How to Save Money When You Are Broke
When it comes to money, being broke means you need to be on a budget. Unless you’re born into a family where money is no problem, you will have to learn how to manage your finances and make your dollars stretch. Money can be hard to save with living expenses, bills, and many other things to pay for. Although there may be times when money is tight, there are things you can do to save money regardless of your income.
Other People Are Reading
Instructions
-
-
1
Open a savings account, preferable one that accrues interest. Have a certain amount of each paycheck go directly into your savings account and use the rest of your check for bills and other expenses. It’s important to pay yourself first to ensure that you’re not completely broke after paying your expenses. If the money isn’t in your checking account, you will be less tempted to spend it.
-
2
Stop buying coffee and lunch every day at work or school. Instead, start making your own coffee and lunch to take with you. You will save money on coffee shops and restaurants, which can really add up if you’re buying food and drinks every day.
-
-
3
Buy in bulk. Products are usually cheaper when you buy them in bulk and they will last longer so you don’t have to frequently go back to the store to replace products you’ve run out of. Try shopping in stores such as Sam’s Club or Costco, which sell many food and household products in bulk. Also consider buying store brand products instead of name brand. Many generic or store brand products are just as good as the name brand items.
-
4
Start using coupons to save money on products. Make it a habit to clip out coupons for the items you use. It may not seem like much but those savings from a few cents to a few dollars will add up. In addition to using coupons, look for sales so you can save even more money.
-
5
Use alternate methods of transportation. Set up a carpool at work to save on gas. If you get five people in the carpool, you’ll only need to drive your car to work once a week and the rest of the week you will get a ride in the carpool. If you decide to do this, be sure you can rely on the people who are in the carpool to pick you up on time so you’re not late for work. Other transportation methods include biking, walking or taking public transportation.
-
6
Cut out any unnecessary expenses. Everyone buys things on impulse from time to time but if you’re broke and trying to save money, you will have to stop impulse buying and only buy the things you really need. You should set a budget for all of your spending and keep track of where every penny goes. Write out how much your bills and necessary expenses, such as food, shelter and clothing, cost each month. Find inexpensive things to do for entertainment. Rather than going to an arcade or movie theater, have a game night at home and watch movies on television or rent a movie.
-
7
Don’t open up a lot of credit cards. Having a lot of credit cards may lead you to giving in to your impulses to buy things you don’t need. Think of the bill that will come at the end of the month, which you will eventually have to pay or risk messing up your credit. Instead, have one credit card that is for emergency use only and try to pay cash for all of your other expenses.
-
1
Resources
More Like This
Comments
-
stepho
Oct 25, 2008
My husband and I save hundreds of dollars a month shopping at discount grocery stores such as Aldi or Save-a-Lot. We buy 90% of our groceries there and have literally cut our grocery bill by 2/3.
