How to Save Money ... Even If You're On a Tight Budget

If you have done ANY research into finances, you know that many financial gurus will tell you to start saving money and a system many use is 50/30/20. 50% of your income goes to essentials such as rent, transportation, food etc; 30% to lifestyle choices such as cable, dining out, entertainment and 20% to savings. But what if you can't save that 20%? What if you just don't make enough to make ends meet never mind saving money?!

 It can be scary and so disheartening to feel as if you are never going to be financially secure because you can't afford to save that 20%. You can't follow the guidelines of those who know better because your essentials are taking up more than 50% of your income. (Hey, I understand! I live in Vancouver, Canada and it is an expensive city where rents and other costs just keep increasing.)

 But here's the good news. Don't despair because it isn't always the amount you save that is important, it is getting into the habit of saving that is crucial to your financial future.
There are a few ways to get you into the habit of saving money. One way is to find a bank other than your normal financial institution and open an account there. Try to find one where you pay little or no fees as long as you don't withdraw the money - you don't want to see your savings eaten up by the already wealthy financial institution, do you?

 Then plan how much you are going to put away each pay period. $20? $10? $5? Most of us can afford to put away five dollars each pay without it hurting too much. If you are a smoker, that is less than the cost of a pack of cigarettes. Or if you drink, that is less than the cost of one drink. You may have to make adjustments but this will be helpful.
What if your finances are so tight that you can't even afford the $5? Don't despair, don't give up. Get yourself a jar or a used piggy bank and start putting $1 away. That's it. Just get started and get into the habit of putting money aside.

 Because here is what will happen. You will start add to that bank account or jar or piggy bank. You will put some extra change and get excited as you see the amount growing. It may not be a lot of money but you will start feeling as if you are creating a nest egg. It may sound surprising, but being responsible like this can be exciting.

 Don't wait until you have your bills paid down to start saving money. Just increase the amount you are saving as more money becomes available.

 This is a simple step you can take today to start taking control of your finances and your future. Just take this one step and you may start to feel better.



If you feel that you are ready to gain control of your debt, then stop trying to figure it all out on your own and make sure you don’t go another year without gaining control —click here
 
I might be able to help you by supporting you through the 5-Step Financial Stability program that I have used to get control of my financial situation. click here

To your success, 

Karen Magill 

P.S. It is NOT right for everyone – but if you feel having me working with you almost “daily” & giving you a proven step by step system to follow will help you get your  finances and life back on track then for more details. - click here

 P.S. It is NOT right for everyone – but if you feel having me working with you almost “daily” & giving you a proven step by step system to follow will help you get your  finances and life back on track then for more details. - click here



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