Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

Saving Wisely | 7 Ways When You Are Simply Broke

“Broke” is a relative term.  Consider the job of a junkyard.  It ‘salvages’ the broken and unwanted.  You may be financially ‘broke’; but, you are not broken.  Your financial state is salvageable.  It just requires some effort.

It’s time to get in financial shape.  Like getting fit, you must consider your input/output ratios.  To get in shape, people need to expend more calories than they take in.  To get financially fit, you must save more than you spend.  Let’s get started.

No Money §

Image Courtesy of Alina Sofia

1)  Stop the Starbucks Insanity

People in financial pitfalls often find they are not bleeding from huge holes.  Conversely, dollars are pouring out little by little when spending an unneeded dollar here and there.  For instance, do you go to Starbucks or another coffee shop each morning?  For most, drinking morning coffee is habit.  If you buy it from a store, spending two to three dollars each morning (along with treats) is a habit. Stop the insanity.  Make it at home.  You could brew all week for the cost of a couple cups from the store!

2)  Bulk Up

Grocery shopping is often seen as a chore.  We rush to get it done rather than stop and think about saving.  For instance, let’s assume you buy paper towels one or two at a time.  The cost is about one dollar per roll.  No big deal; but, do twelve times and it cost twelve dollars or so.  However, for twelve dollars, buying in bulk, you could likely purchase months worth of them.  Why are you spending unnecessarily?  Stop it!

3)  Bring Your Lunch

It’s great to go out with the gang at work for lunch.  It’s a time of break, socialization, and spending money.  Rather, pack your own lunch.  It’s not as fun; but, it’s not as expensive.  Again, five to ten dollars per day will not break the bank; but, over time, your lunches are serving just desserts for the financially foolhardy.  Make your own lunch; increase your savings.

4)  ATM Fees

The world is fast-paced and often automated.  However, there are instances when one needs cash fast.  ATMs exist everywhere, but at a cost.  Like the coffee example, each time you go to an ATM, you’re paying for the convenience.  Tag on possible fees (from your bank’s side of things) and you may be paying an excess of five dollars (just to get your own money!)  Be mindful of using ATMs.  If you project needing money, draft it out from your bank (for free) at the beginning of the week.

5)  Automate Bills

It takes a bit of time and effort to establish automated bills.  However, it saves many people many dollars in late fees.  Again, a ten-percent late fee is not a big deal in itself.  But it begins costing a lot more when multiplied by five bills every month of the year.  It’s silly to just give money away based on laziness (especially when alternatives are present).

6)  Entertainment

It’s very easy to spend money on entertainment.  A movie ticket here, a stint at the karaoke bar there, and so on.  Think of non-monetary ways to enjoy your time.  How about a stroll outside in your neighborhood?  That only costs calories.  What about the local library.  (Did you know you can rent books for free?)  What about taking a drive to see an old friend or relative at their home?  It’s easy to desire ‘entertainment,’ especially within a financial bind; yet, don’t give in to unnecessary spending.

7)  Take Care of Large Assets

Larger personal assets are cars and homes.  Large assets can cost when neglected.  For instance, you don’t change the oil in your car to immediately save the fifty dollars.  In the future, the neglected machine begins to internally breakdown, ultimately costing hundreds of dollars in repair fees.  The same goes for home projects, which can lead to money pits when neglected in an ongoing fashion.

You’re ‘broke.’  It doesn’t mean you can’t fix it.  Start by being more mindful of how you spend.  When you spend wisely, you ultimately save.

Author Bio | This blog post was provided on behalf of – high interest savings account comparisons site.  Leaders within the investment plans & opportunties savings market. 

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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