Article Details8 Ways to Save Money on a Tight Budget |
| Date Added: June 17, 2010 05:00:00 PM |
| Author: Gwen Defnai |
| Category: Business: Education |
| Staying afloat is hard enough when on a tight budget, but actually saving money? Contrary to popular belief, it’s not impossible, so take a few moments to consider what steps you can take to hedge up your bank account. A few simple changes can really make a difference in living paycheck to paycheck or having enough.
1. Coupons, coupons, coupons: Long the hallmark of the paycheck-to-paycheck shopper, coupon clippers are among the savviest of savers. Coupons can save you over half off on a trip to the grocery or discount store, so why not take a few moments to clip out some “free money?” Visit www.coupons.com or purchase a local Sunday newspaper for stacks and stacks of available freebies. 2. Invest in the right places: Are you lucky enough to have a 401K at your current job? If so, does your company match some or all of your contribution? If you have access to a coveted 401K, start contributing to it now, and at as large a rate as you can afford. The same applies for a Roth IRA as both of these investment strategies will undoubtedly pay off big dividends in the long run. 3. Use Cash: For some reason, people have a much harder time spending beyond their means when faced with handing over cold, hard cash for every purchase. If you find that credit and debit cards are too easy for you to swipe without abandon, set yourself a monthly budget, then take that amount of cash out at the beginning of the month. When it’s gone, it’s gone, and you’ll still have money in the bank. 4. Take advantage of your bank: If your bank offers some savings incentive plan, utilize it. Many financial institutions offer to save the leftover change for each transaction you make in a designated account. These meager cents really add up over time, and you won’t miss them while you’re shopping. 5. Speaking of Change: People have been saving their change in glass jars and old cans for decades, and they do it because it works. The pocketful of change leftover from your lunch? Put it away at the end of the day and you could save close to $500 in the course of a year. 6. Cut out the non-essentials: One vanilla latte each morning can add up to over $700 in the course of a year. This, as well as the money you easily spend without thinking - on a magazine, lunch at the deli, etc. – can really add up. Be more conscious of what you’re spending and think of easy ways to save a couple bucks every day. 7. Ask for discounts: No one is going to sell something for less without being asked, so if you’re in the market for a big ticket item, bargain! Buying furniture? What about a used car? These items, while expensive, can be negotiated, so push hard for the best deal possible. The worst thing you can hear is a “no!” 8. Subscribe: If you just can’t bring yourself to stop watching movies or reading the latest celebrity magazine, consider becoming a subscriber. Services like Netflix and individual magazine subscriptions can save you anywhere from $10-$40 a month…an amount that can really add up over the course of time. |
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