Save money even on a tight budget

Happy Loan Corp.Personal Finance

Trying to save money on a budget which is tight can prove to be a herculean task. There is limited money to begin with; saving on the other hand might seem like an impossible feat. However, saving for emergencies and other expenses is a very important part of life and needs to be done diligently. If done properly, it can be achieved even on a limited budget.

Create a viable budget

Creating a budget helps you become aware of the arenas which consume your money. Keeping track of these arenas and trying to find ways to limit the spending in some can pave ways for savings to be created.

Cut off a variable expense

Fixed expenses always remain constant throughout every month. However, it is the variable expenses which can be skimmed through and certain elements curtailed if the need be. Try to forage through your variable expenses and cut off those that you feel you can live without. Use the money that you would have used otherwise on that expense for increasing your savings.

Cook lunch for work

Instead of spending an exorbitant amount of money in the office canteen, start cooking your lunch for work and take it along with you. Cooking at home saves a lot of money and thereby allows you to save.

Give away the car

Depending on the place you live and available modes of transportation around your house, foregoing the ownership of your car is a great way to save up on maintenance costs, fuel costs and parking costs. If it is possible try availing the public modes of transportation and sell off your car.

Consolidate your debts

Consolidate your debts into one single payment that you need to make every month. Debt consolidation loans also offer lower rates of interest and lower monthly premiums, thereby allowing you leeway to save from the money that remains extra.