8 Wicked Ways to Save Money on a Tight Budget!

ways to save money on a tight budget

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The habit of saving is itself an education– it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to be prudent, and broadens the mind.

We save a part of our hard-earned money because, well, we can’t predict the future. Even if you’re one of those perfectionists who think you got everything covered, life happens and BAM! You’ve got an unavoidable expense on your head.

Normally, saving money is not that tough of a job. But when it comes to ways to save money on a tight budget, there isn’t enough moolah to spare. If you’re earning less, doesn’t mean that you cannot save. (BTW, why are you earning less? Here’s how you can earn more)

While drafting a budget we focus on where we’re going to spend, and amidst that, we forget the savings part. As for super-frugal citizens, figuring out how to save money on a tight budget is extremely crucial.

We don’t have a lot to spend in the first place, which takes saving money to an intense difficulty level. Even fools can earn money, but it takes a wise person to save it.

We present you 8 ways to save money on a tight budget. They’re easy, fun, and work wonders!

1. Time for budget-overhaul

You’re already living on very stringent (and ineffective) budget and you’re hardly getting by. You need to change this peasant-mentality and restructure your budget in an 80-20 format. By this way, you’ll hit two financial goals with one stone-

  • You are free to spend 80% of your income on necessities, recurring payments and leisure.
  • As for the rest 20%, you keep it in a locked box for when you need it.

If you segregate your income in this proportion at the start of each month, you’re saving a small amount which shall rise up in no time. This may take some getting used to, but when bad times come, it feels good to have a plan B.

2. Trim out what’s not needed

Look around you, how many services you signed up for? Let’s start with cable, on to your gym membership, Lamaze class, piano lessons… the list just goes on. These things keep sucking the life out of your hard-earned money.

It’s time to say goodbye to these unneeded companions with TRIM, as it picks out those recurring payments by running a thorough check on your bank account. One can cancel any given subscription just by dropping a text SMS or a facebook message

If you’re looking for ways to save money on a tight budget, it is strictly advisable that you don’t spend money on ANYTHING that isn’t important. Doesn’t mean you have to be bored- you can get yourself a Hulu subscription and bid adieu to boredom.

3. Stop overpaying for cellular!

Everyone pays a minimum of $800 every year to their cell phone service provider. The actual cost that phone companies incur is not even 20% of this amount, and Twigby makes it sure that you pay what you should.

The best way to save money on a tight budget is to change your cell carrier to Twigby. All you have to do is select your region and cell phone carrier, and Twigby automatically presents you best offers which reduce your phone expenses.

4. Pay in cash cashback

Shopping is not cheap; it burns a giant hole in our pocket. Be it groceries from Walmart, Halloween décor, or fashion- it keeps getting more and more expensive.

With a tight budget, managing these expenses isn’t easy. With Ebates, one thing is for sure- whatever you spend while shopping at any store will earn you a hefty cashback. This cashback is nothing but good-clean money for you to spend, and it’s free!

All you have to do is register on Ebates and earn an instant $10 Walmart Gift Card and $10 Ebates Cash Bonus. You’d notice that you spend almost 30% less on shopping than before! Small pockets call for big savings- All hail Lord Cashback!

Read more: Make it through this Fall without Shedding any Money

5. Your auto insurance is robbing you!

Yes, we’ve said it before and we’ll say it again- It makes a lot of sense if your car’s insured for the miles you drive, rather than paying the regular premium no matter how much you drive.

A pay-per-mile insurance is a viable and more economical option than a traditional one. Metromile does just that. Car insurance based on how much you drive, Metromile’s base rate is just pennies to a mile.

On average, car insurance costs go $1,000 per year; but if you choose Metromile you’ll pay much less than that, saving you a lot of money on tight budgets.

6. Why pay for coffee?

An American adult spends about $720 a year if he drinks coffee once a day. Starbucks represents something beyond a cup of coffee, and we cannot stop at just one.

What if we tell you that you don’t have to pay for Starbucks coffee for a whole year? Here’s an exclusive chance to get a year’s worth of free coffee from Starbucks, courtesy of EBC! That’s some way to save money on a tight budget, almost $60 a month!

7. Save money… for retirement

Yes, we know you’re living hand-to-mouth already with a tight budget and the last thing you can think of is retirement. But investing in 401(k) retirement plan is the best bet to double your money and live life king-sized after hanging up your boots.

There’s a good chance you already have a 401(k) with you and you have no idea how it works. Pass the wheel to experts and check your 401(k) plan for free! Blooom gives your 401(k) plan a stern check-up for free.

It gets better- by just paying $10 a month, Blooom will be happy to become your personal 401(k) assistant and fix it up, so that it reaps more benefits than before in the long run! So if you always wondered how to save money on a tight budget for future, you’ve found a way!

8. Toggle your ‘Frugal Mode’ every other month

No, we don’t mean to say that you live like a king one month and like a peasant next month. But you can switch to ‘super-saver’ mode every other month, in that you may follow these ways to save money on a tight budget:

Now here’s the catch- Whatever money you save here, put all of it in your savings. Be it a dollar, or hundreds, or thousands- put it all in your savings as this is your surplus income. This right here is a result of your frugal blood and sweat, respect it.

Remember- It’s not how much money you make. It’s about how much money you keep, how hard it works for you, and how many generations you keep it for.

If you’re saving, you’re succeeding. Out of all the hindrances, a tight budget shouldn’t stop you from saving money; after all, the money you save is your own. We’ve shown you ways to save money on a tight budget, good luck on your expedition!

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