How to Save on a Tight Budget

How to Save on a Tight Budget
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How to Save on a Tight Budget

If you are on a tight budget and want to start saving money or save more money then what you currently are then take a look at these tips.

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Cut Spending Easily

You should keep a record of your expenditures for a month so that you are able to see where you are able to make small savings that add up. You might be surprised on how much you are spending on eating out or getting that daily coffee from your café.

With necessary purchases like food, you should comparison shop and find the lowest prices. Also when you go food shopping, make a list and stick to it, so you can avoid buying items you don’t actually need.

Limit the amount you spend on gifts. Rather get a few well-chosen gifts than a pile of gifts that are bought thoughtlessly because you didn’t know what to get.

Save for Emergencies

You should build an emergency fund so that you don’t have to rely on credit cards or loans to pay for an unexpected purchase. This is best done in a savings account. It is a good idea to ask your bank or credit union to automatically transfer money into your savings account, even if it is a small amount. Keep in mind that you will earn a little interest on whatever you manage to save.

If you have loose change then this should also go into your savings account. You will be surprised how much this can come to.

Reduce High Cost Debt

You need to avoid using payday loans and high interest credit cards. Payday loans usually come with an interest rate; meaning that you will be paying back a lot more than hat you borrowed paying off these high cost debts will easily save you money.

Save Free Money

If you get a tax refund then you should use some of this to pay off your debts and the other half should saved.

Also any unexpected money that you receive should also be used in the same way whether it is an inheritance, an investment that has paid off or other such things.

Boost your Salary without Getting a Raise

Boost your Salary without Getting a Raise
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Boost your Salary without Getting a Raise

Your employer will have extra perks and employee benefits that are available to employees that want them, but many will not take advantage of these, thinking that they are too complicated or not sure how they can take advantage of these. However, when you add these benefits up they are able to raise your salary.

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Lets take a look at popular employee benefit programs that employers offer.

Commuter Benefits

There are employers that will offer commuter benefits so that the cost of getting to and from work is cut. Employers will either pay you a tax-free subsidy each month directly to you or they will take the benefit off your salary. You can actually save money by taking this benefit, as it is a pre-tax deduction.

Insurances

Taxes and retirement contributions are deducted from your paycheck as well as other premiums for other insurances that you have signed up for like medical. However, you may find that you do not need all the added protection especially if you are healthy.

You should then review all of the insurance plans that you are paying for and adjust or eliminate as needed.

Stock Options

There are employers that allow workers to invest in their business through stock options, which can be a clever way to boost your income. Stock options allow you to buy a certain number of company shares at a set price, which is usually lower than the current value. The hope here is that the value of the company’s stock increase over time so when you are ready to sell you will get a good windfall.

Expense Reimbursement

You should ensure that you personally are not paying job-related expenses. Whilst on business, your employer will reimburse you for travel and meals.

Vacation Pay

There are employers that will pay employees for vacation time that they don’t use.

Fitness and Wellness Programs

There are many employers that see the value in ensuring that employees stay mentally and physically fit. They may pay for your gym membership or part of it. They might hold fitness training sessions like yoga, Pilates or CrossFit in office.

Freebies and Employee Discounts

There are a lot of employers that will give free or discounted versions of their products or services that they sell. They may even giveaway tickets for the movies or sport games, free subscriptions to magazines or Netflix.

Other freebies might include cleaning house services, babysitting or gadgets.

You can save a little and get some extra cash. You should find out about all the benefits that your employer offers as they are worth your time.

Save Money without Dramatically Changing your Lifestyle

Save Money without Dramatically Changing your Lifestyle
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We know that we are able to spend less by making sacrifices, whether it’s eating out less to buying less and cutting back on items. It can be an effective way to save, but it is also painful.

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Here is how you are able to save money, without changing yourself too much.

Get Healthy

Staying fit and being healthy is hard work, but if you are in good shape then you are able to save a lot of money on your life insurance and health insurance.

Consider Car Insurance

You should reexamine your car insurance every year to see if you are able to make any savings. You could for instance raise your deductible, which will then lower your premiums. If you have an older car then determine if you really need collision coverage. Also every year compare medical insurance quotes, which is easy to do online.

Improve your Credit Score

Of all the ways that you can save money painlessly, improving your credit score is the most important. Having a good credit score can save you a small fortune.

Invest on the Cheap

If you are a mutual fund investor then stay with funds that have a lower expense ratio. Keep the weighted average expense ratio under 50 basis points.

The Triple Threat

A large monthly expense is cable, Internet and phone. The major providers will usually offer discounts when all three of these are bundled together. You can then save money and get just one monthly bill each month.

Go Prepaid

The option of going prepaid on a cell phone will not suit everyone, but there are some that will be able to save a small fortune by going prepaid.

Shop Online

Online shoppers can take advantage of special discounts. There are also discounts, promo codes and coupons.

Cash Back

If you have good credit then there are cash back credit cards that gives you a certain amount back on purchases.