Home Taxes & Finance Personal Finance How to Save Money When You Have None to Save

How to Save Money When You Have None to Save

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

When you're living paycheck to paycheck, it can seem like an impossible cycle to break out of.  The bills just keep coming and coming and you're constantly stretching yourself to the limit to get them paid.  It's stressful and, quite frankly, feels like a hopeless situation.  I hate to be the bearer of tough love, but at this point the only way to do the impossible, is to do the impossible.  You feel you're stretched as far as you can go and trimmed as much fat as you can possibly trim, well now it's time to do just a little bit more.  Read on for a step by step guide of how to achieve your goal of saving for an emergency fund so you can finally stop stretching your regular income to the breaking point.

First, it is most important that you realize that you will never be able to build up a savings until you actually start putting money away for savings.  All the good intentions in the world will not beef up your savings account.  What you need to do is find a way to put something aside, any amount will do for right now.  Whether you decide you can part with a dollar a week just to test the waters or can go a little further like $10 or $20, you have to make the commitment that today is where the cycle of spending absolutely everything that you have ends.

Once you have committed deeply to being able to save whatever little bit you can to break the cycle, you need to come up with an ideal way of how you are gong to keep the saved money.  Everyone has a different saving style and I will let you pick which is best for you.  Some people are content the ease and accessibility of putting money aside in an envelope, while others opt to keep their money in their checking account or open up a separate savings account.  I find what works best for me is a savings account not attached to a checking account.  Willpower is not my strong suit and I find that the less easily accessible the money is for me to get to, the more likely it is that it will stay put.

So once you have decided how you are going to store the saved money, the next and final step is to just do it already.  Put whatever pennies or dollars you have extra in your savings account or in your envelope and do not touch!

Soon you will find that you are slowly but surely building an emergency fund.  Your belt will still be tight at home but in a few months you will find that when those times roll around that you absolutely need a buffer to get you through until next day, you will have it.  It may not be much but it will be just enough that you will not need to stretch your current paycheck because you have a backup.  The cycle has been broken!

Comments (3)add comment

Margie Lynn said:

Margie Lynn
Yes, this is me! Thanks for great article.
August 24, 2010
Votes: +0

walkaboutangel said:

It is sooooo hard.....

Wishing you a wonderful, magical day

August 25, 2010
Votes: +1

bethweston71 said:

Great article - keep writing, you're very good. 5*
November 28, 2010
Votes: +0

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