• Nav Social Menu

    • Email
    • Facebook
    • Instagram
    • Pinterest
    • Twitter

Penny Polly

  • Home
  • Smart Money
  • Make Money
  • Lifestyle
  • Blogging
  • How to Start a Blog
  • About Us

May 24, 2020 by Cara Berkeley

7 Ways to Save Money on a Tight Budget

Filed Under: Smart Money

Pin35
Share1
Tweet
Reddit
36 Shares

This post may contain affiliate links. Please read my disclosure for more information.

Finding ways to save money on a tight budget can feel impossible. You save money when you have extra right?

And, if you are on a tight budget, extra is just not something you have, making it extremely difficult to put away money for your savings.

But, saving is important for your future. And, believe it or not, saving money can actually help you start to make more money. And with more money, then you don’t have the issue of a tight budget!

Because, if you save enough money, you can start a business or a money-making side-hustle. Or you can save enough for a down payment on a house and stop wasting money on rent.

The point is, saving money is super important. And, even when you are on a tight budget, you can still find ways to save.

Try these 7 ways to save money on a tight budget

1. Review Your Budget

Review your budget to find places to save money

The first step in finding ways to save is to take a hard look at your current budget. And if you don’t have a budget you need one!

You may simply have too much allocated for certain parts of your budget. Ahem, entertainment! While going out to eat or having drinks is fun, it might be robbing your future from you. And it could be preventing you from saving money like you need to.

Just say no now, long enough to increase your savings in order to make more. And, someday, maybe you can go out to eat as much as you want.

In any case, review each line of your budget and see if there is a place where you can find extra funds to push to your savings account. Read this guide for tips on exactly how much you should save each month.

2. Track every penny you spend

One possible issue with not finding ways to save when you are on a tight budget is that what you are spending is getting away from you.

You might drop $4 on a latte without thinking, or spend extra at the grocery store without even realizing it.

It is easy to ignore small expenses, to spend and forget and then at the end of the month you wonder where the heck all your money went!

If you are on a tight budget, with not a lot of income you need to be extra vigilant. Track every penny of your budget that you spend.

It will not only help you understand where you could find money to save, but could also help you spend less in general.

Before you buy anything, ask yourself if you really need it. Chances are you don’t, and if you track everything, and spend less pennies every day, at the end of the month that adds up to dollars.

Dollars you can save.

3. Make lifestyle changes to save more money

One easy way to save money when your budget is tight is to change your lifestyle in order to free up more funds.

You might be living in a two bedroom apartment but you only use one. Yes, it’s nice to have a whole second closet (that’s the size of a bedroom). But you won’t get ahead if you aren’t using every asset you have. So rent out the second bedroom, even if just for a few months. You can pocket several hundred extra dollars for your savings account.

If your car payment each month is a lot, consider selling the car and buying something less expensive.

If your budget is just too tight to find money to save, make changes in order to find money to save.

4. Find ways to make extra money

Take another job to make money so you can save money when your budget is tight
One great way to save money on a tight budget is to find ways to make extra money

If finding a way to save money on your tight budget seems impossible, then try a different tactic. Like finding ways to make extra money!

It is certainly much easier to save money when you have more of it on hand. It might even be fun to find a new way to make extra income.

There are a ton of ways to make extra income. Take an extra part-time job, turn your favorite hobby into a side hustle, or start an online business. There is no limit to the options to make extra cash to save.

If your budget is too tight to save, try increasing your budget by bringing in more income!

5. Reduce your utility bills

This is a tried and true way to find money to save when your budget is tight. Most people just pay their utility bills without looking at them.

But the truth is, you can absolutely reduce your utility bills without sacrificing comfort. Change your thermostat every day when you go to work. You don’t want to pay to keep an empty house comfortable!

In the winter, layer your clothing to keep warm instead of just relying on the heater. Check seals on your windows and doors to make sure you aren’t cooling or heating your home inefficiently.

Purchase smart plugs to help control electricity use or a smart thermostat for your HVAC. Turn off all your lights when not in use.

6. Look for hidden charges

Examine your bills for any hidden extra charges. Or subscriptions you don’t need. A lot of times when you sign up for a free trial, once the first week or month is up they start charging you.

You may be getting charged for something you don’t need or use. Make sure to find hidden charges and cancel them.

7. Negotiate your bills

Another way to save money even when you are on a tight budget is to find more money by negotiating your bills.

A lot of service providers like cable tv will offer serious discounts to new customers. You can either switch to a new one to save a lot, or call up your existing provider and ask them to lower your bill.

They will likely work with you to avoid the loss of a customer, especially if you tell them about their competitor’s offer.

Find ways to save by bundling services such as internet and t.v. Review every bill you pay, and call them up to see if you can save more money!

If you are living on a tight budget, you can still find ways to save money.

Next Smart Money Posts:

5 Ways to Spend Less on Food

10 Practical Ways to Build a Better Home Budget

Why You Should Stop Buying Starbucks® and Start Saving For Your Dream Instead

Pin35
Share1
Tweet
Reddit
36 Shares
Previous Post: « 5 Essential Money Moves to Make During an Economic Crisis
Next Post: 4 Suspenseful, Page-Turning Beach Reads »

Reader Interactions

Primary Sidebar

Archives

  • December 2020
  • November 2020
  • October 2020
  • August 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018

Categories

  • Blogging
  • Lifestyle
  • Make Money
  • Smart Money
Email service
  • Contact Us
  • Privacy Policy
  • Disclosure

Copyright © 2021 · Captivating Theme on Genesis Framework · WordPress · Log in