Saving on a Tight Budget

Written By Aaron Sarentino
Apr 9, 2020


How can those who currently aren’t saving afford to save money? And how can those saving only a little save more? Here are nine tips for saving money when budgets are tight.

  1. Find small savings that add up to big savings over time
    Keep a careful record of all of your spending for a month. You may be surprised to learn how much you are spending on dining out or impulse purchases. One method is to save all your bills and receipts over the month and stack them into categories like “utilities” and “groceries.”
  2. Comparison shop to find the lowest prices
    When you compare prices at different stores before making a purchase (can do so on-line or looking at ads in the paper), you can often find lower prices for necessary purchases — such as food, transportation, and insurance— leaving you more money to save. Bonus tip: Take a list with you to the grocery store and stick to it. This will help you from buying items you don’t need.
  3. Limit spending on gifts.
    Limit spending for birthdays and holidays. Friends and family are more likely to appreciate a few well-chosen gifts than a more costly pile of gifts chosen thoughtlessly in a shopping mall spree.
  4. Put all your loose change in a savings account.
    For many people, that could add up to well over $100 a year.
  5. Ask your bank or credit union to automatically transfer funds each month from your checking to your savings account.
    The easiest and most effective way to save is automatically. Even as little as $10 or $15 a month helps. After all, that’s $120 or $180 a year.
  6. Build an emergency fund to avoid having to take out loans to pay for unexpected purchases.
    Emergency savings are usually best kept in a savings or share account, despite the low interest rates these accounts pay, because they are easy to access when you need it. Remember, if possible, keep a high enough balance in the account to avoid monthly fees.
  7. Avoid using high-interest credit card and payday loans.
    Payday loans typically charge interest rates of 500 percent, and the interest rate on credit card debts can run 25 percent. You can save hundreds, perhaps thousands, of dollars a year by paying off these high-cost debts.
  8. Participate in a local Investment Development Account (IDA) program.
    In return for attending financial education sessions and agreeing to save for a home, education, or business, you typically receive $2 for every $1 you save through an IDA program. So, saving $25 each month could end up as $900 at the end of a year.
  9. Take advantage of any matches to retirement savings contributions that your employer offers.
    Some employers match up to 100 percent of your contributions. If you’re not contributing up to their match, you’re leaving money on the table.
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We provide debt resolution services. Our clients who make all monthly program payments save approximately 40 – 50% of their enrolled debt (average of 43%) upon successful program completion, before program fees. Fees are based on a percentage of your enrolled debt at the time of starting the program and range from 15%-25% of your enrolled debt. Programs range from 20-48 months. Clients must save at least 25% of each debt due to an enrolled creditor before a bona fide settlement offer will be made. On average, clients receive their first settlement within 4-7 months of enrollment and approximately every 3-6 months thereafter from when the prior debt was settled. Not all Clients complete the program. Estimates are based on prior results and may not match your results. We cannot guarantee that your debts will be resolved for a specific amount or percentage or within a specific timeframe. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting, legal advice or credit repair services. Our program is not available in all states; fees may vary by state. Some programs may be offered through The Law Firm of Higbee & Associates d/b/a Advantage Law. The use of debt resolution services will likely adversely affect your credit. You may be subject to collections or lawsuits by creditors or collectors. Your outstanding debt may increase from the accrual of fees and interest. Any amount of debt forgiven by your creditors may be subject to income tax. Clients may withdraw from the program at any time without penalty and receive all funds from their dedicated account, other than funds earned by the company or fees paid to third-party service providers, as may be applicable. Read and understand all program materials prior to enrolling. Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt relief companies. To determine the offers you may be eligible for, Americor conducts a “soft credit pull.” This credit pull does not impact your credit score, creditworthiness, or ability to obtain credit from other sources. The soft pull is not a tradeline entry, it does not report against your score and will only take a few minutes.

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