Hello Internet friends, Judy Copenbarger here today. I wanted to talk about something that affects more than 90% of us hardworking citizens.
No, it’s not whether or not you should binge-watch the last season of Game of Thrones, but rather something that can protect us from the financial winter when it does come. We’re talking about ways to save money on a tight budget.
Some of the world’s most successful and wealthy people have started out with little or no real budget to save money.
But the difference between these individuals and others is that they understood saving even the littlest bit can be parlayed into other potential money-making opportunities.
Do you think it’s too hard to save when money is tight?
Well, we don’t. Here are some ways you can really take the first necessary steps to save money on even the tightest of budgets.
Change your Television or Internet provider
I know it sounds ridiculous at first because hey, we all want to catch up on our favorite shows in our downtime, but the Internet and TV providers are always in competition with each other.
Much of the time, there are only two or three providers that service your area, but they are in fierce competition for you.
And if you call them up and threaten to cancel and say you’re paying too much, many times they will transfer you to a client retention department where they’re trying to offer you a deal for a year or two that is not advertised to the normal public.
And if that doesn’t work, then just switch providers altogether or get internet-only service where you aren’t paying for triple pay services that include useless phone lines and TV channels that you would never watch.
Cut your entertainment access bills up to 50% and you’ll definitely have a few dollars each month to start saving toward investments that will make you money.
Look at your food and grocery bill.
As crazy as it sounds, most people don’t really look at their grocery bills. Most of the time they just try to catch the scanner in an error, or even worse, they just buy the items they think might be on sale. But did you know the best day to go shopping for groceries is on Wednesday?
Grocery stores strategically run one-day sales on Wednesdays to compensate for the lull in business for the week and sometimes the one-day prices have limited stock or are advertised on weekly flyers that arrive at your house.
That said, you should do a majority of your grocery shopping on Wednesdays and then visit two or three locations to find the best deals on the items that you want to buy.
You’d be surprised that if you look at your bill on a week that you don’t shop during the middle of the week, that you actually paid more for those certain items.
Also, to limit your monthly food bill, try to limit going out to eat, not only to save money but if you cook your own meals, you’ll actually know what’s in your food.
Restaurants serve food at up to 150% of the cost over what it would be if you made a variation of the meal yourself at home.
Some creative ways to cut back on the biggest of expenses.
I know it sounds easier said than done, but with a little creativity and tenacity, you can slice some of your largest costs by up to 50%.
For instance, is your car payment too much?
Solutions exist to refinance through a local lender or credit union or even third-party lenders that are not a part of the dealership lenders pool.
If that’s not an option, then maybe you can get out of your lease by listing on a site like swap-a-lease or even personally sublease your automobile to someone you know that can make the payment easier and you can get another car for a much smaller payment until things get into a more financially positive place.
Now, what about rent or home expenses?
You might think that you can’t cut these down, but you can.
Do you have an extra room in your apartment that you could rent? Is that room full of items that can go somewhere else or is it really just an “office room” that houses a computer?
You can take these activities with you to a coffee shop and use their free WiFi to work remotely so you can rent out that extra room to someone that could take away almost one-third of your home expenses immediately!
Now, that’s not to say that everyone can do this, but sometimes having to live next to a popular strip mall or the happening part of town at the cost of more than 50% of your monthly income is not going to put you on a path to personal stability.
Maybe it’s the best time to move a few minutes away from these areas since public transportation is immediately more accessible. We have ride-sharing and most of the time you’re only going to be out on the town one or two nights a week, so why pay for that access every single day?
Adapt these techniques for yourself
Now, I know that not all of these tips can be easily applicable to everyone’s life and circumstances, but I will say that we can apply at least one of these techniques to start us on a path to being able to save something on a tight budget.
But then we have the question of what do you do with the money you’re saving? Well, we will save that for another article.
But to learn more about personal finance not just for surviving, but also striving and creating a less stressful life of love and happiness then please take a moment to subscribe to our email list.
And once you decide how useful this was for you or potentially your friend or family member, please feel free to share this article.
And remember true abundance is in your control.
Again I’m Judy and until next time, God bless, and thank you for watching.
Judy Copenbarger is the Founder and President of Comprehensive Financial Services, based in Irvine, California.
She holds a Juris Doctor Degree, with a Taxation Emphasis, is FINRA Registered and maintains various Securities and Insurance Designations. Her professional expertise is in Estate Planning, Retirement and Education Planning.