10 Ways to Save Money and Build Savings Even When You Don’t Have Much

• Author: Jimmie Altenwerth Sr.
• Posted: 2024-12-16

Saving money isn’t always simple, especially when you don’t have much. Regardless, you may use certain tried-and-true tactics to save money and progress toward your financial objectives. Here are some simple and practical strategies to save money even if you don’t have much.

 

1. Automate Your Savings

Setting up automatic transfers from your checking account to your savings account is the simplest way to ensure you continuously save money. This not only helps you save, but it also needs little work or thinking on your side. You must pick how much of your money to set aside and ensure the transfer is set up appropriately.

 

2. Define Your Goals

Setting savings targets might help keep you on track. Is it your goal, perhaps, to set up a rainy-day fund? Want to settle a financial obligation? Or would you rather put money down for a rainy day or a new house? A clear goal for your savings efforts may be a powerful source of inspiration and drive.

 

3. Stash Your Spare Change

If you’re seeking to save money, even if you don’t have much spare cash, starting small is a good idea. Putting your extra change into a piggy bank or savings jar may rapidly build up and help you get closer to your objectives.

 

4. Live Below Your Means

Living within your means entails more than just spending less money. It’s also about ensuring that you’re earning as much as possible and managing your money to benefit your short- and long-term financial objectives. To begin, make a budget based on your income and prioritize the necessities. Ensure you use all accessible savings techniques, including coupons and joining reward programs. One key factor is that you should never rely on credit cards to make ends meet. Credit card debt is perilous when you don’t have much money. To succeed, you must be attentive to your expenditure and examine it. Keep track of how much you spend on what and ensure it doesn’t surpass your monthly income. This will benefit you long-term as you save and improve your financial stability.

 

5. Go for Value, Not Cost

Although it can be tempting to choose the cheapest options when trying to save money, it’s important to consider value. For example, buying cheap products that only last for a few months means you’ll have to spend more money in the end. Instead of the least expensive option, focus on items offering the most value over a longer period.

 

6. Avoid Impulse Purchases

Impulse buying can be a huge impediment to individuals attempting to conserve money. Many individuals argue that one tiny purchase will not make a difference, even though modest expenditures quickly pile up. To prevent making impulse purchases, take a step back and consider if you need anything before purchasing it. Consider whether the item is required and fits within your budget. Another useful strategy is to wait a day or two before purchasing to ensure it is absolutely what you want. Furthermore, before spending money, compare prices and keep your budget in mind. This can help you avoid impulse purchases and ensure you’re spending and sensibly conserving your money.

 

7. Take Advantage of Credit Card Rewards

Modern credit cards provide excellent rewards for ordinary spending, and many have no annual charge. To optimize your points, utilize your card for all purchases and pay off your amount in full each month. You may get something back for your money and save some money this way.

 

8. Re-evaluate Your Expenses

Even if you don’t have a lot of money, evaluating your costs can be a good strategy to reduce your spending and save money. Identifying your essential and non-essential spending will assist you in determining where your money is going and where you might be saving. You might also look at methods to save money on necessities by searching for the best prices or checking if you qualify for discounts or special offers.

 

9. Have a Garage or Yard Sale

Having a garage or yard sale is a great way to make some extra money and get rid of things you don’t need. You may also find that you can make enough money from the sale to set it aside as savings.

 

10. Participate in Online Surveys

Many websites offer rewards for participating in online surveys or trying out new products. You can make some extra cash, and you may also find some freebies or discounts on things you have to buy anyway.




Saving money doesn’t have to be an impossible task, even if you don’t have a lot of money to start with. These ten strategies can help you save money and build up your savings, no matter how much you make or your financial circumstances.