How can you save money when you are broke? This is a question I get time and time again.
I’ve been there. I remember when I was barely getting by and even had to declare personal bankruptcy. It was not a good time.
I understand the issues and frustration of trying to save when you don’t even have two nickels to rub together. It seems impossible. In those moments, you feel that you will never be able to do it.
The honest truth is that it takes more than money to save money. Now, hear my out. In order to save, you need to have the desire and willpower to make it happen. You have to want it. You have to have the hunger and desire to make it work.
Until you change your mindset, nothing will change. Not ever.
Once you have the desire to save, there are actual things you can do to make it a reality. If you are ready to put in the work needed to make it reality, then you are ready to make it happen.
SET A BUDGET.
I sometimes feel like a broken record (and I know that many of you feel this same way as you read my posts). The reason I share this same tip over and over again is that it is the root of your money. Without your budget, you have no control over your finances. You don’t have a clear picture of your income or your spending.
Your budget puts it all into perspective. It helps you figure out where you can make changes and which items you can’t live without.
Your budget is your road map to financial success. If your budget shows that you spend more than you make, you need to make changes —- immediately.
Read More: How to Create a Budget When You are Broke
If you really want to save money when you are broke, and don’t have additional income, you have no choice but to make cuts. It may mean dropping cable. You might have to skip date night a few times. Take the time to make sure you pay your bills on time to avoid bank and overdraft fees. It may even result in more meals at home rather than dinner out.
Honestly, finding things to cut from your budget can be one of the toughest things to figure out. You, and only you, can decide what is important and what is not. Once you do that, you may find more money is freed up and you now have income which you can start to save.
If you find that you’ve got a budget that is tight and you already made as many cuts as you can, it may be time for the third option: the side hustle.
CREATE A SIDE HUSTLE.
There is a negative connotation with the word “hustle.” Many take this to mean scamming people out of money. That could not be further from the truth.
To be honest, a side hustle is a job or activity you can do to bring money in. This is not your normal 9 – 5 job. This may be something such as tutoring, lawn mowing, blogging, etc.
Whatever your hustle, make sure it works for you. Doing something only for the money will never work. You need to have the passion and desire behind it, or you will certainly be doomed for failure.
Read More: 75+ Legitimate Ways to Make Money
STAY OUT OF THE STORE.
You might laugh at this one, but there is so much truth to this. When my husband and I were working our way out of $37,000 in debt, this is one thing that helped us immensely.
I visited the grocery store once a week. I would have a Target or Walmart run only once a month. I was disciplined in keeping myself away from the temptations where I would spend money.
I use to find that I was bored and would head out to the store just to get out of the house. I changed that way of thinking and found hobbies and things to do around the house to entertain myself. Even now, when I get bored, I turn to one of those tasks (reading, games, playing with my kids) before I jump to wanting to go to the store.
Read More: Why You Keep Overspending
AVOID COMMON MISTAKES.
This sounds logical, but it is listed here because it happens. You need to do what you can to avoid making financial mistakes. These can include spending when you don’t have money, racking up more debt, not paying your bills on time, and even living beyond your means. These all spell disaster when it comes to saving.
Saving money is never easy. But, if you put a few simple ideas to work for you, it can happen.