5 Money Saving Tips to Help You Save Your Money

How realistic does the idea of saving money seem to you right now? What’s on your plate when it comes to your financial responsibilities? How much wiggle room do you have in your budget? Between rent/mortgage payments, grocery bills, utility bills, car expenses, and everything else, your budget might already be at capacity.

As overwhelming as things may feel, the truth is that unless you’ve already put your best foot forward when it comes to cutting back on your spending, there’s a good chance that there are some adjustments you can make that could help you save your money.

Today, we’re going to take a look at some simple but effective ways to save money to help set you up for success.

How to Save Money on a Low Income

Saving money might feel impossible when you’re living off minimum wage, but if you have the right money saving tips in hand, you may be able to squirrel away enough here and there to start saving and most importantly, build an emergency fund. This is a savings fund specifically designed to help you handle emergency expenses.

We’re not saying it’ll be easy, but if you stay disciplined and commit yourself, saving money can be within your reach. These money savings tips will hopefully help you get started.

1. Look at Your Spending Habits

We all have habits. Some are good ones like going to the gym or eating healthy, but often, we have small bad habits that add up. With spending, it’s the same. While you might be doing a great job in paying your bills on time, you might also reward yourself at the end of a week with a small gift, like a new top or a bottle of wine. When you’re living on a tight budget, those small bad habits can wreck your savings plan.

Don’t get overwhelmed. Habits can be broken. The first step is to look at how you spend your money. And make sure you’re looking closely for those habits. Is it taking a taxi when you’re tired at the end of the work day, or stopping by your neighborhood local at the end of the week? Are those habits you can afford? If not, it’s important to identify them. Write down a list of the habits you have to stop. Keep it on your phone and taped to your fridge, and do your best to avoid them at all costs.

2. Don’t Burn Through Large Amounts of Money in One Go

Whether you’ve just gotten your tax return or you’ve been given a gift from a family member, getting unexpected cash can feel great. But as tempting as it might be to go out and treat yourself, pause and think. What is the best way to spend this money? Be strategic.

Your specific financial situation is going to play some part in helping you to figure out what the best use of this money is, but you might want to consider doing things like:

• Starting an emergency fund
• Paying off debt
• Investing in your retirement

Again, the financial position you’re in will play a role in dictating what you do with this money, but windfalls are a great opportunity to make a big jump forward on your savings goals, so don’t waste them!

3. Save Your Change

Don’t think your extra change can pay dividends? Think again. While this may not seem like the most lucrative way to save your money, stowing away every bit of change you come into over the course of a year can pay off more than you think.

But what if you rarely use cash? Well, there’s still an opportunity to save your change through credit cards or money apps that have a round-up feature.

4. Use Credit Wisely

If you feel like you’ve done what you can to cut back on your spending and save your money, but you’re still looking for a little financial boost, look for ways to increase your income in addition to cutting back on what you’re spending.

If you have some extra room in your schedule, you can look at picking up some side jobs. This could be things like dog walking, babysitting, doing yard work, or any sort of odd jobs. If you’re looking for something flexible, you can become a driver for a ride-sharing service. If you’ve got a particular skillset like writing, photography, or graphic design, you can start to freelance. You may also want to look into ways to make passive income.

5. Pick up a Side Hustle

If you feel like you’ve done what you can to cut back on your spending and save your money, but you’re still looking for a little financial boost, look for ways to increase your income in addition to cutting back on what you’re spending.

If you have some extra room in your schedule, you can look at picking up some side jobs. This could be things like dog walking, babysitting, doing yard work, or any sort of odd jobs. If you’re looking for something flexible, you can become a driver for a ride-sharing service. If you’ve got a particular skillset like writing, photography, or graphic design, you can start to freelance. You may also want to look into ways to make passive income.

Use These Money Saving Tips to Save Your Money

Finding room in your budget to save your money can be a tall order, especially when you’re living on a tight income and just making ends meet. At times, it might feel like a bit of grind and the rewards aren’t always immediately in view. While there’s usually some short-term sacrifice involved with figuring out how to save up money, the long-term gain is worth it. Knowing you have an emergency fund at the ready to help you handle emergency expenses can be a huge load off your shoulders, and financial freedom is something worth striving for.

So, we hope these money saving tips have helped and we wish you the best of luck on your journey to financial stability!

Disclaimer: This article provides general information only and does not constitute financial, legal or other professional advice. For full details, see CreditFresh’s Terms of Use.