Living on a tight budget may make it seem like saving money isn’t possible. But keeping when money is tight may not be as hard as you think. Even small adjustments to your lifestyle can help. So, if you’re looking for ways to save money on a tight budget, rest assured that it’s much easier than you think it is! You just have to put a little effort into it.
Saving more money is often a lot easier said than done. But when you find a strategy that works well for you, it can really help you progress toward your saving goals. Here are a few things you could try.
Include saving in your budget
Now that you know what you spend in a month, you can begin to create a budget. Your budget should show what your expenses are relative to your income so that you can plan your spending and limit overspending.
Be sure to factor in expenses that occur regularly but not every month, such as car maintenance. Include a savings category in your budget and aim to save an amount that initially feels comfortable to you. Plan on eventually increasing your savings by up to 15 to 20 percent of your income.
Sign up for rewards and loyalty programs
Sign up for discount cards at grocery stores and drug stores in your area. Using these programs regularly can help you save money at checkout or possibly help you earn rewards toward future purchases.
Lower your cell phone bill
If your monthly cell phone bill competes with your monthly grocery budget, it’s time to find ways to cut back. Save money on your cell service by getting rid of extras like costly data plans, phone insurance, and useless warranties. And don’t be afraid to haggle with or completely switch your provider! It might require a little persistence and research, but the savings are worth it.
Cancel unnecessary subscription services and memberships
To be an effective saver, get rid of unnecessary subscriptions. Perhaps you signed up for a new streaming service for the free promotional period but forgot to cancel it. Or maybe you have a gym membership you no longer use. Go through your monthly credit card or bank statements to look for recurring subscription charges. Once you’ve canceled any unnecessary services, put that money into your savings account.
Eat-in more often
One of the top ways 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! As an alternative, why not break out one of your cookbooks that’s been sitting neglected on your kitchen shelf? Don’t own a cookbook? Pinterest, Instagram, and Youtube have amazing visuals and recipes you can try out.