How To Save Money on a Tight Budget

How To Save Money on a Tight Budget

We can see the rise in everyday living costs is becoming extremely high. So to the point, it’s becoming too hard to make ends meet.

Money is the source of everyday living. We as humans depend on money as a source to put food on the table. Now more than ever, people need guidance and support around how to save money – with general tips & tricks on how to save money.

Below are 8 tips and general ideas on how to help with cash flow management and money problems you are having:

Budgeting: Is a finance plan – allocations of saving, expenses, debt repayment, and income. This is the first step into figuring out where is all the money is coming and going. It will give you an overview of your financial situation. Having a clear view of your spending habits sets aside how and what you can do to adapt to the necessary changes.

Budgeting is fundamental to your financial success – paying off your mortgage, reducing debt, and creating wealth.

I use this Excel Spreadsheet to calculate my expenses and income.

Spend Less Than You Earn: This is crucial, and I’m finding many people struggle with this. I know someone bringing in 6 figure salary p.a. and is always screaming, “I don’t have enough money!” and they mean it. At the same time, I know someone else bringing in half of what they earn but manages to spend less than they earn and manages to save more! Being in debt is a serious concern everywhere.

This is alarming for Australians because they have easy access to personal loans, store cards, credit cards, and mortgage loans; however, in some circumstances, this can warrant spending outside your means (loss of job, accident, illness, etc.).

Remember, there are smarter ways on managing your money.

Earn Extra MONEY: If you require extra money, there are many options you can do to quickly gain access to cash, obviously, without the risk of opening a credit card or personal loan. But taking on a part-time job on the weekends or night shift is a good starting point. Or even asking for extra shift work from your work.

Other options can be, selling off un-used items on Facebook, Gumtree, eBay or having a garage sale – an idea on how to do this would be, planning a time and day to go over what you have and doing a clean up on what you don’t need.

A good clean up and extra money in the bank don't hurt for a few hours of work!

Subscriptions: This has to be the most crucial due to the day and age we live in. Almost everything is on a subscription basis -which in some cases is OK (If you are using it, correct?). Check on your memberships, which will be most likely your Gym Membership, Foxtel/Netflix / Amazon Prime and other apps you have.

Additionally, cancelling unwanted subscriptions will increase your wealth.

Bills: Calling other providers and seeing if they offer something better and negotiating can save hundreds of dollars each year. Also, I’ve found out that what works (not all the time) are making a payment plan (monthly) with the provider and having your bill sent via email. The reason behind a monthly basis is because you will have small payments to pay on your bills. Instead of quarterly or yearly - you’ll have a large chunk of money paid in one go. Furthermore, check for discounts with your providers, ask them if they have deals going on.

Consequently, what I found out that worked for me, is downgrading on your phone bill. I mean, are we really using 50, 100, or 250GB of data each month? Again, consider researching and see if there are any deals or discounts available.

Grocery Shopping: You might be thinking, why we have Grocery shopping? Well, you see, emotions play a big role when we decide to shop. When we go shopping, we tend not to think about having a plan of purchase. We tend to do what we spend and think is exactly what we need for the week. A couple of days go past, and we end up spending petrol money to hed to the same store (or other similar), and finding the product we want to buy is not on sale, but we think to ourselves it’s a good idea to buy it anyway. We fall for the trap of not having a game plan when we do our grocery shopping.

Sitting down with a cuppa – (with your partner or family if married) and brainstorming what is needed is crucial. Try also to find out when the store you do your grocery shopping is having a sale and other competitive stores nearby that have similar products but cheaper.

Last but not least,

Online Coupons: We live in the digital age, and multiple online coupon websites have decent discounts. Noting them down and whenever you decide to shop, you can also go back and use the coupon instead of paying the full price.

I hope these are useful tips and tricks you can use. Please, consider sharing with your friends and family. Also, a Thumbs Up if you found this Article/Blog useful in any way.

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Geoffrey Nevine — IT Services and IT Consulting

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