We all love quick ways to save money! If you're looking for ways to save money on a tight budget, rest assured that it's much easier than you might think. You just have to put a little effort into it.
Below are my top tips that can help you start saving more and jumpstarting your savings or debt repayment plan.
1. Save money on grocery shopping
When you go grocery shopping, the key to success is to make sure you go with a full stomach and a list! This way, you'll be less likely to deviate from your shopping plans and can avoid blowing your budget.
You should also review everything you plan to buy on your list in advance and consider buying generic or store brands for certain items. For many items, there really isn't much difference between the brand name and the generic item.
In addition, don't buy to stock up. Instead, just buy what you need for the week. This way, you'll reduce waste and avoid ending up with food you don't eat.
2. Negotiate your car insurance to a lower rate
If you have a good driving record, have never had an accident, or gotten points on your license, it might be worthwhile to contact your car insurance provider to see if you can get a better rate.
In general, it's a good idea to compare car insurance rates with other companies as well to make sure you're getting the best deal out there.
3. Reduce your cell phone plan
There's always a cell phone deal going on! Whether it's for more minutes, more data, or for an overall better phone service package. Give your cell phone service provider a call and ask. Worst case scenario, you can ask to cancel.
There's so much competition out there, they might just have a special retention offer available so they can keep your business.
4. Avoid monthly bank fees
If you are paying monthly checking or savings account fees to your bank, you need to switch banks immediately. Check out bankrate.com to find out about which banks offer free checking and savings accounts. Credit unions are a great place to bank when it comes to free accounts and more personalized customer service.
5. Declutter and sell things you don't use
Decluttering is such a good feeling. And if you can make money while you're at it, why not? Some great places to start decluttering are your closet and your kitchen.
6. Take a break from shopping for non-essentials
Separate your wants from your needs and put your wants on the back burner. Hit pause on that handbag or shoe purchase for now. You'll be surprised how much money you save by only purchasing the things you really need.
This exercise will also give you an opportunity to become more aware of your spending and help you prioritize your finances.
7. Eat-in more often
Another way to save money on a tight budget is to meal plan and eat in. If you find yourself eating out several times a week, make a conscious effort to cut it down to only once or twice a week. Eating out adds up fast!
So as an alternative, why not break out one of your cookbooks that's been sitting neglected on your kitchen shelf? Don't own a cookbook? Pinterest, Instagram, and Youtube have amazing visuals and recipes you can try out.
8. Do your own hair and nails
Instead of going to your hairdresser or to the nail salon every week, you can save money by going every two weeks or once a month. Do your own hair and nails on your own during that time in between. Put those products you've stocked up on from the beauty supply store to work for you.
9. Stop using your credit cards
How to save money on those expensive interest payments? A sure-fire way is to stop spending on your credit cards. Take them out of your wallet, put them in the freezer, delete them from your online accounts, and instead, focus on paying down debt.
10. Cancel subscriptions you don't use
Instead of going to the gym, work out at home. There are loads of really great at-home fitness programs that you can purchase at a fraction of the cost of a gym membership. YouTube is also a great resource to find online personal trainers that offer free workouts.
11. Pay yourself first
No matter how little you might earn or how much extra you manage to save up, always pay yourself first. You should try to set aside at least 10% of your monthly income into your savings.
Do this at the beginning of the month, so that way you are not tempted to spend that money on anything else.
12. Compare before you buy
If you’re about to make a big purchase, say for a new computer or dining room table, shop around before you buy. You might find a better deal somewhere else or you might realize that the cheaper model actually has more of the features you want than the more expensive one.
13. Review your budget often
Hopefully, by now you already have a budget set up. But that doesn’t mean you should just set it aside and not think about it. Take the time to review your budget at least once or twice a month.
Make sure you are on track to meet your savings and spending goals. Did you overspend in a category? Think of ways you can eliminate that extra spending.
14. Track your spending
If you’re having a hard time creating a budget and saving money, start by tracking all of your spending. There are plenty of apps that you can use that link to your bank, making it easier than ever to know exactly where you are spending money.
Once you know where your money is going, it’s easier to find out where you cut your spending.
15. Create goals
One of the best ways to motivate yourself is to create goals. Try to make a goal of saving a specific amount each month and setting aside some money every time you do something you’re trying to eliminate from your budget, like eating out.
Or cancel that newspaper subscription and put the money in your savings account instead. You’ll meet your savings goal in no time.
16. Take a savings challenge
There is no better way to kickstart your savings than by taking on a challenge. These challenges not only cover the steps I mention but also detail more about how to make a budget work for you and tips to save even more.
You can make it fun by having your friends join you and keep each other accountable! Don’t make saving money become another New Year’s resolution you don’t keep.
You can save money on a tight budget
There are so many ways to save money on a tight budget. You don’t have to starve yourself in order to grow your savings account. Chances are there are one or two subscriptions or spending habits you can eliminate from your budget right away.
Even if you just pick a couple of the above 16 tips, they're a great start if you're wondering how to save money right now! PS. Check out our list of things worth saving up for!