How do you save money with tight budget??

Question

Let's hear your mothods?

Answer 1

My brother's method when he was putting himself through college was a food budget of $5.00 a week. One loaf of bread & a jar of peanut butter. Needless to say he made alot of friends & would accept all dinner invitations.

Answer 2

1) Keep bills to a minimum. For example, cable is not a necessity. Reevaluate whether you really need a home phone and a cell. It is possible to do with one or the other in most cases.

2) Pay bills on time to avoid late fees. An extra dollar or so may not seem so much, but if you are paying late fees on all bills every month you are paying an extra over fifty dollars a year that you do not really need to be paying.

3) If you pay for most things in cash or money orders you will always know exactly how much money you actually have to spend.

4) Do away with credit cards. Keep one for an absolute emergencies only.

5) Use coupons & take advantage of "buy one get one free" sales. Most grocery stores have them & the coupons in Sunday papers usually correspond with a lot of items that are on sale that same week. (Tip: only use coupons for items you usually buy, however. Do not use coupons just because you have them.)
If you can find a store that doubles coupons so much the better. I have spent as little as twenty-five cents on some items such as pasta, rice, or cereal.
Wal-greens offers rebate every month items. Some items are free after rebate. This is a great way to stock up on toothbrushes, shampoo, & conditioner. It is also a good way to try new products.

DRASTIC MEASURE: When I am REALLY strapped for cash, I fast for a few days a week.

Answer 3

Make savings a priority. Take the money out of your check before you start paying bills, etc. If you have a company 401K invest in that. I mean you don't pay taxes on th money. So why not reduce the amount Uncle Sam can take from you. Start with $20-50 a month and then build it up slowly. Don't pay attention to the account balance so much and it will grown before you know it. Keep all your spending in a log for one month, see where you can trim the latte factors and happy savings!

You may also want to look into HSBC, they don't have many physical structures so you cant just go take money out for frivolous thing. And there interest rate is 5.05% right now, no local bank can match that.

Answer 4

Budgeting helps, but in spite of how tight the money situation is, one can usually find ways to cut back. You have to research your spending habits and decide what you can eliminate, then take that money and put it into a savings account. Once you have saved enough to cover at least a month's worth of expenses, open a Roth IRA. If you work for a company with a 401K plan, start yesterday to put money into it, even if it is only a percent or two of your pay. Sometimes it is easier to cut back once the money isn't in your hands.

Answer 5

I'm an expert on this! Buy store brands, never the national brands. Nine times out of ten you will never know the difference. Give up any bad habits, like smoking. Use a loyalty card at the grocery store if they offer one and coupons. Buy what's on sale. Turn the thermostat up in the summer time when you leave the house and down in the winter. Give up caller ID, call waiting, etc. Make sure you have an appropriate level of insurance coverage on your car and not too much. Take a look at how you spend your money... I'm sure you can find plenty of ways to cut back without having to sacrifice much.

Answer 6

I put $100.00 per month in my savings by using automatic deduction. I never see the money because it goes in there directly from my paycheck. Our 401-k is like that too.
My husband and I try not to eat fast food unless we aren't home or are on trips. Sometimes we splurge because we're busy, etc but I try to cook mostly. When grocery shopping try to look at ads and get food on sale. Plan your meals like that.
I also try to pay more than the amount expected on bills so that I'm not being charges as much for interest and can put more money on the principle. Just doing little things can really help out in the long run. But remember you have to have fun and live sometimes so every once in awhile treat yourself!

Answer 7

cut back on any unnecessary items . open a savings account , that you can add small increments to on a regular basis ( figure this into your budget ) . when you spend money , save all of the change and one dollar bills , in a container , that can not be emptied easily , for instance , take a large water bottle , the type they use for water coolers , and tape the top closed , leaving only an entry opening .

best of luck !

Answer 8

Watch the pennies... and the dollars will come.

Meaning: Instead of saying 'I don't have $50.00 a month to save!' start saving the pennies... trust me - they do actually add up.

How are you spending now? Who do you give your money to now? Add up all the late fees you paid in the past year on every utility bill. Got the total? That'd make a pretty good savings deposit right there!

Answer 9

Simple, little by little! If you buy a coffee every morning, try skipping a day or two. If you buy a large, get a small. If you go out for lunch, try bringing. If you go out every weekend, skip one or say go out Friday, but not Saturday.

When I teach my personal finance class, most students are shocked when they see how much they really spend and on what. Good money-management and budgeting involves knowing exactly how much you have coming in, what you spend, and where it goes.

Answer 10

Go to ChuckRamsey.com. Author of Total Money Makeover. Use his method. I have since January, and by Sept 1, I will have paid off $35,000 in debt. No kidding. He is also on the radio to listen to and get good ideas.