9 Ways to Save Money When You’re on a Tight Budget

 9 Ways to Save Money When You’re on a Tight Budget

If you’re already operating on a tight budget, it’s not easy to come up with more ways to save money. However, it’s extremely important that you set aside a portion of your income and save for the future, irrespective of how much you’re earning.
Here are nine tips to help you save money when you’re on a tight budget.
1 – Spend Less on Food
A great way to save your money when you’re on a tight budget is to change your eating habits. The best way to do this is to either completely stop or cut back on eating out. Eating leftovers from last night’s dinner is so much cheaper than going out for lunch.
You could also think of reducing your meat consumption as meat is quite expensive. This can mean anything from beans and rice to pasta, to vegetarian chili. While produce can be costly too, especially if you buy organic and fresh products, meat still costs more per kg. Thus, cutting back on it will help you save your money.
2 – Save Money on Grocery Shopping
The best way to save money when you shop for groceries is to go to the grocery store with a list. This way, you’ll be less likely to digress from your grocery plans and can avoid overspending on things you don’t need.
You should also consider buying store or generic brands for certain items. For several products, there isn’t any major difference between the branded and the generic item.
Lastly, avoid buying in bulk. Rather, do your grocery shopping every week. This will help to ensure that you don’t end up with food you don’t eat.
3 – Cut Down on Midweek Trips to the Grocery Store
When you don’t plan your meals properly, you will end up going to the grocery store several times during the week. This is a major spending trap!
When you don’t have a set shopping plan, you are more likely to buy impulse items and spend more on groceries overall. Thus, it’s best that you create a weekly meal plan and shop the ingredients you need for it to cut down on your midweek trips.
4 – Use Cash for Your Day to Day Spending
Even though it may not be practical to pay your utility bills or rent in cash, you can switch to cash for your daily expenses to limit your spending. Using cash instead of plastic money places a harder limit on your spending and allows you to become more aware of your spending habits.
The two major areas where you can go cash-only are groceries and entertainment. Clothing and the infrequent dining out trip can also be paid for in cash.
5 – Switch Your Television Service
One of the simplest ways to add money to your savings account is to cancel your satellite or cable TV service and switch to a low-cost substitute. Several TV services have hiked up their prices for 2020. Fortunately, now it’s quite easy to access a number of entertainment options that don’t cost as much as TV services.
You can even watch Netflix, the most popular cable TV alternative, on your TV if it has or can install the Netflix app. Plus, you can even access Netflix through a Blu-Ray player or a video game console.
6 – Reduce Your Mobile Plan
It seems like every week there’s a new mobile plan deal entering the market! Whether it’s for more data, more minutes, or an improved phone service deal. Call your mobile phone service provider and ask them details of the plan and see if you need it. In case, you don’t need it, just ask them to cancel your subscription.
There’s plenty of competition in the market so there’s a high chance that your service provider might have a retention offer for you to keep your account.
7- Shop For Clothing Carefully
Clothing can potentially take up a major chunk of your budget if you aren’t mindful. Even if you love retail therapy, you should meticulously lookout for the best deals and avoid impulse buying at all costs. Always keep in mind that spending within a budget can add up to a good amount of savings in the long term.
You could even consider renting special occasion-wear if you only have to wear it once rather than buying it. Whether it’s a dress or a tux for a special event like a prom or wedding, clothing rental websites such as Rent the Runway can help you dress the part without spending too much money.
8 – Check Clearance Racks
If you’re looking to save money while shopping on a tight budget, clearance racks will be your holy grail. However, you might find that clearance racks in physical stores only have limited stores. This is because the clearance inventory in stores is limited to what they have in store for that particular location.
In such cases, you can check the retailer’s online store for clearance items instead. Going online means that you can buy from many different locations and storehouses. Plus, you can even get more sizes and better deals by going through the retailer’s website!
9 – Negotiate for A Lower Car Insurance Rate
If you have a good driving record, have never been in an accident, or have points on your license, you should contact your car insurance provider to see if you can negotiate for a lower rate.
Generally, it’s a good practice to compare the car insurance rate of various insurance providers to ensure that you get the best deal possible.
Last Few Words
There are plenty of ways you can save money when you’re on a tight budget. Make sure to look out for and cancel any subscriptions that you don’t need and cut back spending on non-essential items.
Even if you start practicing only a few of the 9 ways mentioned above, you’re off to a great start!

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