Tips for Saving on a Tight Budget
1. Cut the Cord
Find money to put in your savings account by cutting the cord. Cancel your cable or satellite TV service and switch to a cheaper alternative. It's now pretty simple to get a wide variety of entertainment options from a streaming service that charges much less than a traditional TV service provider.
2. Examine Your Food Costs
Another way to save money is to avoid the drive-thru. The costs of dining out far outweigh the costs of cooking your own meals. It's much cheaper to eat leftovers from last night's dinner than to order in for lunch. You can also save money at the grocery store by avoiding making spontaneous purchases, cutting 2 or 3 unnecessary items from your grocery list on each shopping trip, giving up or cutting back on meat, and buying frozen or canned fruits, beans, and vegetables.
3. Cut Your Budget
You may have already cut all the unnecessary items from your budget. If this is true, a next step to saving is cutting every catergory in your budget by $5 to $10 and setting that money aside. For example, you can adjust your thermostat slightly so that you are paying less in heating and cooling costs each month.
4. Transfer Your Balances
High-interest credit cards can eat up your monthly income. You may be surprised at just how much you are paying in interest each month if you are carrying a balance on your credit cards. Transferring your balances to a low-interest credit card will help to free up additional money in your budget.
5. Find a Way to Cut Back on Big Expenses
Take a look at the big items in your overall budget for potential savings. Is your car payment too much? Can you find a cheaper place to live that is still nice? Could you move in with roommates to save on rent? These options may be a last resort, but they can help you save a good amount of money each month. The lower you are able to keep these costs, the easier it will be to stick to your budget.