If you could save a considerable amount of money, what would it be used for? Holidays? An emergency fund? Credit card payments? The problem is that most people only think about saving when there’s an excess of funds – but that shouldn’t be how it works.
Even on a tight budget, it’s possible to achieve what you want. In this article, we’ll be diving into tips and tricks that can help you save more money, even while you’re on a budget.
Get a Balance of Your Accounts
This seems simple, but it’s often overlooked. If you want to practice effective saving, you have to keep track of what is being spent. Have a little patience, grab a calculator, and bring out your balances, because getting in the habit of doing a bank balance every month will help you be more responsible with your day-to-day expenses.
Create a Monthly Expense Budget
Now that you have your balance, do you know exactly where your money goes every month? The next tip is to take what you’ve learned about your consumption habits and figure out exactly how much you really need to live. Control these consumption habits by committing to a monthly budget.
Pay Your Bills on Time
One way to save money is to avoid late fees. To do this, you have to create a system to help you pay your bills on time. For example, establish automatic payments through your bank for credit cards and service bills.
When you have to make payments manually, online, or in person, be sure to schedule them at least 5 days before they due date to avoid any setbacks.
Compare Prices Online
Before making any purchases, try to get in the habit of searching online for the best prices available – which can save you both money and time. Instead of having to visit multiple stores to find a decent price, you can now easily find and buy the best deals directly from social media and e-commerce websites.
Another way to save money is to visit thrift stores, vintage market, and garage sales. This will help stretch your budget while still finding items to match your taste.
Learning to Live Without
We tell our children all the time that they can’t have everything that they want, but we don’t always live by the same principle. Commit yourself to life without luxuries that you can’t afford for a period of time to help you achieve money savings. This may include eliminating cable, canceling a gym subscription, or holding off on the purchase of the latest Smartphone.
Transfer Money to Your Savings Account Automatically
This is crucial for saving money. Set up an amount to be automatically transferred from your checking account to your savings each month to help you save without even thinking about it. Pay yourself first!
The most advisable thing to do is keep your savings in a separate bank account. By doing this, the money you save won’t be devoured by regular expenses and the funds will be available in case of an emergency – but not as easily accessible for regular spending.
Planning meals in advance helps you save money on groceries, in turn keeping this category of your budget under control. For example, if tonight you roasted a whole chicken in the oven, use the leftovers to prepare a chicken salad meal for tomorrow’s lunch – and possibly many more meals for the rest of the work week or school. Cooking with prior planning is a great way to save on food while also saving time and eating healthier.
Double and Freeze
You can save a lot of money by doubling your favorite recipes and freezing portions – having these extra portions on hand can also save you a lot of time in the future. Additionally, buying some vegetables or meats in large quantities and packing them away in a freezer can help save you a lot of money on wholesale purchases.
Getting Money When There is None to Spare
Sometimes, money may be so tight that you may find yourself lost for ideas to help you generate some savings. This may be a good time to earn extra money on the side. Here are a few ideas to help generate some extra savings:
· Sell old stuff: go through old belongings you no longer use or need and put them up for sale. You can do this easily by listing them on sites like eBay.
· Become a freelance teacher: do you have a skill that others would love to learn? You can sell your courses on Udemy and Skillshare or by setting yourself up on freelancing sites like Fiverr.
· Drive for Uber or Lyft: if you have a car and can drive well, why not drive on the side for some extra money. This can earn you substantial extra funds while allowing you to work around your schedule.
· Rent out a room on Airbnb: if you have a spare room and don’t mind sharing, you can rent it out on Airbnb. This can even grant you the opportunity to meet a lot of interesting and adventurous people.
As you can see, everything here doesn’t require spending or scaling hurdles. This shows that saving doesn’t have to be hard, even if you’re on a tight budget. Take advantage of these tips and tricks and free up some more money. Money is a mind asset. Now, go and create more of it from what you already have!
If you would like to learn more about making and saving money, check out the book Think and Grow Rich by Napoleon Hill.
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