Creative Money Saving Tips for Tight Budgets

Creative Money Saving Tips for Tight Budgets

Saving money is an essential part of life; you need to do it to prepare for retirement and pay for things like a house or car. However, some people can’t resist the temptation of spending the cash they meant to save, and have trouble keeping the money they need. If you don’t think you have enough money saved, you might want to try some new tactics. Try one of these unique money saving tips to get some extra cash.

Make it a Personal Challenge

Humans are naturally drawn to challenges. We seek to better ourselves and to do that we set up self-imposed challenges that we can overcome. Therefore, if you make saving your money a personal challenge, you will have an easier time finding the motivation you need to save more cash.

For example, for every $50 you spend at the store, you should put $5 into a savings account. Or, you can start by setting aside $0.50 one day, and each day you can add $0.50 more on top of what you set aside the previous day. If you start with $0.50 on Monday, you will have set aside $14 total by Sunday, with more to come in the following weeks.

By challenging yourself to stick to this method, you will find yourself saving a lot more money.

Shop Out of Season

A smart way to save some money while you shop is to buy products while they are out of season. The demand for particular products is much lower during particular seasons, which means they will be priced much lower. Take advantage of these lower prices and buy the things you need before demand goes back up.

For example, if you think you need a new winter coat, buy one online during the summer. If you need a new bathing suit for the summer, buy it during the winter or early spring. Even if you don’t need these items now, you won’t need to spend more once you actually need to use them.

Try Free Activities with Friends

Spending time with friends is important, but depending on the places you go, you could spend a fair amount of cash. This is especially the case if you like going out to dinner every week. Get around this by taking your friends out to do some outdoor activities that you don’t have to spend money on.

For example, if you and your friends all have bikes, head to a local bike trail and go for a ride together. If you are interested in art and culture, see if there are any museums nearby that offer free admission. You don’t have to spend an excessive amount of money just to have fun with your friends.

Make Homemade Gifts

Instead of spending tons of money on gifts this year, try making a few of your own gifts so you have some money to save. Lots of people appreciate homemade items. Even if the item itself isn’t perfect, it’s the effort that counts.

Try making an arts and crafts project, or make some food with a recipe that your friend really likes. The items you need to make these gifts will usually be cheap, so you can save that extra money for more important things. Also, one of the benefits of homemade gifts is that you can personalize it yourself, which is something that usually costs extra at other locations.

 

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