3 Ways to Save Money on a Tight Budget
Finding ways to save money can be difficult, even more so when you’re living with a tight budget. However, it should be possible to put a little money aside each month, even if you’re receiving a small income. Fortunately, there are lots of thrifty things you can do to save and make your money go further. With this in mind, here are three ways that you can save money while sticking with a tight budget.
1. Change the way you eat
A recent survey by USA Today found that the average American household spends over $7,000 a year on food and over $3,000 of this is spent on eating out. Changing your eating habits could save you hundreds or even thousands of dollars over the space of a year. Here are some suggestions to slash your monthly food costs:
- Avoid eating out or ordering takeaways and cook at home instead.
- Plan your meals and do one weekly food shop instead of popping to your local convenience store throughout the week.
- Write a grocery list and stick with it. Avoid buying unnecessary food items.
- Visit a budget-friendly grocery store and opt for generic brands to save money.
- Always look in the discount section and plan your meals based on what’s on offer.
- Make hot drinks at home rather than visiting high-end cafes and coffee shops.
2. Lower your accommodation costs
Accommodation is likely to be your biggest monthly expense. Finding ways to lower your accommodation costs can have a substantial impact on the amount you have to pay out each month – this will give you more disposal income to deposit into your savings account. Some ideas to lower your accommodation costs include moving in with a roommate, renting out a spare room in your home, or moving to a cheaper rental property.
3. Stay at home more often
It can be tremendously difficult to save money and stick with a tight budget when you are going out all of the time. Eating meals in restaurants, visiting swanky bars and going to the cinema are all expensive activities that may be outside of your budget. Staying at home is one of the simplest ways to save money and it doesn’t have to be boring. You could easily save money by hosting a dinner party at home instead of eating out or organizing a home movie night instead of going to the theatres. There are also plenty of fun activities and hobbies that you can do at home. For example, use a Hobby Lobby coupon to save money on art supplies and do an exciting crafts project at the weekend instead of paying to go out.
Living with a tight budget can be a challenge, particularly when you are trying to grow your savings. That said, there are countless ways to spend less each month and you should be able to boost your savings account with a little planning and effort. Try the above suggestions to save money while budgeting.