Most people are having a tough time when it comes to saving money.
According to various financial institutions, about 20% of Americans don’t have any retirement savings and about 70% have less than $1,000 in a savings account.
But the age-old question is: how do you save money when you don’t have any to save?
Here are several easy things you can do.
First, if you haven’t already, trying changing your TV service.
Of course there’s apps like Netflix and Disney+ that are substantially cheaper than cable, but there’s even apps like KSAT-TV that are completely free. Don’t forget that getting over-the-air channels is also a free way of getting local TV.
According to the balance, another thing you can do is to stop or severely cut back on eating out or find ways to spruce up leftovers. You can also save money by buying frozen or canned fruits, beans, and vegetables.
Next, use cash.
Many financial experts agree that using cash gives you a real limit on your spending and helps you make better decisions. Actually, having to give your money away will make you think twice about spending it more frivolously.
Groceries and entertainment are two categories in which you can try this.
The fourth thing you can do is try lowering your credit card debt. The interest on credit cards can be a budget killer. Top money experts say to start with the card with the lowest balance first and then when that’s paid off, use the money you use to spend on that card and put it towards another.
Eventually, you will be able to pay things off and put money into savings.
Finally, ask for discounts.
Whether it’s your phone bill, medical bill, or student loans, sometimes asking nicely for some help may actually get some. It never hurts to try, and the worst they can say is ‘no’. But if they say yes, put what you saved to good use.