Personal Finance

How To Save Money When You’re Already Broke

How To Save Money When You're Already Broke

How To Save Money When You're Already Broke

Many individuals only know the reality of living paycheck to paycheck, and they cannot understand how you can actually build a savings account.  Here are some practical examples of How To Save Money When You're Already Broke.  While these aren't always easy ways to make money appear, they can be managed by almost any family with any pay range.

How To Save Money When You're Already Broke

Cook from scratch.  Did you know that making things like bread, biscuits or beans from scratch instead of buying the prepared variety can save you up to $50 a month easily?  Start looking at your menu plans for ways you can save money by making more recipes from scratch.  This is easy when you utilize things like using a Crockpot or cooking favorite items in bulk.

Get honest about your frivolous spending.  When you say you can't even afford $5 a week in savings, but you manage to buy a bottle of wine or stop at the coffee spot for a latte, then you know you need to prioritize what you are spending your money on.  There are almost always ways you can save money in some area of your life.  Start getting brutally honest with yourself and make room in your budget for even the small $5 per week investment into your savings.

Check for hidden fees.  There are often monthly fees with everything from your bank account to the electric bill you automatically pay each month.  Start looking at each of your bills and expenses and avoid any hidden fees that are lurking there.  Even one small fee each week can add up quickly to $25-$50 a month you can put into savings.  Saving just $25 a week for one year is $1300 you have put aside for a rainy day.

It can be tough to find extra money in your budget to put aside for savings, but it is not impossible.  You can still save money when you're broke, you simply have to work harder to find it in your budget.

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