(ThyBlackMan.com) These days it seems like everyone wants to save more money, but few people know where to find that extra cash. When the price of living continues to go up, but your wages aren’t necessarily getting better, you’ll need to be creative if you want to stretch every penny.
A basic budget is a great way to get started with your money saving solution. You can keep track of what you’re spending and make sure that you’re never paying over the odds. However, there are some additional ways that you can get more control over your finances too.
Here are just some of the best ways to save money when you don’t have much cash to splash.
1. Make the Most of Every Penny
One of the biggest mistakes that people make when it comes to saving money is convincing themselves that savings have to be huge to make a difference. You don’t need to be saving $5 or $10 every day to make an impact on your long-term finances. Even throwing your loose change into a jar at the end of the day can have a huge effect on your life by giving you something you can put into your emergency savings account.
Tell yourself that every time you get a single dollar as change from a purchase, you’ll put it towards your savings. Or, just add everything in your pockets at the end of a week to a jar and start fresh the week after.
2. Pay off your Debts, and Keep Paying
Most people will end up with a loan or two at some time during their life. The chances are that you already have one for your car, your new kitchen, or even your home. With a little luck, you did some comparison shopping beforehand to make sure that you were paying the least you could on fees and interest rates.
To make the most of your savings, pay off your debts as quickly as you can, then continue paying the same amount you would have on your repayments into a savings account. It won’t feel like much of a big difference in your routine, but you’ll have a sizeable emergency saving account in no time.
3. Let the Bank Do the Hard Work for You
Why stress yourself out over remembering to save each month when you can get your bank to do everything for you. Set up a direct debit from your current account to a separate savings account that moves money out of your clutches every pay day. This will make it easier to avoid spending the money you want to keep aside for a rainy day – even when you’re extra tempted.
Some banks also have apps that you can use to track your savings too. This can make it easier for you to see your progress and give yourself kudos for how far you’ve come. It’s difficult to stay motivated when saving sometimes.
4. Save Cash When Eating Out
If you love eating out with your family, then you don’t necessarily have to give up on this luxury entirely. Although you might have to cut down from several times a week to just once every week or two. However, you can make sure that you’re spending as little as possible on food by making sure that you drink plenty of water along with your meal. Water will help to fill you up, so you don’t need to order appetizers. Plus, it’s much cheaper than wine or soft drinks.
Additionally, make sure that you have desserts and other snacks waiting for you at home, so you don’t need to buy a multi-course meal whenever you go to a restaurant. This could save you some serious money in the long-term.
5. Save on Essential Shopping
Finally, don’t forget that there are plenty of ways you can save when you go to the grocery store. First, make a list to ensure that you’re not doubling up on items that you already have at home. Additionally, make sure that you use everything you have completely before you buy something new – including makeup and cleaning products.
You might even consider making your own cleaning products with guides that you can find online if you’re feeling creative. This is a great way to save some money and protect the environment. While you’re at the grocery store, only purchase generic brands of products, rather than paying for popular names. You can also save a lot by buying in bulk whenever possible.
Staff Writer; Doug Adams