Ways to Save Money on a Tight Budget

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The recession has done plenty of damage to people. Yet, everyone still needs to spend their money on important needs even though the cost is rapidly increasing. People are finding it hard to pay their bills and keep the family alive with decreased wages

The recession has done plenty of damage to people. Yet, everyone still needs to spend their money on important needs even though the cost is rapidly increasing. People are finding it hard to pay their bills and keep the family alive with decreased wages. However, the possibility to save money from everything is there. The only requirement is creativity and once you attain it, you can easily find more of your money beside you. Below is a list of ways you can save money on a tight budget. Use your money well and never spend the whole amount.

1) Review your spending!

Just how much money do you spend every month on unnecessary items? It may not seem as though you’re spending a lot of money to the cinema or a cheesecake but after a whole month, add all the cash you spent and see the surprising total with your eyes.

Decrease the number of times you buy chocolates, crisps and fizzy drinks. You may think $1 for any of these treats aren’t life threatening, but once you add up all the cash you will see how much change was poured down the drain.

The same thing applies to cigarettes. A pack of cigarettes cost as much as $4-5 and if you’re an active smoker who buys a pack every day, you can certainly realise the amount of money you waste. This can add up to a few hundred pounds a month!

When you receive your pay check, never spend too much on treats. We all love going out with friends and enjoying life as normal. But it is better to avoid problems later on when you’re short with money. Do spend money on treats, but stay within your limit. Maintain your weekly shopping receipts and take a look at the items that are not necessary. Before every shopping trip, always write a list of things you will need to buy. One warning to remember is that you should never shop in the mall when you’re starving, this can cause you to purchase anything your eyes are set on. Surely, next month will come and you can treat yourself and your family again. But always save as much money as possible.

2) Children should help!

House bills can hit very high numbers if you and your family are not careful. Many people complain that their children don’t bother turning off the light when they’re not using it. Let them know the benefits and consequences of saving and wasting energy. Make sure you mention what your maximum limit should be for a bill. If the bill rises above the threshold, tell the kids that the money that went overdue will be taken off from their monthly spending money. However, if the bill is less than the maximum limit, use the money to add to their spending. This way your children will be alert on saving energy and could save you hundreds of pounds every month. On the other hand, you are also teaching them how to conserve energy when it is most important. The recession is likely to get worse, if your children practise these techniques through their childhood; they will learn how to solve their own financial problems in the future.

3) Walk and walk!

Petrol can be very expensive particularly when the car is frequently used day and night. Why do you have to spend countless money on petrol for driving less than a mile when you can walk there for free? Everyone will choose free than having to spend money. But when it comes to driving, they all start to deny the benefit. You will be very surprised when you discover how much cash you can save by just walking to your local destination. For fitness reasons, walking is also another form of exercise which you can utilize if you’re hoping to lose weight.

Summary!

Overall, saving money can be easily accomplished. If you have the creativity to do the task, you’re going to save a lot of money in the coming months. If you’re a beginner, it may start slow but the process will speed up and you too will be saving hundreds of pounds a month.

For more great reading, please check:

How to Negotiate a Higher Salary

How to Make Passive Income with Your Blog!

Smart Reasons for Budgeting Your Money

2 comments

lucia anna
0
Posted on Dec 5, 2010
Lorena Williams
0
Posted on Jul 31, 2010