Are you searching for the best ways on how to save money on a tight budget? Saving money is one of the things you need to do if you want to be financially secure. However, if you’re already on a budget, you may find it challenging. For instance, you may be wondering which spending areas you need to cut. In this article, we’ll look at 10 ways to reduce your spending and save some money in 2019.
1. Change Your Attitude towards Saving Money
Many people think that saving money is one difficult experience. For example, you may think that you’ll miss out on items such as clothes, nights out and travel. Your colleagues, friends or family may pressure you to join you on activities such as eating out or going on vacations.
You should realize that saving money even if you’re on a tight budget will enable you to have a prosperous future. Reducing your spending by changing your attitude is one way of making sure you have money for emergencies.
2. Save Any Extra Income
Saving any extra money that comes your way ensures you grow your savings account. Keep in mind that extra income includes any bonus from your employer and financial gifts from relatives. Moreover, any money you get from garage sells should be saved.
Most people end up using this money when they are on a tight budget. Make sure that you stick on your budget by avoiding spending any unexpected money you get.
3. Before You Go Shopping, Draw a List
When going shopping, you should make sure you have a list of the items you intend to buy. It will ensure you only purchase groceries that you need. Make sure you stick to it to avoid spending extra money. Moreover, you should consider buying things in bulk, which ensures you enjoy cheaper prices.
4. Consider Buying Second-Hand Items
We all feel great when unwrapping new items from boxes. However, you can get incredible bargains at garage sales, charity shops and other second-hand stores. Among the items you can purchase from these stores include clothes and televisions. If you’re on a tight budget, you can save your money by choosing to check out these second-hand stores.
5. Prepare Your Meals
Whenever you eat out, for example in restaurants and hotels, you should keep in mind that you’ll pay to spend more. If you already on a budget, you should reduce the number of times you eat out. On the other hand, you may love eating out, which means you need to look for ways on how to reduce your spending. Choosing to enjoy a glass of water rather than having another drink is an excellent way of saving your money.
Look out for special deals and discounts on meals before got out. Choose large meals such as platters when eating out since you can share them. You should also reduce your spending on coffee as you go to work if you want to save your money.
6. Turn off Electrical Appliances When Not Using Them
Most of us have several electrical appliances at home. Make sure you turn them off when not using them instead of leaving them on standby. If possible, you should also unplug them. For example, if you have items such as music systems, computers and televisions at home, turning them off ensures you save money on electricity bills.
On the other hand, you can invest in energy saving adaptors or plugs. These devices cut power supply to appliances that are on standby or not being used. In the long run, you’ll save money on your electricity bills.
7. Save Before You Begin Spending
When you get your pay, the first thing you need to do is save some money. For instance, you can arrange that 20% of your paycheck is automatically transferred to your savings account from the checking account.
Individuals with variable incomes should make sure that they save around 25% whenever they are paid. Avoid checking your savings account on a regular basis to reduce the temptation of touching your savings when your money gets low before you receive your paycheck.
8. Replenish Your Savings Account Whenever You Use It
We save money to enable us to cover emergency expenses. Ideally, you should have at enough money to cater for your expenses for the next three months. In the event you use it for unexpected emergencies such as repairs, you should make sure you replenish it.
In addition, instead of repairing old appliances, you should use your savings to buy new ones instead of your credit card. Make sure you rebuild your fund to avoid staying without an emergency fund.
9. Make Sure You’re Getting The Best Deals
When you’re on a tight budget, it’s important to check if you’re getting the best deals. Take your time, look at your bills and contracts, and know how much you’re paying. You may afford the current rates but it doesn’t mean you’re getting the best deal.
Call your service providers and discuss options that may save you some money. If you’re a long-term customer, they will most probably have offers that you can take advantage off.
On the other hand, there are some services that you may not really need. Since you’re on a tight budget, you can consider stopping them or using free options.
10. If You’ve Children, Consider Enjoying the Park
Having kids mean that you have to take them out occasionally to enable them to enjoy themselves. If you live in a busy urban center, paying for children’s activities and clubs can be expensive as a result of their high demand. You can let your children enjoy these activities for free in your local park. Ask your friends who have children to meet with you and arrange sports and other activities, which the kids can enjoy together.
On your part, if you’re paying for an expensive gym membership, exercising at home can help you save money.
You Can Save Money
Using the above 10 ways to save money on a tight budget can help you save money. Make sure you take your time and determine areas that you can save your money. In the long run, you will build an emergency fund that you can rely on during tough economic times.