INVESTMENTS

5 Super Effective and Easy Ways to Save Money When on a Tight Budget

Who doesn’t love quick and easy ways to save money! But is accumulating wealth so simple?

Sharon McCutcheon/Unsplash | Saving money on a tight budget can be difficult, but it isn’t impossible

According to a survey report, 62% of Americans have less than $1000 in their savings account; that is if they even have an account.

This only shows how difficult it can often be to save. While most people like to set aside money each month, it almost seems like an impossible task if they’re on a tough budget. But it’s important to realize that it can be much easier than you think if you put in a little effort and some smartness.

In this post, we will be sharing with you a few easy and practical ways to save a considerable amount while being on a tight budget. These tips can be very helpful if you’re planning on jumpstarting your savings or a debt repayment plan. 

The Grocery Runs

When you go grocery shopping, make sure you have a full stomach and a list ready. This way, you’ll be less likely to drift away towards unnecessary munching at a restaurant and blowing up your budget.

You must also go through your shopping list in advance and consider buying generic or store brands for essential items to save a big chunk of money. Additionally, don’t stock up; just buy groceries that you need for the week so that you don’t end up with waste.

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Imants Kaziļuns/Unsplash | When shopping for groceries, have a list ready and stick to it to stay within the limit and avoiding stocking up

Declutter and Discard Things you Don’t Use

Decluttering is such a satisfying feeling. And when you can make some extra cash while doing it, it’s so much fun, isn’t it? Some great places to start decluttering are your wardrobe and kitchen.

Look out for local consignment shops, or ask your friends and family if they’d be interested in buying any of your unused items. You can even set up a seller account on websites like Etsy or eBay. 

Eat-in More Often

Another feasible way to save on a tough budget is to plan your meals and eat home-cooked food. If you feel that a significant portion of your monthly earnings is spent on restaurants, make a deliberate effort to minimize it to just once or twice a week. Instead, why not prepare a good wholesome meal at your home!

Cancel Unnecessary Subscriptions

Instead of spending your funds on gym memberships and supplements, pan out a more feasible exercise routine and eating plan. Try working out at home or going for a run, including natural food items in your meal (chia seeds, green vegetables, etc).

Get rid of streaming platforms that you don’t use very often. These small practices will allow you to save a big chunk of your income and lead you to a better lifestyle.

Austin Distel/Unsplash | Get rid of unnecessary memberships and subscriptions that you don’t use very often

Take a Break from Buying Luxury items

Separate your wants from your needs, and within a fraction of days, you’ll realize that the wants were such a back-burner. So hit the pause button on buying expensive shoes, handbags, and accessories. You’ll be surprised by the amount of savings you’ll end up having.

Wrap up

There are so many ways to save money even when you’re on a fixed budget. You don’t have to starve yourself or make huge lifestyle changes, just follow a sustainable easy-going pattern by making small changes in your day-to-day life.

Even if you pick a couple of the above-mentioned tips, that would be enough to make a significant difference. 

SOURCE : https://misterstocks.com/investments/5-ways-save-money-tight-budget

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