Most people find it difficult to save money.
According to various financial institutions, about 20% of Americans have no retirement savings and about 70% have less than $ 1,000 in a savings account.
But the age-old question is, how do you save money when you don’t have any to spare?
Here are several simple things you can do.
First, if you haven’t already, try changing your TV service.
Of course, there are apps like Netflix and Disney + which are significantly cheaper than cable, but there are even apps like KSAT-TV which are completely free. Remember that getting live channels is also a free way to get local TV.
According to the balance, another thing you can do is stop or drastically cut back on dining out or find ways to rekindle leftovers. You can also save money by buying frozen or canned fruits, beans, and vegetables.
Then use cash.
Many financial experts agree that using cash gives you a real limit on your spending and helps you make better decisions. In fact, having to give your money away will make you think twice before spending it more frivolously.
Grocery shopping and entertainment are two categories where you can try this out.
The fourth thing you can do is try to reduce your credit card debt. Interest on credit cards can be a budget killer. The best money experts say to start with the card with the lowest balance, then when that is paid, use the money you use to spend on that card and put it to another.
Eventually you will be able to pay for things and put some money into savings.
Finally, ask for discounts.
Whether it’s your phone bill, medical bill, or student loans, sometimes kindly asking for help can actually get it. It never hurts to try, and the worst they can say is ‘no’. But if they say yes, make good use of what you’ve saved.
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