Budgeting

7 Ways to Save Money on a Tight Budget

When you are on a tight budget, you may feel as though you’re already doing everything in your power to save money. Trying to come up with any extra, whether to pay down debt or to handle an emergency, feels impossible! With these 7 tips, however, you can save money even on a tight budget.

1. Make your food budget stretch by buying in bulk. Bulk items are often priced less expensively than standard sizes per unit. The trick is to make sure that they are bulk items your family will actually use. If you only go through 275g jar of peanut butter, the 780g one for just twice the price won’t help you much.

2. Meal plan. In your planning, make sure that you take vouchers, reward cards and sales into account. If ground beef is on sale, now is a great time for hamburgers, meatloaf, and chili.

3. Stick to the list when you shop. Try not to buy items that aren’t on the list. Sure, you can grab milk when you need it but forgot to put it on the list, Don’t, however, fall into the trap of picking up impulse items. Grocery shopping online may seem lazy, but helps you compare prices and sales easily and avoid many impulse buys!

4. Turn off your electronics. Unplug the ones that you aren’t using. Do a last walk through the house each evening to make sure that your electronics aren’t sucking down electricity during the night, when no one is using them. Even those glowing indicator lights that let you know the power is on are using electricity.

5. Protect your home from the seasons. Drapes can do a great job of shutting out the sun in summer and holding heat in during the winter months. You might not be able to eliminate heating and cooling costs completely, but you can reduce them significantly.

6. Take advantage of free opportunities. Take kids out to play at the park instead of spending tons of money on activities. Have toy swaps with friends to expand what your kids have to play with instead of buying new ones. Encourage creativity with the items you have on hand.

7. Take advantage of second-hand deals. Thrift shops, consignment sales, Gumtree and buying used from other people will allow you to stretch your budget further and in many cases, you’ll get just as much use out of the item as if you bought it new.

Finding ways to save money on a budget can be a challenge, but it’s one that is worth the effort. By utilising these seven tips, you’ll find your money stretching further. However, if you need a little help making it to the next pay cheque contact us today to learn how a short-term loan can help.