Tips On Savings For Broke People

So being one of the many people who, how shall I put this, has less money coming in than has going out, I thought I would share a few tips on savings and trying to get out of debt that I’ve been using myself for the last couple of months. It has been working for me and I’m a little less poor now than I was, although I am still broke so I thought if I write it down I can remember it for the future and hopefully it will help other people out at the same time.

1. Keeps tabs on what you have to spend (bills, rent, mortgage etc) and figure out exactly how much you have left after you have paid what you have to.
2. If you have a certain amount to spend in a month it doesn’t mean you have to spend it. Don’t deprive yourself of little luxuries but ask yourself if you really want/need it first
3. Have a goal and make it achievable. Set yourself a realistic target that you can stick to and have something to aim for.
4. If you use a credit card, check you aren’t paying too much on your monthly repayments and switch to a different bank if they have a better deal.
5. Only use your credit card for safer shopping, make sure you do actually have the money your spending on it to pay back as soon as possible.
6. When your are shopping take a list with you and only get what you went for. Impulse shopping is bad!
7. Walk or cycle as much as possible. If you drive to work or use public transport you could save a lot of money by walking if its not that far.
8. Look at the different high interest savings accounts and see what they can offer you. An ISA will allow you to save tax free but it does have some downsides. Check everything out thoroughly.
9. If you always shop at the same place but you have never bothered to take the 5 minutes to get a loyalty card. Get one now and reap the rewards and free credit.
10. And finally check the best current accounts available to you and make sure you aren’t getting ripped off!

Hopefully this will help some of you out, I know it certainly has helped me!

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