Saving Money: Tips That Make It Possible Even If You’re Living Paycheck To Paycheck

I have a planned-out budget every month, and until recently there wasn’t a lot of room for mishaps or saving. It’s hard to get into the groove of saving money when you’re only living on month-to-month paychecks, but it is possible as long as you get creative.

If you’re living on a regimented income like me you’ll have to think outside the box to start saving, but getting creative with your money can be fun! I’ve got some advice for ways that you can get started. I’ve only been saving within my budget for a few months, but so far I’ve seen a significant increase in my piggy bank!

Know your money

Ironically, one of the best ways to save money within your already regimented budget is to plan it out to the T. It’s important that you’re never hit with any expensive surprises. Stay on top of your checking accounts, credit card bills, and payments that are coming up. Getting hit with late fees can be a huge blow to your savings, and one that you were not expecting in the first place.

I’ve found that the internet (and especially smartphones) have been a lifesaver when it comes to staying on top of my accounts. When I go to pay for something but I know that I might be running low on funds, I’ll whip out my iPhone and open up my bank account’s app and make sure that I have enough money in my checking account to avoid overdrafting. It only takes a couple of seconds but it saves me a ton of money in the long run.

Get a free checking account

Checking accounts just aren’t worth paying for these days. There are so many free options out there, so why would you pay for the same thing somewhere else? Your bank might try and convince you that any monthly maintenance fees are “necessary” for your banking well-being, but this just isn’t true. Stop paying arbitrary and unnecessary bank fees.

Only buy what you need at the grocery store

While I do recommend buying non-perishable groceries when their sale prices are at their absolute lowest (for more information about grocery shopping read this article) I also highly recommend generally sticking to buying only what you need at the grocery store.

I love going to the grocery store because I love to think about all of the potential meals that I could cook in the future and I like to buy all of the ingredients to cook said meals. Yet most of the time I never actually get around to cooking them and then I am stuck at home with a ton of ingredients that I don’t need. Now I try to go to the grocery store every other day and only buy the food that I’ll eat in that amount of time. Buying groceries only when you are going to eat them is a surefire way to make sure that you’re not buying food that you’ll never eat—and it will save you money as a result!

Switch to online shopping

Making the switch to online shopping does not have to mean cutting out the in-person shopping experience. However, if done correctly it can mean huge savings for your budget. Try on clothes in the store, decide what you want to buy, and then go home and see if you can buy it cheaper online.

Oftentimes if you spend a little bit looking around the internet you’ll be able to find the same product for much cheaper. Plus, the time that it takes you to actually go home and search the internet for better prices is a healthy time spent away from the changing room. You’ll have time to consider whether or not you actually need the item, in addition to finding a lower price for it if you decide that you just can’t live without it!

Getting creative with your regimented budget will yield great results for your savings. Even if you’re feeling like there just aren’t any more ways that you can put money away given your current income, you’d be surprised at what a little financial creativity can do for you!

Do you have any creative money saving methods?
Let us know in the comments!

By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.