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How Saving Money Is Still Possible Even If You’re on a Tight Budget

How Saving Money Is Still Possible Even If You’re on a Tight Budget

We have all been there. Checking our bank accounts obsessively, fruitlessly hoping that money will just show up. Maybe you’re in the midst of a job transition, or maybe you don’t have a steady job at all. Whether you make your money through odd-jobs, a steady salary or part time work, there is a way to save money, despite the budget.

It’s scary, right? Trying to make ends meet while not turning into a recluse and always having to make up excuses while you can’t go out. You can start to feel like a bad friend and a lame person. But that’s just not the truth. We’ve all struggled with money, despite our age or profession. It takes time, effort and a whole lot of patience and self-forgiveness before you can figure out the right way to save. But there is hope!

When You Get Money in Your Account, Pay Yourself First

Even if you don’t earn much at the moment, there is no excuse of spending more than you save. Have you ever heard the expression, “Pay yourself first?” Whether you have a salary in which you automatically contribute a percentage of your paycheck to a 401k or your savings account, or even an old-school piggy bank where you store loose change, it’s so important to pay yourself (aka: put some money aside) before you spend on anything else. And if you use the solutions below, it can be easier than you think.

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Saving Money Can Be Easier Than You Think If You Do These 8 Things Regularly

1. Negotiate new rates and fees

This one can be scary for people who aren’t used to asking for things, but it’s so important and it really does work. I hate owning credit cards, but with an upcoming wedding, it’s sort of a necessary evil for me. But I was really sick of the high APR on the card I used often because I had been a long time customer and always paid more than minimum. Once I had paid the card off, I called and told them they would either lower my interest, or I would take my business elsewhere. Guess which one they chose?

You can also do this with utility bills. Call the companies and ask if they can work with you on the fees. If not, threaten to go to their competition. Don’t be hateful, I’m not encouraging you to start fights, but stand your ground and let them know you’re willing to pay someone else.[1]

2. Unplug the unused electronics (It’s not only an environmentally-friendly practice!)

Well, unplug all the electronics in your house. Did you know that if something is plugged in, regardless of whether or not it’s being used, it’s still sucking up energy and increasing your bills? So unplug your phone charger, the blender, the coffee machine, the TV, your computer charger…. you get the point. You’ll be amazed at what you start to save.

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3. Draft a list before you go shopping

Everyone knows to avoid grocery shopping when they’re hungry. It’s a sure way to buy way more than you intended, all because of your growling tummy. But the same thing happens when you don’t have a list/you don’t stick to your list. Plan ahead and stick to your shopping plan. More so, buy in bulk for cheaper prices and download some grocery store rebate apps on your phone!

4. Balance your checkbook

I know, I know, I sound like your parent. But balancing your checkbook is a great way to know how much money you actually have. Financial apps, like the one your bank no doubt offers, are great, but they aren’t always current to the minute. This can lead to hefty overdraft fees if you aren’t paying attention and spend more than you have. Seriously. Do it.[2]

5. Use cash before your card

The budget I created for myself involves reserving envelopes of cash for specific things. For instance, $200 specifically for groceries, $50 for restaurants/coffee shops and $25 for miscellaneous. I would only spend according to those envelopes, and if I ran out of cash, then I’ve spent all I can. Too bad. This is done in hopes of having a certain amount leftover at the end of the month to be put directly into my savings account. While it isn’t always realistic/smart/safe to carry around envelopes of cash, the idea is a good one. Really limit yourself to what you want to spend, and use cash before your card. There’s something about the feeling of handing over paper money that hurts a lot more than swiping some plastic.

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6. Bank on other people’s poor spending habits

You know that one friend you have who is always spending money on the latest trend and winds up with a box of stuff he/she no longer wears? Maybe they donate it as a tax write-off, or maybe they just throw it out. Tell them you want it instead! You’ll have a constantly changing wardrobe and it won’t cost you a dime! If you don’t have a friend like this, then buy used in general. Thrifting used to be taboo, but now second-hand is all the rage. eBay, Poshmark, ThreadUp and more are all great options to get new items for less.[3]

7. Get a programmable thermostat

This is one of those options that requires you to spend some money in order to save it, but for around $40, you can get a basic model and cut your energy bills by 15% ($45 a month!!). Some of these apps even sync to your phone, so you can adjust the temperature from anywhere. That’s a great feature for someone like me who constantly forgets to set it to 78* before leaving in the morning!

8. Pack your lunch

It can be so tempting to go to lunch nearby every day, especially if you work in the city. But have you ever calculated what you spend in a week on lunch or coffee? It’s sickening! If you go out to lunch 5 times a week, pack your lunch three times next week and see how much you save. You’ll be shocked and your bank account will thank you!

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So what do you think? Doable, right? I told you. Have other money-saving tips not mentioned here? Make sure to share!

Reference

More by this author

Heather Poole

Technical writer

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Published on June 19, 2019

Your Beliefs About Success May Be Holding You Back

Your Beliefs About Success May Be Holding You Back
Pause for a moment and think about how you would describe success.

If your description is dominated by money or status, then your image of success is faulty.

For example, there are countless people who have these assets but don’t feel successful. Some of these people have enormous amounts of disposable income, but work so many hours during the day that they have no life beyond their work.

Would you regard these people as successful?

At first glance, I likely wouldn’t.

And, then there are the endless celebrities who go from fame to failure (think bankruptcy, addictions and worse).

Are they successful?

Probably not.

In truth, success is about happiness and fulfillment in life.

But, there is more than one definition of success. Just look at the above example of the person who worked too hard to spend their money. If they’re happy with their life, then we shouldn’t criticize their version of success.

So how about you? Do you have a clear definition of what success looks like for you?

If you don’t, you’ll be constantly chasing someone else’s idea of success, and could find yourself totally unfulfilled and miserable.

The good news is that over the next few minutes, I’m going to give you the tools you need to build a crystal clear picture of YOUR SUCCESS.

Positive Thinking

With the right attitude, anything can seem possible.

For instance, if you’re fed up with your job, but do nothing to change it, then you’ll likely be stuck there for years to come. But, if you see the job as a stepping stone to something bigger and better, then not only will you enjoy your work more, but you’ll have something positive to aim towards (e.g., a promotion or new job).

The example above demonstrates a little-known factor of success… suffering!

Yes, suffering may be a negative thing that most people go out of their way to avoid; but successful people use suffering as a springboard to big achievements. Mindset really does separate the losers from the winners.

Another thing you can do, is to gradually build up your positivity and confidence by tracking your progress towards your goals. And, each time you accomplish something – however small – be sure to celebrate it!

This is a great way to propel you towards success.

The Purpose of a Purpose

What is your purpose in life?

These are questions I suggest you spend some time thinking about. To help you find the answers, consider the following:

If you just seek a career, all you will find is a career.

But, if you seek a purpose, you’ll find something much more than a career – you’ll find your calling. And when you’ve found this, and you begin following it, you’ll be firmly in the middle of the happiness, satisfaction and success zone.

This is backed by science, with research showing that people who have a purpose and meaning in life have an increase in:[1]
  • Overall well-being
  • Mental and physical health
  • Resiliency
  • Self-esteem

But, don’t mistake seeking happiness and success as your purpose. These things are a natural result of following your purpose – but shouldn’t be your focal point.

Austrian Neurologist and Holocaust survivor Viktor Frankl said it well:

“It is the very pursuit of happiness, that thwarts happiness.”

What about YOUR purpose?

If you’re struggling to identify it, look for the things in your life that you’re good at, enthuse you, and provide a benefit to the world.

Becoming a Better You

Are your beliefs holding you back?

If yes, here are three things you can do RIGHT NOW to break out of your mind trap:

  1. Boost Your Confidence: you can do this by overcoming challenges that come your way. For example, if you have a fear of public speaking, face this challenge head-on by agreeing to do regular presentations for your company, or by joining a public speaking organization like Toastmasters International. Speak in public often enough, and your fear of it will plunge like a river going over a waterfall.
  2. Develop Healthy Habits: I’m talking about positive habits that will serve you day in, day out. Habits such as lifelong learning, eating well, and waking up early. When these things are automatic for you, you’ll reap incredible benefits from them. Take eating well, for example. You’ll feel better. You’ll look better. And you’ll have way more energy to make things happen in your life.
  3. Invoke the Magic of Goal Setting: Without goals, you’ll drift through life like a plastic bottle in the sea. But with goals, you’ll be like a 100m sprinter running towards the finishing line. Goals really are powerful tools. They’ll direct your focus and energy, and will allow you to track your progress in life. I recommend the SMART goal-setting method (find out about this here).

And, always remember… don’t compare yourself to others; only compare yourself to who you were yesterday.

Each step you take forward is making you a better version of you.

Success Is Self-Love

I encourage you to take the tips I’ve shared in this article and put them into action in your life. Ideally, starting right now!

Firstly, transform your mindset by facing up to challenges and overcoming them. Then spend time to discover your purpose. And, once you’ve found it – start following it.

Becoming a better version of you will take some time, but will be worth the wait. Not only will you reach into untapped potential in your life, but you’ll also develop respect and love for yourself along the way.

So don’t let your beliefs hold you back anymore. BREAK FREE from them and start enjoying a happy, healthy and successful life.

Featured photo credit: Razvan Chisu via unsplash.com

Reference

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