If you’re on a tight budget and struggling to save money then you’re not alone. A whole 23 percent of Americans have no savings while a further 22 percent only have three months’ worth of money saved.
It doesn’t have to be this way. Sure, it’s difficult to put money aside when you’re living month to month, but by keeping track of expenses, re-evaluating your needs, and shopping around, it’s possible to start saving small amounts.
Want to know how to save up money fast? Keep reading to find out!
Track Your Spending and Make a Budget
Learning how to budget and save money fast can be tough, but it’s even tougher if you’re not sure where your money is going.
Get a hold on your expenses by working out how much you spend on essentials like rent and utilities. Then, go over online statements and categorize every payment under headings such as ‘food’ and ‘entertainment’.
Once you’ve got a better idea of essential expenses such as rent, planning how to pay off debt fast and save money means making a strict budget for everything else.
Out With the Old
Wondering how to save a lot of money fast? In truth, the best method is to make more money to save.
One of the easiest ways to make money is by selling things you don’t need anymore. There are plenty of apps and websites devoted to selling old items, making it super simple to get cash for junk cars or turn piles of unwanted clothes into a wad of cash.
Save Before You Spend
Make a real commitment to saving by transferring a part of your salary into a free savings account as soon as you get paid.
Even if you can only set aside $50 a month, don’t worry – it’s still a step in the right direction. You never know, once you have a better idea of your expenses and get a taste for saving money, you may be able to increase these monthly payments.
Cash Only
A simple yet effective way to learn how to save money fast is by paying for everything in cash.
Swiping your card doesn’t produce the same emotional response that handing over your hard-earned cash does. As a result, it’s easier to spend more on plastic and harder to keep track of purchases.
What’s more, since you can’t spend what you don’t have, paying for everything in cash means you’re much less likely to go over budget.
Shop Around
Figuring out how to save money fast on a low-income budget means shopping around. We don’t just mean at the store either. Every one of your expenses should be subject to change if a better deal comes along.
You’ll have to be proactive though. This means contacting your internet provider, insurance companies, and utility companies to see if they can cut your bills. If not, go elsewhere.
As for saving on groceries, use coupons, stockpile non-perishable foods and cleaning products whenever they’re on special offer and cherry-pick the best deals from different stores.
How to Save up Money Fast
As these tips show, it’s a lot easier to learn how to save up money fast if you have a clear plan in place.
All it takes are small changes to the way you spend and save money, and you’ll see your savings grow in no time.
For more money-saving tips, be sure to check out our other blog posts!
