Listen, we certainly understand how difficult it is to save when you're on a tight budget or living paycheck to paycheck. That's actually the time when you should be squirreling away as much cash as you can when you can. If you're one emergency away from bankruptcy this article might be for you. Here we'll discuss just how to put away cash even when it seems impossible.
You might be asking, " How can I save money when I barely have any?" We believe that you must first set your financial goals, be absolutely committed to reaching them, and remain disciplined throughout the process. Sometimes its not enough to simply say "I want to save" without having a solid purpose for putting your money away. Your reasons why will aid in keeping you on track to reaching your savings goals.
Check out our top 3 ways to save even with the cash flow is low.
Budget For Savings
If you don't have a budget this is the time where you make one, if you do have a budget this is where you add the "savings" category. You've gotta plan to save each pay period. The first step in this process is to print out your last two bank statements, so grab your pen and highlighter. Why is this important? Because it's time to analyze where your money is actually going. Here's how to tackle this minor task;- Highlight every single bill/liability and necessity and add that up.
- Circle everything else that is not a necessity and add it up.
Once you have those two numbers you are now aware of two things; how much your actual bills are and how much left over you have to put away that you've pos. Note: We didn't say saving would be without sacrifice.
Here's a list of free resources to help you with creating a solid monthly budget:
Fem Financial (Our Sister Company)
Budgets w/ Google Docs
Mint
Download These Apps That Save For You
These apps serve you like a personal finance assistant, they save your money for you without you having to do anything extra. They make it easy for your to track your savings goals and have easy access to your funds if you need them.- Chime
- Chime is one of our favorites. A checking account that allows you to get your direct deposit up to 2 days earlier than other bank accounts, a savings account that you can easily transfer funds to.
- The most important feature; round up savings. The app rounds up your purchases to the next dollar and saves your change. Simply hit the activate button and the app does the hard work for you by putting your spare change into your virtual piggy bank.
- Bonus** Get $50 for opening a new account. That's $50 bucks right into your savings! Click Here To Get Your Welcome Cash
- Digit
- An auto savings app that allows you to add savings goals to the app, and set an automatic savings amount.
- Bonus** You can make additional cash by referring your friends and family to the app. Click Here To Get Your $5 Welcome Bonus
- Acorns
- Download this app to save + invest your spare change AND invest in stocks to earn you even more money.
- Bonus** You can make additional cash by referring your friends and family to the app. Click Here To Get Your $5 Welcome Bonus
Download These Apps That Help You Save When You Have To Spend
- Ibotta
- This app allows you to earn cash back for your grocery purchases and other stores. Click Here To Open Your Account, since you've got to buy grocery anyway, and browse all of the savings options they have.
- Dosh
- Dosh is a pretty cool app, you earn your cash back instantly on each purchase you make in-app from stores like 1-800-Flowers to apps like Instacart. Click Here To Get Started With Dosh
- Cash App
- Cash app has a feature called "Boost", when you add a Boost to your Visa cash app debit card you receive automatic savings for using your card at different shops and restaurants. If you don't already have Cash App Get it here along with a $5 Welcome Bonus.
If you liked this article, please share with a friend! Don't forget to comment below one of the following: What are your thoughts on saving money when money is tight? What are your savings strategies? Or what has been your experience with any of the apps listed in this article? Pros & Cons?
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