How to Save Money on a Shoestring Budget
For those living paycheck to paycheck, saving money can seem like an impossible task. However, with a little determination and diligence, it can be done. Creating a plan, and sticking with it, are essential. It can be difficult, but once you see the savings add up, you will want to continue stashing money away. There are little bits of money to be found everywhere, though the tighter your budget, the harder you will have to look. Everyone needs some emergency savings, so you have to start somewhere.
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Instructions
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Visit Bankrate to find the highest interest savings accounts available, that can be opened with little to no cash, and require no minimum. The online bank accounts are a great idea as they are less tempting to pulling cash out without an ATM card. To start with, try to set aside at least $10.00 to open your account.
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Set up automatic deposits from your checking account, or through your place of employment. Set it up for an automatic $10 (or more if you can) a week to go strait in your savings account. If you do this right away, it is like money you never had, and therefore won't miss. Plus, the automatic procedure is great in case you were to forget one week, or try to skip it for other reasons.
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Everytime you use a dollar, save the change from it in a change jar. Never spend any change. Every month, roll up the change in your change jar and deposit it in your savings account. Many people find an extra $20 or more a month by doing this.
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Have a garage sale in the spring, and one in the fall. Not only will you declutter your home, but you can raise some cash too. If you can raise $100 each time, you have saved an additional $200 a year.
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Cut back on eating out. If you normally eat out once a week with family or friends, cut back to once every other week. This can save you $50 a trip, adding up to $100 a month.
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Begin earning money online, using paypal. Once a month, transfer your paypal money into your savings account. Look into writing online, blogging, selling on eBay or Craigslist, or selling on local email groups that most communities have. Set a goal for at least $100 a month in the beginning, and hopefully you can raise that in the future.
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Add up your yearly savings by following the plan. This will help you see some results and keep you motivated. By following this plan, you should have $3,260 before interest payments.
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Tips & Warnings
Be strict with your plan for one year to see the results.
Don't be tempted to pull the money out, pay yourself first.
