The Keys to Saving on a Budget

Saving can be difficult for anyone, but it's a vital practice for everyone. There isn't a single person that wouldn't benefit from having some money in savings. Let's discuss some ways you can still save, even when you're living on a tight budget.

Treat It Like a Bill

Most of us make sure the bills are paid before anything else; we make sure to pay rent, utilities, and our car payments before we stick anything into savings. This is counterintuitive and usually leads to zero dollars being allocated towards savings. Let's reframe a bit here… Treat your monthly savings goal like a bill. In fact, set up a direct deposit from your account on or around payday so you never even see that money in your checking account. That money will be set aside for you and never be in your checking account in the first place to potentially tempt you into spending it. 

Live Within Your Means 

This seems pretty simple and obvious, but this is an area where many people struggle. You have to live within or below your means to really save. This doesn't mean ramen and hot dogs every week, it just means to spend less on the ‘wants' and to save pennies where you can. There is absolutely nothing shameful or lesser in using coupons and shopping with savings in mind. No matter your income bracket, why spend more on something than you need to? Having the income to do so is really not a good enough reason not to save where you can. 

Don't Waste Your Money 

Even if you can afford to spend money on extras and pay more than what you need to for necessities, how much of that could have been saved into an emergency fund or dropped into a high-yield savings account? Those dollars add up each and every year. Don't waste your money paying more when you could save, it's as simple as that. All this requires is a tiny bit more effort; shop at stores that save you money, use coupons and savings apps, look out for deals, and plan your shopping trips.

Yes, it takes up a bit more time each week, but you end up with more cash in your pocket which means you have more to stick into savings.

No matter your financial situation, you absolutely can save. It just requires a bit of discipline, some planning ahead, and the desire on your part to better your financial situation.