Ways To Save Money On A Tight Budget

In today’s post, I am going to help answer the question of ways to save money on a tight budget. This post can especially be useful with the current situation that everyone is facing. If you find this post helpful then consider sending it to a friend that could also benefit.

1) Eliminate Unnecessary Wants

You would think that if someone doesn’t have a lot of money that they wouldn’t be going out spending it on stuff that only fulfills their wants. Well, sadly that is just not the case. I was in a store waiting for the women in from of me to check out. She had bought all this stuff and when it came time to checking out she did not have enough money on both of her cards while doing a split payment.

It was sad because here is someone with 3 kids next to her on playing games on nice iPhones and she can’t even afford the products in the store. I know that you should never judge someone on anything, but she is an example of choosing the desire of wants over what’s actually best financially. This is why you need to be blunt with yourself and know exactly what you can afford if you are on a tight budget.

2) Track Your Spending

Finding a way to track what you spend if going to help you easily save money on a tight budget. If you’re a person that would like to use an app to help do just that then consider downloading Mint. This app will literally automate the tracking for you. The app lets you set limits for different spending like gas, food, shopping, etc. If you exceed that limit then it will notify you.

You could also go online and find budget sheets to print out and do all the tracking yourself. Either one will the secret to saving because you are building a habit.

3) Slowly invest A Little Bit

The reason that I am suggesting to only put a little bit of money away is because of the assumption is that you are on a super tight budget and important bills come first. If you have $5, $10, or $20 to start then put that into savings whenever you have an opportunity. The whole point is compounding over time (read the book “The Compound Effect”). Like I said, start small first because you want to build a habit of saving money. Once you get that down then up the savings to whatever you feel is comfortable.

If you just follow all these 3 steps then you should not have any problem with saving money. Always think about the value of stuff long term and what you could substitute instant desires for something that will last.

I hope that you found this blog post useful and don’t forget to send it to a friend that will also benefit. Thanks for Supporting The Finance Starter and check out other post that I’ve written below.