9 Unexpected Tips for Saving Money on a Tight Budget

What can we tell you that you don't already know about saving money on a tight budget? You don't need another source to tell you to cut the cable, utilize coupons, find additional people to split living costs with, or—heaven forbid—start a side business.

Even if you're already busy and exhausted, you're still motivated to save more money, whether your aim is to pay off debt, develop an emergency fund, contribute to an IRA, or do something else. Let's go a little deeper and give some money-saving ideas you may not have considered.

1. Shift Your Electricity Use

Your electric company may provide free tools to help you assess your home's energy usage and recommend strategies to reduce your consumption and lower your cost. If you're not on a time-of-use plan and it's available where you live, for example, switching to one could save you money. If you are, adjusting when you use energy-intensive equipment like laundry dryers, washers, and dishwashers could help you save money.

2. Search YouTube Before Paying a Professional

Some jobs are too perilous to attempt on your own. If you try to solve an issue yourself, you can make it worse and cost you more money in the long run. However, after watching someone else complete a work, we may find that it is shockingly inexpensive and simple to complete ourselves. Do some video research first the next time you have a problem that you'd ordinarily pay a professional to handle, whether it's changing your car's air filter or replacing the heating element in your oven.

3. Switch to a Prepaid Cellphone Plan

When it comes to cellphone providers, most of us think of the big three: T-Mobile, Verizon, and AT&T. Their recurring monthly plans, on the other hand, are pricey and may include more data, quicker speeds, and newer phone technology than you require.

You might be able to decrease your monthly price in half if you switch to one of their prepaid plans. Switching to a smaller carrier like Republic Wireless, Ting, or Mint Mobile can also help you save money. Paying in advance for at least three months of service is also an option. If you don't use cellular data and instead rely on talking, texting, and WiFi, you can save a lot of money on your plan.

4. Allow Yourself One Subscription

Newspapers. Movies and television. Music. Cloud storage is a method of storing data on the cloud Photo retouching Processing of text. Exercise classes are available. These days, it seems like every firm has a subscription-based revenue model. It's a terrific way to make money if you can get someone to join up for a service and pay for it in the long run. If you want to save money, you must do the exact opposite.

Which one of your subscriptions do you utilize the most? Allow yourself that indulgence, and then reduce the rest of your calories. Many of them have no-cost alternatives. You also don't have to commit to a single subscription for the entire year. You can change it up for anything that is on a month-to-month basis: This month, Hulu, next month, Netflix, and the month after that, Spotify.

5. Buy a Bidet

If the pandemic-induced toilet paper shortage wasn't enough to persuade you to try a bidet in 2020, now is the time to do so. Although it may not appear to be a budget-friendly option, entry-level ones that attach to the side of your toilet seat can be found for as little as $30 to $40 on Amazon and will quickly pay for themselves in toilet paper and wet-wipe savings. Because bidets are water-efficient, they will not increase your water bill. Electricity is not used in the lower-end variants. Also, reducing your disposable product usage is excellent for the environment.

6. Do a No-Spend Challenge

You could feel that forcing yourself to go a week or a month without spending any money will simply release a lot of pent-up demand. Will you buy more groceries later if you don't buy food now? Maybe. However, you may find yourself reconsidering those purchases you put off.

Maybe you can break your can-a-day habit, or at least reduce it in half if you endured a week of sipping cold water with dinner because you ran out of Coke Zero. You will not make any unneeded impulse purchases. You might even find a free way to socialize with a friend. A no-spend challenge, whether for a day, a week, or a month, can help you boost your account balance.

7. Accept Help

Because the United States is so wealthy and generous, we should all feel at ease accepting assistance when we need it. Food banks, pet pantries, free farmers markets, community gardens, school supply giveaways, healthcare clinics, sliding-scale mental health services, Medicaid, hospital charity programs, and more are just a few of the resources available.

Granted, some regions have more of these resources than others. But whatever resources you have, make the most of them. You may always repay the kindness of the groups that helped you by volunteering your time or money when your circumstances improve.

8. Don’t Skimp on Insurance

It's all too tempting to minimize your insurance premiums by raising your deductible or reducing your coverage. But keep in mind why insurance exists. If your car gets totaled, a pipe bursts in your upstairs apartment and floods you out, or a windstorm tears the roof of your house, having adequate insurance will help you get back to normal much faster and without causing financial hardship.

Spend the $20 to $50 a month on pet insurance for your furry best buddy if you're a pet parent. You'll thank yourself later if they require emergency surgery.

9. Give Yourself an Allowance

It's depressing to devote every cent of your earnings to basics and savings. You'll overextend your willpower and risk reversing your progress with a spending binge. Instead, decide how much money you'll allow yourself to spend on fun things at the start of each week, month, or pay period—within the confines of your total budget, of course.

Then, guilt-free, savor those delicacies. Rollover your allowance from one period to the next if you wish to save up for something bigger. A cash envelope or separate savings account for fun money will help you keep it apart from your necessary spending.

Final Thoughts

Some costs are nearly hard to avoid. But that doesn't rule out the possibility of lowering them. Lowering your recurrent expenses, in particular, can be quite beneficial because you will save money every month rather than just once.

Also, keep in mind that conserving money is a long-term objective. Don't make short-sighted decisions like cutting or eliminating insurance coverage that could end up costing you a lot of money in the long term and undoing all of your work. Simultaneously, a variety of tiny savings decisions might add up to large savings in the long run.