Let go of the idea that you need a 6-figure salary in order to save money. With technology at our fingertips and the ability to find an app for anything, saving money when you’re broke has become a reality for many households. Today I am going to share some tips on how you can save money regardless your total income amount.
Deposit that Extra Paycheck
If you’re someone who gets paid bi-weekly by your employer, there could be a third paycheck in a month that has more weeks than four. This means you could deposit all or some of that extra paycheck into a savings account. Simply start thinking that you only get two paychecks a month and in turn, it will be easier to put that third paycheck into a savings account.
No More Debt
If you’re already broke chances are that you’ve opted to take on high-interest loans when money is tight. Learn to break this habit of getting into more debt when you’re broke already. While it may be difficult to stop this bad habit, it’s essential to ensure you’re able to save money while you’re broke. Most companies will work with you on low payments for bills; use this option instead of loans.
Deposit Your Change
This is an old school method of saving money when you’re broke. Every time you spend money, round it up the nearest dollar amount. Put that loose change in a coffee can or electronically transfer it from your checking into a savings account. This is a really easy way to save money without adding more stress in your life.
This platform is brilliant! Sign up for a free 100-day trial account with Digit.co, connect your bank account, and let Digit know your income and expenses. Digit will then work its magically mathematic equation to figure out the proper amount to save. Each day Digit will push aside money from your bank account into your Digit account that then earns 1% annual cash back every 3 months.
Liquidate your Stuff
Lastly, when you’re ready to fully take on this commitment of saving money when you’re broke it’s time to liquidate your stuff. We all have extra stuff hanging around our home that serves no purpose. Consider selling off your old books, DVD’s and other items that you no longer need. This liquidation of stuff will free clutter and in turn provide you with some cash to put into your savings account.
Saving money is no longer something only attainable by the rich and wealthy, in today’s times saving money when you’re broke has become incredibly easy. Sure, you’ll need to stay motivated and dedicated to your mission to be successful with saving money, but anyone can do it, just follow my tips shared above. Before you go follow me on Facebook, Pinterest, Instagram to see more fun, recipes, diy’s and crafts too.