20 Tips for How to Save Money If Your Income is Stretched Thin

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2 weeks ago

20 Tips for How to Save Money If Your Income is Stretched Thin

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2 weeks ago
how-to-save-money

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Is your paycheck stretched thin and you’re finding it almost impossible to save up? You may even struggle with cutting back your fixed expenses like rent, electricity, insurance, or car payment bills. As you know, these expenses aren’t really that easy to reduce. This constant battle with saving up will eventually lead you to a cycle of exhaustion as you’ll be deprived of the smallest luxuries. That’s why you need to direct your vision toward new and different ways to help you save money. You won’t find a magical saving tip to make your life easier out of the blue. However, there are some practices you can do to help you save money.

Best 20 Tips to Help You Save Money 

Saving money isn’t always the equivalent of not spending money on what you love. Well, not in our article at least! These 20 tips will guide you on how to save money while still enjoying your luxuries. 

1. Make a Budget Plan

If your paycheck is stretched thin every month, a budget plan is definitely something you should do first. You’ll need to know where each penny is going and where you can save money. A careful analysis of your finances like a budget plan will help you with that.

After your plan is ready, everything will be clear right in front of you. 

2. Watch Out for the Best Deals 

You may have set your mind on buying new furniture, some trendy outfits, or maybe that big-inch TV you’ve been desiring. If so, make sure you seal the deal when it’s the right time. That would be at the end of the season for certain stuff, black fridays, and anytime your near markets announce new offers and discounts. For example, at the beginning of every year, new models will arrive in the stores. Thus, January should carry plenty of discounts on the old items! In addition, you can follow the socials of your go-to stores and the ones near you. That way you’re always aware of any upcoming discounts through their recent posts and ads. 

3. Benefit from Free Stuff

Who doesn’t love some free stuff? That’s why you should benefit from all the free stuff you can get. For example, you can participate in online giveaways. Check “buy nothing groups” on apps like Facebook and Nextdoor for free useful stuff. You can also fill your tummy with free meals using the advantages that food apps give to newbies. Even your library card can get you some free entertainment without paying a cent. Last, some bartering can also do you good if you have something to swap. There’s always a chance to get free stuff if you know how to think smart!

4. Do Meal Prep 

Grocery shopping as an adult feels tricky sometimes. A can of beans here, a dozen of eggs there, and you’re stuck with items you won’t even use for your meals. That’s why it’s a total saver to prepare your meals for the week before you go grocery shopping. First, discuss it with your family and write down the meals you’ll be making this week. List all the ingredients you’ll need then on paper and carry it with you around the market. That way you won’t buy unnecessary ingredients and you’ll know exactly what you’re looking for while shopping. However, don’t go overboard with your meals. In the long run, meal prep will be very helpful for you to save money. 

5. Learn to Repair and Fix

You can’t instantly throw your broken stuff and go buy new things. Well, not if you have the option to repair or fix the item. This would definitely require you to learn some DIY techniques, so you can get your damaged goods back to life. For example, you can learn how to dig a few nails here and there and paint the worn-out table yourself. You can also use some sewing skills to fix your outfits when in need. In addition, you can call in a repair expert for help in case something major needs fixing that would either get worse with your input or put your safety at risk.

6. Sell Your Unwanted Stuff 

You don’t have to keep around stuff that you no longer use or want. Instead, you can benefit from the extra cash selling them would get you. Depending on the item, that won’t be much sometimes. However, little by little, you can save up some money. You’ll find plenty of online e-commerce sites where you can sell your stuff. To make it easier, you can also use Facebook Marketplace. Just take quality photos of your items, write a well-detailed description, and then upload them with a suitable price you choose. 

7. Be Skeptical About Deals

While deals are the best thing about shopping, they’re only a fraud sometimes. You want to ensure you’re actually getting a deal and not just buying being mind tricked into thinking it is. For example, you’ll come across a lot of items attached for free when you’re buying something. However, they aren’t exactly free as you’re paying for them with the original price. That’s why you need to be skeptical about deals and check if you’re actually saving money on the items you’re buying.

8. Leave Credit Card Debts Behind You

Credit card debts are actually a joy to the bank. While you stress yourself over how to pay them, your bank earns more money through interest. That’s why you should just smash your credit card debts once and for all. That will save you money and stress as well. This might be hard when your paycheck is gone before the end of the month. However, you can find yourself several relief methods that will help you pay back your creditors and save money. The balance transfer method, debt snowball method, debt avalanche method, debt consolidation loan, and a balance-transfer credit card are some of these. Search each of these methods and then pick the most suitable one for you.  

9. Change Your Cellphone Plan 

Abandoning your cellphone plan if you have a major carrier is another way to save money. That’s because they cost you extra for no additional benefits. Instead, you can switch to a discount cellphone plan. You won’t have to worry about bad service since all discount plans originate from the major carriers. However, check your plan well since some might have data restrictions or require an unlocked device. 

10. Cut Down Energy Suckers 

Believe it or not, you can actually work toward reducing your high electricity bills. That doesn’t only mean going all the way and paying thousands of dollars on solar panels. Instead, you can regularly change air the air filters for example. You can also consider changing and switching to more efficient light bulbs. This will make a big difference and reduce your bills in return.

11. Cancel Unnecessary Subscriptions

Got a Netflix subscription, but haven’t watched a show in ages? You should probably cancel it! Stop paying for memberships and subscriptions that you’re not using anymore. They’re just additional costs that you don’t need on your plate. You can also benefit from the free trials that some apps provide. Remember, you want to save as much money as possible!

12. Park Your Car 

Fuel prices are on the rise everywhere in the world. That’s why using your car every time won’t do you any good. Your other option would be to use public means of transport. For example, you can check the schedules of trains and buses in your city. You can also use a bike or a walk if you’re heading somewhere near your house. In addition, you can also save fuel by not speeding in your car when you use it. 

13.  Cancel the Insurance You Don’t Need

In some cases, insurance is just a waste of money for you. While some insurances are important like car insurance and medical insurance, other aren’t used as much. For example, you won’t need critical illness insurance when the cases it’ll cover you with are limited. Even life insurance isn’t that worth it if you’re single and don’t have any dependents. Thus, you should know what kind of insurance will actually be helpful for you and won’t waste your money. 

14. Do a No-Spend Challenge

Doing a no-spend challenge every once in a while is a good idea to save money. Commit to not spending any money other than bills and necessities for a period of time. That could be a day, a week, or even a month if you’re that good at it! You can modify your challenge based on what you see fit. For example, you can have your no-spend challenge include only avoiding grocery shopping for the month. It’s up to you what you spend your money on!

15. Don’t Spend Your Raise

We understand the urge to celebrate and spend more money whenever you get a raise. However, don’t fall victim to the “lifestyle inflation” phenomenon. Of course, that doesn’t also mean staying on the same salary you started on. The wise thing to do here would be to save half the raised salary and use the other half on your expenses. Make a suitable plan based on what your budget can handle. 

16. Search for Cheap Ways to Treat Yourself

We’re all about treating ourselves within the right budget. That means you don’t have to buy that extra-priced wine cup at the restaurant for a celebration. Instead, you can get take your bottle home and celebrate. Same for a spa day! You can save the money you’ll spend in the salon and use the DIY spa day tools you have on hand. 

17. Earn Extra Money

If your paycheck is stretched thin every month, it might be a good idea to look for another part-time job or a side hustle. You can even find a remote job to make it better or do some freelancing from the comfort of your home. In addition, you can always check if there are additional hours you can take at your job. Selling stuff online is also something you can consider. 

18. Set Up an Automatic Savings Plan

Some people won’t have a problem with saving money itself, but rather withholding themselves back from spending the money they have saved. This won’t be a problem anymore if you set up an automatic saving plan for yourself. In this plan, a specific amount of your paycheck is deposited into your saving account. Even if you feel like spending it, you won’t be able to access it. You can also consider some applications to help you with that like Chime. 

19. Seek Financial Help

It’s never a bad idea to ask for financial advice and guidance if you’re struggling to run things on your own. You don’t need to spend lots of money on hiring advisers or a financial pro. You can instead seek out some help from financial counselors. They’re trained people who will help you manage your money from day to day. Not to mention, they also provide their service at little cost to none at all. 

20. Be Consistent 

Our last tip to help you save money is to be consistent in every tip you decide to follow. You can’t expect to save a good amount of money from the very first time. However, being consistent in following some of these tips will make a big difference for your savings amount on the long run. It’ll take months of following these tips consistently until you break the cycle of living from paycheck to paycheck. 

Final Words

Living from paycheck to paycheck is exhausting for a lifestyle, and it’ll eventually wear you out. That’s why you need to do something about it as soon as possible. A good strategy would be to follow some tips consistently to help you save money. Lucky for you, we’ve brainstormed 20 tips you can use in order to break out the cycle of stretching your paycheck thin in this article. Hopefully, following these tips consistently will help you enrich your savings account and make your life easier. 

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