We’ve been there. Bad credit? Hard times? It’s not always easy to make ends meet, even with a firm like Power Finance Texas on your side.
Sometimes, money is simply tight, but you can still ensure your financial needs are met in the future if you play your cards right. We’ve got more than a few tips on how to save money with no income and how to make every penny count. These are our top three.
1. Find Your Financial Sinkholes
Where does your money go monthly? Think beyond impulse buys and splurges—those are obvious and can easily be documented through receipts and a spreadsheet or budgeting software.
What we’re really after here: insidious, sneaky ways that our money disappears. Electricity consumption may be one problem area or perhaps the slightly-too-frequent coffee run you do every other day. Those fifteen subscription services you don’t even use? They’re draining your savings!
These habitual spending habits will often be our biggest downfall in the long run. Take control now—try a no-spend week and look at things like utility bills and even the gas you put in your car weekly. Your banking provider could also be sapping you monthly through hidden fees.
2. Avoid Eating Out
It is extraordinarily expensive to subsist on fast food, convenience food, and restaurant food, even if your favorite haunts are on the cheaper side. Apples to apples, you’re likely spending a ton on stuff you could make at home for much less.
How often do you cook at home? You don’t need to be a Michelin-star chef to craft a hearty, easy, and affordable meal. Find a couple of staple recipes you like, possibly emulating your favorite meals. Meal prepping every week can save you time and make budget food more convenient.
If you came here to learn how to save money with no income because you’re in debt, this is probably some of our best advice to share. Cutting food costs allows you to live sustainably without undercutting yourself later down the line.
3. Invest Time in Your Health
Chronic illness and long-term poverty are linked intimately and often feed into one another. If you’re broke and develop lung cancer, you’re likely in for a world of hurt financially.
In the US, getting sick may lead to some of the most expensive bills you’ll experience in your life. Here are tips to avoid getting sick:
- Avoid or stop unhealthy habits like smoking and drinking excessively.
- Eat intuitively to maintain healthy body composition.
- Exercise is free! Take a jog around the block a couple of times a week or try some bodyweight workouts on YouTube.
These are all simple habits to adopt, and they may save you tens of thousands of dollars. Picture yourself middle-aged, drowning in medical debt, and still very sick in your bed. Do what you can today to avoid this unfortunate fate.
4. Pay Down Debt ASAP
Huge expenses like student loans, home mortgages, car payments, and excessive credit card bills can cost you dearly in the long run. To minimize things like the interest you incur over the years, we have two major pieces of advice to offer.
One of them is to avoid taking on new debt unnecessarily. Some large purchases are, of course, completely unavoidable. Others, like big splurges on your credit card, should never come at the expense of your well-being in the future. Sometimes, this simply means living lean for a time—new clothes, fancy gadgets, and home renovations may feel enticing in the present, but expenditures like these can knock you off track when it comes to your savings and any other payments on your plate.
If you have student loans or a home loan, paying these debts down as quickly as possible is the best way to save extra on the back-end. If you simply don’t make enough monthly to get ahead of your monthly minimum payment, these responsibilities should be your top priorities. Pay your highest-interest debts first, and inquire into any consolidation or refinancing options your lender may offer.
These won’t always be your best bet, but you might be in luck if the going rate is lower than your current rate.
Our Best Advice on How to Save Money With No Income
You can still end up on top with the right mindset and attitude. It all starts with a realistic, practical understanding of your finances and a plan on how to move forward.
If earning more on the side isn’t feasible, thinking critically about what you spend and how you can save is your best bet for a stable future. Stash away as much as you can for a rainy day. Always be thinking about tomorrow!