A tight budget is a smart budget. Sticking to positive spending habits will help you save for the future, but there are tons of other creative ways to save money, live well, and stay on track for your financial future. And that all starts here.
Learning out how to save money fast on a low income can be easy if you pay attention to both your budget and your spending habits. This quick guide explains how to live on a budget and still save money!
Every dollar counts, so it's essential to keep track of your daily living expenses. Are you wasting extra money on transport expenses when you could be investing in your future financial goals? Take a look at your transport costs and see where you can turn spending into savings.
Find Cost-Effective Insurance – If car insurance is taking a big chunk out of your budget, you should shop around for better providers. Call car insurance representatives and challenge them to beat your current service provider’s price. In the meantime, drive safely and avoid accidents to keep your rates low.
Ride Your Bike – If you live close enough to bike to work, stores, or school, grab your helmet and start pedaling. You’ll save extra money on gas and reap the benefits of daily exercise. You might even wind up canceling your gym membership for even more savings.
Carpool – If you live nearby your favorite co-workers, why not start a carpool? You’ll save mileage, gas money, and be able to enjoy a mobile water-cooler chat.
Even though you’re living on a tight budget doesn’t mean you have to cut back on fun. Here are frugal living tips so you can live the good life on a small budget:
City Adventures – Check your city’s official website for free events, festivals, and entertainment.
At-Home Hangs – Stop spending money on overpriced restaurant wine (wine you don’t even like that much) so that you can spend time with friends. Invite your friends over for a BYOWine tasting at your home, potlucks, or movie nights.
Head to the Library – Trim streaming service expenses with a magical device known as a library card. Libraries offer movie and TV series rentals for free.
As you learn how to save money on a tight budget, one expense may loom over your calculations: debt. But paying off credit card debt and saving money are more compatible than you think. You’ll learn how to live on a tight budget, pay down debt, and still be budgeting for your future with these three strategies:
Prioritize High-Interest Debt – Whether you have an expensive credit card bill or a heap of student loans, make sure you prioritize paying off your high-interest debt. After all, the money you lose in interest could eventually be money saved. Try doubling up on payments for your high-interest loans and sticking to minimum payments for your low-interest debts. You’ll pay off the debts faster and eventually save tons on interest.
Transfer Your Debt – You can shop around for better interest rates and transfer your debt to a new provider. But always, make sure there are no hidden transfer fees before making the switch.
Set Up Minimum Payments – Automate paying down your debt. You can set up automatic minimum payments from your bank account through your bank or credit union.
Money doesn’t grow on trees... but that doesn’t mean there’s no such thing as free money, if you know where to look. Check out this quick list of ways to get money for almost free to increase your savings:
Tax Credits – Depending on your income, you might qualify for the EITC, or the Earned Income Tax Credit. The EITC can translate to a significant refund on your taxes, which will help you keep more of what you earn and boost your savings.
401K Matching – Check to see if your employer offers contribution matching for your 401K. That’s almost as good as a money tree!
Credit Card Rewards Programs – Take a look at your credit card’s rewards programs. Sometimes, those points can turn into actual cash. You can deposit those rewards right into your savings account or use them to pay off a chunk of credit card debt to decrease your interest payments significantly.
You’ve crunched numbers, made estimates, and set a goal for your financial future. But just because you’re saving smart, doesn’t mean you can’t live well and enjoy the best your favorite brands have to offer. The secret? Finding the smartest place to buy what you need, (and a few things you love). Good news: you’re already here.
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