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Five Ways to Save Money on a Tight Budget

Saving money can be a difficult process without the right knowledge. If you want to learn how to save money on a tight budget, consult this comprehensive guide detailing a variety of methods to help you save money quickly and efficiently.

Keep reading to learn five different ways to save money on a tight budget.

Five Ways to Save Money on a Tight Budget

Follow these five simple steps to save money on a tight budget.

track your expenses and save money on a tight budget

1. Track Your Expenses

Save money by knowing your budget inside and out. Pay attention to where your money is going each month and how much you’re saving. There are plenty of mobile apps that can help you budget your money, such as Mint, Goodbudget and Level Money. 

2. Adjust Your Food Budget

Americans spend an average of 12% of their income on food with 43% of that going toward food outside of the home. A good way to save in this area is to cut back on your food budget.

Some suggestions include:

apparel icon

3. Learn How to Shop Smart

When shopping, stick to basic clothing that will last for a long time and aim for sales racks and holiday deals. As for gifts, try DIY projects one year as a cheaper, more affordable alternative to expensive gifts.

4. Pay Attention to Travel and Transportation

Instead of taking cabs or spending a lot of money on gas, you can walk, bike, take the subway or carpool. Consider ridesharing services such as UberPool and Lyft to split costs with other riders.

When you’re planning a trip, consider getting a rental car or booking a train ride as a more affordable option to a flight. If a flight is necessary, track different flight deals and book a couple of months in advance. 

5. Cut Down on Entertainment Costs

The average cable bill is $103 per month. If you utilize monthly subscriptions like Netflix or Hulu, cable may not be necessary. Even if you pay for both of these streaming subscriptions, you could save over $80 per month.

Save Money with Synchrony Bank

One way to ensure that you’re saving is to set up a savings account. Synchrony Bank offers one of the best interest rates with ATM access on our high yield savings accounts.*

Learn other ways to save money on a tight budget with Synchrony Bank today. Call 844-345-5789 or open an account and learn about our savings product offerings.

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Sources:

Bureau of Labor Statistics: https://www.bls.gov/opub/ted/2016/high-income-households-spent-half-of-their-food-budget-on-food-away-from-home-in-2015.htm

Fortune: http://fortune.com/2016/09/23/average-cable-tv-bill/

Nerdwallet: https://www.nerdwallet.com/banking/best-savings-accounts 

*National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.


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