How to Save Money When in Poor Financial Condition–6 Tips — The Kind Tips - Tips for Life, Study, Work and Entertainment

How to Save Money When in Poor Financial Condition–6 Tips

How to Save Money When in Poor Financial Condition

If you are already in a very difficult financial situation, it seems impossible to get ahead. The majority of your paycheck is spent on rent, utility bills and other inevitable expenses. The result is you have nothing to put into your saving account after paying off all the bills. However, you should not lose you hope, and your best bet is to establish a healthy financial manner of living and dedicate yourself to figure out the ways of saving money. Here are several useful tips for you.

1. Think about unnecessary expenses and get rid of them.

You take a lot of services for granted, hence you don’t think you can cut some of them off to save money. But this idea might not be correct. For example, you can cut out your cell phone or downgrade your unlimited data plan to a limited one. You can cancel your cable TV service and get a digital antenna to watch local television. Stop your Internet service and complete your email or other works at your workplace.

2. Find out free entertainment.

Magazines, book, music and movies all cost a lot if you regularly spend money on any of them. If you still want to continue your daily entertainment while save some bucks, sign up for local public library and you can have all the media resources ready for you at no cost—only if you don’t return them on time.

3. Prepare meals from scratch.

Stop buying cooked food and prepare you meals from scratch. If you don’t have enough time to cook every day, find an afternoon each week to cook in bulk and freeze the as-prepared food for the week. Do yourself a favor to get rid of fast foods and gas station treats or any other dining out, because all these will easily drain your budget and savings and trigger the alarm rate.

4. Save on gas.

If you live in a city or town where walking, biking or public transportation are all available for you, then it is wise to turn from driving to the others. In extreme cases, you can even think about selling your car. But at least, you can save some money on gas. To save more, inform your auto insurance company that you have changed your driving habits, which may result in a discounted price of your auto insurance.

5. Take full use of available programs.

There are different programs aimed for people in need. If you have income low enough, you might be qualified for food stamps, free school lunches, WIC, reduced income housing, Medicaid or Medicare, and assistance with school book rental fees. These programs all help make it easier for needy people on everyday expenses and make it possible for you to use most of your income on debt to get better financial condition.

6. Focus on paying your debt off.

Paying off your debts is the priority of every month since if you hold an applicable balance on your credit cards, you are losing money for interests. Spare no effort to get rid of any debt first and once the debt is gone, you are good to lock up the credit cards and just use cash to avoid paying more than the purchases with interests in the long run.

*Image source: http://jobsanger.blogspot.com/2011/08/most-americans-in-poor-financial.html.

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