Home Taxes & Finance General Taxes & Finance How to Save Money When You have None

How to Save Money When You have None

(3 votes, average 5.00 out of 5)
Written by Tom Fowler   


In this article, we will take a look at saving when there is nothing to save.

Things You Will Need:

Long term planning

Positive attitude

Self discipline

Step 1:

You are out of a job and/or have little or no money. What to do? Well, what you will do has everything to do with your ability to practice self discipline and take a long term visionary approach. If you are broke but still wish to do something to invest in your future, you can save pennies, nickels and dimes. This may sound silly in an era when we speak casually of trillion dollar bailouts, but read on.

Step 2:

You are probably asking, what good will saving pocket change do? Well, let’s do some math. If you do nothing but save $1.00 a week, (a little less then 15 cents a day), in a year you will have $52.00. In ten years, you will have $520.00 – and that is if you have not bothered to put it in an interest bearing savings account. You get the idea. A little will add up to a lot over time if you stay with your small change savings plan.

Step 3:

So far we have recognized the value in long term, small change savings and seen how your nest egg will grow in value over time. Now the consideration is, how best to save small sums? There are several ways to do this. The old fashioned piggy bank is one way; a modest passbook savings account is another. Low cost US Savings Bonds are another. The point is, save your change until it adds up to a point where you can open an account or purchase a bond. Remember, a little becomes a lot over time.

Step 4:

At this point you be saying to yourself, “I cannot even afford 15 cents a day!” Times are hard and I recognize the difficulty many persons are feeling now. But consider this, cut the 15 cents a day to a nickel and you will have $18.00 at the end of a year, $180.00 at the end of ten years. Save a penny a day and that is between 36-37 dollars at the end of ten years and, again, that is if you have done nothing but stash it in a dark place. The point is, save something! Maintaining discipline over small sums will aid you in managing larger sums more efficiently. You probably have realized by now that saving money is more of a state of mind than physical action.

Step 5: 

Recapping; Recognize the need and value of saving very low sums of money – pennies even. We have done the math and seen how small change may accrue over time, particularly if we make modest investments as soon as our savings balance allows it. We’ve seen how we may save when there is little to save, even a penny a day will add up over time. Start now, stick with it and someday you will have a nest egg and a modest measure of financial peace of mind.   

Step 6:

Final thought: If you are person of modest means, starting small on financial planning, (and that is basically what this article is about), will assist you in becoming more efficient with whatever resources you have. The day will come when your finances are greater and that will happen in large part because you have practiced competent fiscal responsibility.


From Step 2:  If you have children, encourage them to start saving small change now. Someday they will be glad they did.

The advantage of having a small sum tucked away is that there should be little temptation to spend it. Put it away and emotionally forget that it is there.

No matter how bleak your circumstances, you can and must save a little bit. Having even a little bit in savings is good for your morale. Small change savings does not require a great deal of effort, but it is a long term plan and requires perseverance and a mature attitude. 


Maintain fiscal discipline. Do not give into the temptation to raid your small nest egg for the pleasure of the moment. Forget that you have it unless it is the most severe of emergencies.

Comments (3)add comment

Redy2Assist said:

I just had to look at this article based on the title. Thanks.
June 30, 2010
Votes: +1

rlsoden4 said:

And there is something cool about having a big jar full of change. Maybe because it looks like more than it really is. :)
July 07, 2010
Votes: +1

djeff37 said:

I have seen a guy turn in a water fountain bottle of change which came out to be over $300. Yes change can add up to a lot and quickly depending how diligently you save.

Good article. 5*
January 10, 2011
Votes: +1

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