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Saving Money Despite a Tight Budget - Temple Finance

Saving Money Despite a Tight Budget

Saving Money Despite a Tight BudgetIn most cases, people aren’t as effective or proactive in their attempts to save money as they think. Sure, you might be having a hard time in the money department right now, with seemingly nothing to spare after all bills are paid and expenses covered. Many people have extremely tight budgets right now, so it’s little wonder that almost everyone feel like they’re maxed out. When most people get tight on money, the first thing to go is their savings budget, because other needs seem more pressing. This guide is here to let you know that you not only can save money on a tight budget, but that you should and that you absolutely cannot stop doing so no matter how hard things get. Saving money is the most important thing you can do, and you should stop for nothing.

You need to know some of the strategies that experts recommend for when you want to save but aren’t sure how. These tips can be invaluable to you in cutting corners on your budget and making room for some of your income to go into a savings account. Follow these tips, or come up with some of your own—but never give up on your plan to save money and let nothing stop you.

1. Gather Receipts, Refine Your Budget

Take another look at what your budget is for things, and use your receipts to compare and examine your spending. If you find that some goods, groceries, and services are not worth the cost, you can cut them out of your budget altogether. If nothing else, it’s just good to have a solid knowledge of where your money goes, and the best way to do this is through gathering receipts.

2. Consider Walking

You spend a great deal of money on cars and gas, so why not reduce that by trying to walk more frequently. It’s not only a way to save money, it’s also good exercise.

3. Shop Online, Second Hand

Don’t be afraid to shop in other places besides your favorite stores and malls. Take a look into some alternative options that will be cheaper—for instance, second hand, thrift, or online stores.

4. Carry Cash

With debit or credit cards, it’s hard to get an accurate picture of what you’re spending until it’s already spent. It’s just a swipe of the card—far too easy for those who don’t want to accidentally overspend. When you have to use cash, it brings the concept of spending money back to a very real level, and your awareness of what you’re spending goes way up.

5. Free or Cheap Resources

If you like to kick back and relax with a nice book or movie, you can save money by taking the more affordable route of renting or borrowing, rather than buying. You can get the book you want to read from the library rather than paying for the ebook online or purchasing it at your book store. You can watch movies and TV for an extremely low cost with services like Netflix, or by going to the library and borrowing them—rather than getting cable TV or visiting the cinema. These strategies might take a little more work, but really it’s not much more work for the amount of money that it helps you to save.

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The Temple Finance is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two.

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