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The 5 Best Ways To Save Money, Even If You Don’t Make Much

Saving money may not be at the forefront of your mind, with bills to pay and a desire to live comfortably without sacrificing the quality of your life. Even so, it’s something everyone needs to consider at some point. You never know when you’ll need extra funds, or a financial cushion to carry you through times when money is tight. Fortunately, there are countless ways to save a little money here and there, and here are five of the best…

Photo: Wikimedia Commons/Xchangerjunior

The $10 Challenge

This one is brilliantly simple. Every time you find a $10 bill (or whatever type of bill works best for you), you add it to your savings for around six months – or longer, if you wish. For those who are more ambitious, you can increase the period to a year or more.

These bills don’t necessarily need to go into a traditional savings account either, as digital money can sometimes be easier to spend. Instead, store them in anything from a wine bottle to a chest or box. An advantage to using a glass bottle is that it takes more effort to retrieve the money, making you more likely to maintain your savings streak.

Qapital App

There are many apps available now that can help you save money. Of those, one of the best is Qapital. This app lets you set your own saving rules depending on your income and financial goals, including a roundup rule that saves the remaining cents up to the next even dollar amount from each purchase you make. 

There are also different categories, and the option to set a specific goal. Arguably the best of all, the app is completely free, and all the money you save through the app is easily accessible.

Digit App

The Digit App is less hands-on than Qapital, but it is super useful, all the same. Instead of setting your own rules, the app uses an algorithm that analyzes your spending habits, and then it uses that information to determine how much you can comfortably set aside.

As a bonus, the app even offers overdraft protection. The only downside is that it costs $2.99 per month, but if you’re saving money, the app will ultimately pay for itself.

Keep The Change

Although this technique is slightly more labor-intensive, the rewards are worth the effort. Most people have some spare change lying around, but it doesn’t only have to collect dust. Instead, find a big jar or vase, and make it a point to add all of your loose coins to it. Once the container is full, you can cash in at a coin-counting machine or possibly a bank.

However, do keep in mind that, if you use the coin-counting machines in grocery or convenience stores, they often retain a portion of the total amount as payment for use. A better option is to ask the bank that you keep accounts with to process the change, as they might offer the service for free or for a reduced fee.

Photo: Creative Commons/ohdearbarb

Eat In More

The great convenience and delicious meals you get from eating out or ordering takeout is unrivaled, but the costs can really add up. Try starting by taking a month, or even just a week, off eating out, and you’ll be amazed at just how much money you save. Of course, during this time, you’ll need to prepare your meals in advance to avoid the need to eat away from home. Luckily, a little sacrifice now can go a long way.

By utilizing these steps, you can determine how much money you’re saving on a regular basis. Then, you can decide how much to save, and how much to keep for spending. Even the smallest savings goals will add up – essentially without influencing your bottom line.