How To Save Money When You’re On A Tight Budget

Michelle Summerfield

Aug 07, 2018

You may be wondering how to save money when you’re on a budget. When money is tight, finding ways to save can seem like an impossible task! If you’re barely getting by or are trapped in a cycle of overspending, it can be a struggle to change your habits. But it’s at times like these when you have to work harder to keep more money in your wallet and keep your financial well-being top of mind.

If you’re living paycheque to paycheque – here’s how to save money when you’re on a tight budget. 

How to save money – 7 money saving tips

1. Change your attitude and focus on the abundance you already have in your life

This is often overlooked. Yet it’s the ideal way to curb spending and understand that you already have everything you need in life. Take a mindful moment to look around and take note of what you do have. You’ll quickly realize that wanting everything you see on social media or trying to keep up with the lifestyles of friends are exactly that — a want.

2. Maintain a good credit score

Keeping a good  can help you save money over time. A good to excellent credit score may also help you get better  and insurance rates. Having a good credit record will increase your chances of receiving a lower interest rate on a 

If you’re disciplined and and , your credit score may improve. It’s also important to check your credit report regularly to make sure there aren’t any inquiries you haven’t authorized. 

Check your 

 for free from Borrowell in under 3 minutes. 

3. Use nature for exercise

I’m sure you’ve heard the phrase “nature is your playground.” Well, it literally can be! Ditch the costly gym membership (about $75/month) for the outdoors instead.

4. Buy used clothes

Thrifts shops and consignment shops are the perfect places to find new threads at a discount. If you’re willing to take a bit of time to search the racks, you can score items new with tags at an amazing price.

If you’re more of an online shopper, check out  like , and  for used clothing.

5. Take advantage of savings apps to cut back on grocery costs

Online apps like , and are perfect for saving extra money. They’re designed to help you comparison shop and find the best deals on anything from groceries, to books, to clothing.

Before I do a grocery shop, I check flyers in Flipp and look for the best savings. Then I’ll create a shopping list based on what I need or meal plan based on what’s on sale. Once I’m in store, I make sure to check whether I can get a price match on the items I’m purchasing.

6. Cut back on services and subscriptions you don’t need

It’s easy in today’s world to have tons of digital subscriptions to products and services you don’t need. Netflix, Spotify, productivity apps, meditation apps — all of these can add up every month. Netflix and Spotify alone will run you $20.98 a month (unless you split with family or friends – now that’s how to save money!). Take a look at all the services, subscriptions and apps you pay for each month and start cutting them to save. 

Pro tip: If you’ve had a change in life circumstances (i.e., lost your job, cut in pay), don’t be afraid to call your service providers, explain your situation, and ask for a discount. Sure, it can be terrifying but some may offer a discount. Shaking off fear and doing this when I lost my job helped me save money and protected my credit score because I was still able to pay my bills.

7. Use credit cards responsibly 

Improving your financial well-being by using credit wisely and working to pay off high-interest debt can save you hundreds a month.If you’re close to maxing out your cards, you could be damaging your credit score. This is why a can be a great option – because you’ll have the same monthly payments each month and no surprises. When you’re on a tight budget, use credit cards wisely and keep track of your credit score.

Pro tip: 

 are a great tool to help you access credit, but shouldn’t be used to borrow with because of high interest rates. If you have a great credit score and you’re able to use credit responsibly, a  may be a good option for you.

The bottom line

I hope this blog has helped you learn how to save money when you’re on a tight budget. Your credit score is an important part of your overall financial well-being and having a good  can help you save money.

Check your 

 for free from Borrowell in under 3 minutes. 

About The Author

Michelle Summerfield is a professional blogger and the creative director of , a lifestyle design blog aimed at the 40+ woman. The blog started in 2012 and developed into a professional blog in 2017. In addition to documenting her journey to a simpler life, she covers topics such as money management, health + wellness, beauty, solo travel and thoughts on being a creative entrepreneur. Her work has been featured in The Globe and Mail, Toronto Life, and the CBC. To learn more about Michelle, visit her website .

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