Ways to Save Money on a Tight Budget

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Saving money is always a good idea, regardless of your financial situation. You never know when you’ll be strapped for cash or and in need of reserves. It’s also a smart way to plan for the future. Saving more now will give you a bigger nest egg for retirement so you can enjoy a greater quality of life. But it’s not that easy for everybody. Saving money can seem impossible if you’re already low on funds or facing high expenses. But rest assured you can still put away money, whatever your circumstances. Just follow our tips for easy ways to save money on a tight budget.

First thing’s first, start by taking a look at your spending habits and cash on hand to see where your money is going. Review your expenses to see if you can cut out any unnecessary bills or cut back anywhere. Do you really need that extra espresso? Completely eliminating or even just downgrading your current expenditures is usually the easiest way to start saving.

And set yourself a goal for how much you want to save, but don’t be unrealistic. Start with a small number, especially if you’re not used to budgeting. Then, as you get more comfortable, you can adjust it more to get a bigger return. And it won’t be the same for everybody, so don’t compare yourself to other people. Work with what you have available.

Best Ways to Save Money on a Tight Budget

Best Ways to Save Money on a Tight Budget

Auto-Saving Apps

Smart applications make it easier than ever to save nowadays. They’re super convenient and work on autopilot so you don’t have worry about a thing. Two of my favorites are Mint by Intuit and the Albert app. You just set up a rainy day fund and Albert puts away a few dollars here and there, transferring the money from your bank account. Before you know if you’ve got a few hundred bucks stashed away which can be invested or spent however you please. Some apps charge for similar functionality, but auto-saving with Albert is totally free!

Schedule Saving from Bank Account

Another great option is to schedule regular transfers into a savings account at your bank. Choose a savings interval and an amount you’d like to be automatically withdrawn from your main account, and you’re good to go. Scheduling regular deposits is an easy way to increase your savings that’s totally hands off. Just make sure you’ve got enough money in there to transfer.

Manual Saving Every Paycheck

If you prefer having more control, then take the previous approach, but only save when you feel comfortable. It’s a little less convenient, but you can always be sure there’s enough in easy account and can choose to transfer more or less money, depending on how much is available. It’s best to do it right after you’ve gotten your paycheck. And paying big expenses at the same time helps you get used to budgeting to see how much remaining cash you’ve got to work with.

Best Ways to Save Money on a Tight Budget

Sell Your Belongings

Selling your stuff is a great way to get some extra cash. Clean out your closets to see what will fetch the highest prices from interested buyers. Sites like eBay make it so easy you don’t need to leave your home to be successful. CDs, movies, and books are especially popular items, and there are dozens of apps that help streamline the selling process. Decluttr is one of my favorites. It gives you instant quotes of how much your items are worth. Old technology is another hot commodity, with wealthy collectors willing to pay high prices for products in good condition.

Cut Your Expenses

What better way to save than by slashing your expenses? Review your bank statements for unnecessary subscriptions and don’t indulge in so many impulse purchases. Also, try talking to service providers to rework your contracts. Companies are often willing to negotiate a more affordable package, rather than risk losing you as a customer. And don’t worry if you’re not the greatest dealmaker either because companies like BillShark will do the work for you. They offer to renegotiate your bills in exchange for a small cut of the savings.

Find Discounts & Coupons

Clipping coupons and finding discounts is another excellent way to reduce your spending and save more money. And it’s not like back in the old days, when you had to search the newspaper for coupons before they expire. Just run a quick search online for the latest deals and you’ll find tons of special deals to take advantage of. Another good tip is to switch to your grocery store’s generic brand instead of going with the big names. You get the exact same products and save tons of money!

Best Ways to Save Money on a Tight Budget

Cash Back & Reward Programs

Another good option when looking to save money is to check out any reward program available. These can range from credit cards offering cash back points, special promos for shopping at certain retailers, and similar programs with financial incentives so you can be a smarter shopper. You’ll need to have a decent credit score to sign up for some of the better ones, but loyalty membership programs are usually available to everyone.

Easy Online Earnings

You can also earn easy cash for completing small tasks online, which require little-to-no effort. The range of options is huge, but common activities include taking surveys, watching videos, and signing up for free offers. They’re all really simple and usually don’t require anything more than an internet connection. We written a bit about these types of opportunities before, so check out our review of the best survey and reward sites to make money with online.


And there you have it! Remember, it’s not hopeless. As long as you’ve got an income, you can save money, even on a tight budget. Reign in your spending and ask yourself what’s really necessary. Take advantage of freebies and special deals that come up. Budgeting is a good skill to have. Unfortunately, financial planning widely taught or emphasized enough in school, which is why so many people struggle with it. Use this opportunity to learn as much as you can because smart money management will serve you extremely well in life.

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