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Savings Ideas for Tight Budgets
It's frustrating to live paycheck to paycheck. It's also frustrating to see friends or co-workers buy cars, take trips, or buy homes when you can't afford to. Things may be financially tight right now, but there is hope. The one thing that might help is buckling down on your saving habits.
Watch your spending habits
You might think that your spending habits aren't a problem. Well, let's take a closer look. If you have a daily coffee habit, that $3 a day turns into $21 a week. Over an average month, you're looking at $90...for just coffee!
That $3 may not seem like much, but in the long run it could be one more thing that's putting a strain on your budget. It's the same thing with your monthly cable bill. If you're paying around $110 a month, it ends up being $1,320 a year. That's enough money to take a trip or pay off a credit card.
Top money saving tips
So how can you save money? Here are some helpful money saving tips:
- If you must have your daily coffee, brew it at home. You'll save a great deal in the long run plus you can make it your way every time.
- Save on cable costs by eliminating premium channels. Think about downsizing to basic cable and checking out premium cable shows online. You can also go to the library and rent movies – even entire TV series – for free.
- Find ways to supplement your income. A couple of hours a week at a part-time job or picking up some extra shifts at your full-time job could help you meet your savings goals quicker.
- Look into getting a good interest-bearing savings account. You can put all of the money that you save on cable and coffee into this account and save up for short-term goals like a down payment for a car or long-term goals like buying a house. With an interest-bearing savings account it's like you will be getting paid to save your money.
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