Having a cash shortage crisis is never fun. But it gets even worse if it seems like you are always short on money. Let’s face it, the fact is that most people in this country are having a hard time making ends meet. Yes, there are always financial experts and friends who are all too ready to tell you how you need to start saving more money. If there just isn’t a whole lot coming in or very much to go around, though, it is difficult to save even a few bucks. It is possible, however, to save money even if you are on a very tight budget.
Living on a tight budget, paycheck to paycheck, like so many Americans is never easy. Heck, when you get by on minimal income, you still have expenses. And if an unexpected expense does happen to rear its ugly head, that unforeseen expense can cause an outright household financial crisis. It is imperative, then, to find a way to save money, even if your budget is tight and your income is low.
Be a Saver and not a Spender
Getting into the habit – yes it is a habit that anyone can pick up – of being a saver rather than a spender does not always come easy to people. Like any other habit, though, the habit of having a ‘saver’s mindset’ can be developed over time. It just takes a little bit of knowledge, the will to do it and consistency over time. We cannot help you to develop the will to do it or make sure that you become consistent with your money saving habits. But we can offer you a bit of knowledge on how to develop the lifelong habit of saving more money.
Here are some money saving tips for people who are always tight on cash.
Become a Smarter Shopper
Money – at least some of it – has to be spent. There are bills to pay and items/services to purchase. You can get more savings from the things that you buy if you take steps to become a smarter shopper. Resist the urge to make impulse purchases. If you must buy something, shop around until you find the best value for every cent you spend. Commit to yourself that you will always do a bit of comparison shopping and that you will always use coupons/discounts when they are available. And take the money you save – say you saved a dollar via a coupon on cereal – and actually put the money away into your savings account. Every little bit counts, and if you are going to get bargains, you should avoid the temptation to spend the money you save on other items.
Save those Coins
This may seem like a money savings trick from the good old days, but actually making an effort to save change can go a long way. Those coins add up. Stashing away pennies, nickels, dimes and quarters is a great way to add a little bit at a time to your savings account. Pay with cash when you make purchases and always make it a habit to break paper money for coins when possible. For example, if you pay for something that costs $5.05, resist the urge to root around for a nickel. Instead, break a dollar bill and take the 95 cents in change and add it to your change savings jar. This is the way that this simple habit can really add up to a lot of money over the course of a few years.
These are simple steps that everyone should take, no matter how much money they make. We know that it is tough when money is not rolling in like crazy. But these simple behaviors can help you to get started with a habit of saving money that will pay off in exponential dividends over the years.