Tips to Save Money Even When Funds are Tight

Many people want to have money in their savings accounts. This allows them some type of financial stability. Then, if something happens, they have money to use for whatever needs to be done. They don't have to reach for their credit cards to fix their car or replace an appliance in their home. They have money on hand to do that! 

Though that sounds wonderful, the truth is that it can be hard to save money when you live paycheck to paycheck. It can be done. Here are some tips to help! 

Track ALL of your purchases. If you want to start saving money, you need to know where you are spending it. So, when you have a few moments to focus, you should grab your bank statement and take a thorough look at it. 

You may be surprised when you start to calculate where you are spending your money. You may be grabbing a coke on the way to work every day. Even a few bucks every day adds up in a week and month! You may even notice that you spend over one hundred dollars at Walmart every week, but you are out of food before the next week! What are you buying there every week? 

Instead of wasting some of this money, you may want to put it into your savings account. The truth is that every cent counts when you are trying to save money. Even if you only put an extra dollar in a day, that is thirty dollars in a month. If you put five dollars in, that is one hundred and fifty. Over a few months, this can really make your savings account look a lot healthier. 

Give yourself a challenge where you don't spend anything! When you choose not to spend money, you aren't going to be wasting money picking up drinks and snacks on the way to work and possibly back home. You won't be tempted to go to the vending machine. This may really help you see where you may be wasting money. Instead of buying a soda a day at work, you could buy a twelve-pack at the grocery store for a lot less. 

Start a savings account if you don't have one. Though you may want to have all your money in one place, you are more likely to spend it that way. If you have a separate account for savings, you won't be as likely to touch it. You may also have one for emergencies, though you can put them together if you like. 

Determine what is an emergency and when you are allowed to touch the money in your savings account. Before you think about having an emergency fund, you need to know what constitutes an emergency. If you don't, you may just use your savings as extra money that you have lying around! 

If you are truly serious about becoming more healthy financially, it is time to start now. There are always ways to save money, even if you feel like you are living paycheck to paycheck. You just need to figure out where you are wasting money and what you can do about it. Is a cup of coffee a day worth losing twenty dollars a week? Would you prefer to save eighty dollars a month? This could really add up!

It may also help to have a day where you don't spend anything. You might be amazed at how little spending does really add up. A few dollars here and there could add up over time. Sometimes, you just need the shock of it all to see that you really do have some money that you could be saving.

Previously published on Medium.