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How Do You Save Money When You’re Always Broke?

July 23, 2020 By Christine Field

This post may contain affiliate links.

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In an ideal world, everyone would lead perfectly happy lives and not give a second thought to whether they could afford big-ticket items. The truth is, there are many people out there that struggle even to feed their families, let alone ponder the purchase of expensive goods.

The trouble is, we don’t live in an ideal world. There is an apparent disparity between wealthy and poor people that won’t go away any time soon. Keeping that in mind, if you struggle to make ends meet, how on Earth do you save money for anything?

 

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Saving for a significant expense, such as a new TV or even a much-deserved vacation might seem like a pipe dream. As crazy as it sounds, it’s not impossible to save money even when you’re sailing close to the wind! Here’s how you can make the impossible possible:

Lower your debt (and your monthly installments)

The first thing anyone should do is look at the debts they owe to creditors. Believe it or not, there are many ways you can decrease or even entirely eradicate each debt. For example, debt management plans and bankruptcy are two such examples.

There’s even the highly acclaimed Debt to Success System (or DTSS for short) that can help you with your financial goals. And in case you wondered, DTSS is no scam; it’s an innovative approach to dealing with your debts.

Some people even opt for debt consolidation, where they take out a large loan to pay off lots of smaller ones. The result of such an approach is you’ve got less interest to pay, and a lower monthly installment to make.

Keep a money jar at home

Let’s face it: you’ll always have some spare change in your pockets each day. When you come home from work each day, consider putting some of that change into a money jar. It might seem like a mammoth task, but it’s a great way to start saving.

Sure, it might take you longer than most people to save for a financial goal. But, the point is you’re still able to save money and eventually afford to buy a new gadget or take your family on a once in a lifetime vacation!

Use an app to help you become a realistic saver

Did you know there are countless apps for Android and Apple smartphones that can help you become a realistic saver? If money’s tight in your household, you’ll likely only put aside a few dollars each day or week.

There’s an interesting article over on the Entrepreneur website that lists a few different apps to help you better manage your money and save regularly.

Stop paying for things you don’t need

Lastly, there’s no denying that many people regularly pay for “little luxuries” each month, such as Netflix subscriptions or gym memberships. The thing is, paying for several of those luxuries each month is part of the reason why you’re so broke!

With that in mind, go through the subscriptions and memberships that you pay each month. Be brutal, cancel all the seldom-used ones, and keep one or two offering real value for money in your life.

Filed Under: Home and finances, Saving money

Previous Post: « 4 Important Lessons To Teach Your Child About Debt
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Hi, I’m Christine

Have you been a wholehearted mother, but time, toddlers and teenagers have moved on? If you are wondering what comes next for you, you’ll feel right at home here.

Or, are you a mom for whom family life has been non-Pinworthy and parenting has been downright painful? I hear ya. There are many of us around.

Are you looking for a life full of exploration and adventure after the nest empties, but maybe you have no idea how to go about doing that? Stick around! We’ll explore adventures together to help you gain more clarity for your own path.

After a couple decades of writing books and articles about parenting, homeschooling and adoption, speaking to homeschoolers and other parent groups, and reaching out to the mom in the trenches who was trying to make the best of it - my kids grew up. Some grew up and grew away. I was determined to find a way out of the pain, emptiness and lack of direction.

For many of us, the journey starts with something we moms are not accustomed to. After years of caring for and serving others, sometimes we forget the beauty and wonder of US. We need to spend some time getting to know the parts of ourselves that have lain dormant, and take the time to explore interests and passions that we set aside.

I’d like to invite you to get the “What’s Next for Mom” workbook and jump into this growing tribe of Moms who are emptying the nest and filling the life! Let’s reignite your Mojo after Mothering!
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About Christine

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At Real Mom Life, my passion is to provide resources and reassurances for moms facing the surprising challenges of family life. In my writing and speaking, I explore solutions to unexpected issues in adoption, homeschooling, special needs, and more while encouraging moms to extract the maximum joy out of each day. Read More…

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