Saving on a Tight Budget | Cleveland Bradley County Teachers Federal Credit Union

Creating a savings account or building your savings can feel like a daunting, or even impossible, task. With costs continually rising for well, everything, it’s likely we are all just taking things day by day.

While focusing on your regular finances is never the wrong thing to do, there are still ways you can create savings even when your budget feels tighter than it ever has. With a little creativity and commitment, you can make adding to your financial savings a regular part of your everyday life.

Check Out the Unexpected

If you are going to increase your savings, you have to find practical ways to do it. Most of us on a tight budget already skip expensive coffees or meals out, but there are still areas of our day-to-day lives where we can find ways to cut back expenses. This could mean DIY-ing some projects or going prepaid on a regular expense like your cell phone.

Seek out creative ways to make a difference in recurring bills and decrease your monthly expenses. Pay close attention to your electrical use, and make some simple switches like cutting lights during sunlight hours. You can also combine or cut some of your subscriptions.

Challenge yourself to go a week without one of your favorites, whether it be having a soda with every meal or reading the latest organization magazine. If you can make it a week, try for two. And once you have made it that long, consider cutting it out all together and putting those funds back into savings.

Find No Loss and No Cost Savings

Making cuts to your spending is the best way to put money back into a savings account, but there are also ways you can spend less and save more without drastic changes. Even something as easy as making a list before you go shopping and sticking to it can lower your costs, particularly at the grocery store where it is easy to grab a few extras every visit.

Consider saving monetary gifts to build up your savings during the holidays or at a birthday. You could also ask for gift cards for those events to your favorite grocery store to give your monthly (or weekly) expenses a little bit of a break.

If you are at a loss on how to make changes or where any more cuts could possibly be made in your finances, consider using a tracking app to find less obvious ways your money disappears regularly. Some applications will cancel subscriptions for you, or even suggest free alternatives to help you make choices on what you are paying for.

Regardless of how pinched your budget feels, there are plenty of ways to increase your savings. Even reviewing your rates on outstanding loans can yield great results. Bump your savings up and create a layer of protection for yourself. You won’t regret it!

Ready to review your expenses and create a bigger savings account? Contact us and get started!