When the economy is in a downward spiral and finances are tighter than usual, putting money aside and saving can be more of a positive intention rather than a positive action. To learn how to save money each and every month even when you’re broke will be most beneficial in the long-term. The following strategies can be applied even when there is no money to be spared to help move beyond the status of being broke.
High Interest Savings Accounts
Even though finances may be tight, any finances coming in will more than likely sit in a bank account at some stage during the month. Instead of having this income pass through a regular bank account, make the money work by putting it straight into a high interest account. Having a budget will help with this method of making extra and saving money, especially if the high interest account used is one that takes a few days to transfer money out. Leave the finances in the high interest account as long as possible before using it to pay necessary expenses. Over time, as long as the interest is kept in the account, the interest made off the everyday finances passing through the account will begin to grow. This is a fantastic method to start saving money even when you have nothing.
Small Change
Find a spare moneybox, jar or zip-lock bag and start to put aside small change whenever possible. Once the moneybox fills up, add this amount to the high interest savings account. This method of saving money is easy to begin even when there is little money to spare.
Better Deals On Current Bills
Compare the current energy, insurance, phone or Internet bills with other competitive providers. With a little bit of research, a better deal on current bills may present itself. Another way to cut the expenses on bills is to simply call the current provider and ask for a better deal. To start saving money with this method means putting any money saved on the bills aside.
Persistence and discipline are the best assets to possess when it comes to saving money each and every month, even when you are broke. The best thing you can do is to dig deep and continue to think outside the box to find even more ways to save money, even when you have nothing to start with. Create a monthly budget and continue to save, and never ever give up regardless of how long it takes to make traction.