work, then ask if they would be willing to split the bill, chances are they are looking to save some cash too.

7. Keep Your Change

Sensible, albeit cliché, this advice stands the test of time because quite frankly it works. Gather all your change into one place, and make a point to put any new change you get throughout the day into the same pot. You can even take this further by taking a small percent of everything you pull out of the bank and throw it in there as well.

At the end of the month marvel at just how much you’ve collected. It’s rather staggering just how fast it adds up. Then throw it into your savings account, there’s no sense in just letting it sit there after all.

8. Don’t Use Credit

If you have credit card debt, get rid of it as quickly as possible. The interest rates on those things are insane, and you’re just throwing that money away. Then once they are paid off, cut up all but one of them.
That last card you hold onto, because if you are ever booking flights or arranging a hotel you get points for each time you use your card. But remember to pay that off at the end of the month with money you already saved up for the trip.

9. Look for Ways to Make Things More Efficient

There are so many things in this life that are excruciatingly un-efficient. Take a look at your home, you can change out those light-bulbs for LEDs and save about 10 bucks a month on power.
If you’re driving to your desk job in a truck, you should switch to a sedan. It may not be able to do as much, but they get nearly double the gas mileage.

Heating and cooling are the biggest expense in your utilities, if you are looking for ways to save money on a tight budget then that’s probably your biggest bleeder. Get some insulation and weather stripping in place and you can save hundreds a month.

You get the idea, there are tons of ways to save money throughout your life, you just have to be willing to look around.

Related article: How to Save Money on Electricity

10. Stay Committed to You Goal

The experts say 20 percent of your earnings should go into your savings each year, but that can be hard to do when you’re on a tight budget. Something always seems to come up in the first quarter that

require

quite a bit of money.
But don’t let that derail you, the most important thing is keeping your focus.

One catastrophe shouldn’t change your goals, so keep up the good work, and you’ll reach your goal before you know it.

If you’re looking for more specific ways to save money then check out our article: How to Save Money

Or if you need to make more, then find out find out How to Make Money Online for Free

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