You want to start saving money, but when you are living paycheck to paycheck, stashing away a little dough can seem impossible. While the most popular way to save money is to cut out unnecessary expenses, like eating out, these luxuries probably aren’t part of your daily routine. So, before you give up on the idea of saving for a rainy day, discover four creative ways to save money when you’re short on cash.
Ask for a Lower Interest Rate
When you are strapped for cash, every penny counts. So, why spend money on interest rates when you could be saving the same cash? Call your lenders on your student loans, auto loans, and credit cards to request a lower annual percentage rate; you may qualify for a lower rate on the same debt, which means less money out of your pocket and is a creative way to save money.
Although you cannot cut out necessary expenses such as transportation or housing, you can explore less expensive options when trying to save money. Consider trading in your car for a smaller or older model – you’ll be saving money with lower car payments as well as cheaper auto insurance in most cases. Also, you may love the view from your spacious abode, but finding a smaller, more affordable home could add up big when you’re short on cash.
Seek Out Discounts
Free samples, coupons, and rewards programs can save you money here or there, but they can add up to big savings in the long run. You can also look for “free on your birthday” offers for complimentary desserts, coffee drinks on the house, and even car washes on your special day.
Although they don’t help you build credit, certain financial products, such as utilities, are a necessary expense. You can start saving money on the little luxuries, like cable television when you bundle your services. More companies are offering bundled services, such as packages that include your cable TV, your home phone and, your internet service, which equals a money saving opportunity for you. Just be aware of service contracts, so you know how long you are committing.
Although creative ways to save money when you’re short on cash can add up to big savings, you may want to consider additional sources of income. When you are strapped for cash, money from a second job or freelance work can give you the extra coinage you are trying to save; money you would not otherwise have to put away. Although saving money may seem impossible at times, with a little creativity, you’ll save money before you know it!