How to Save Money When You Have None

From LoveToKnow Save

Learning how to save money when you have none may seem like an impossible task, but LoveToKnow Save is here to help.

Set Manageable Goals

The key to learning how to save money when you have none is to think small. If you're struggling to keep a roof over your head and food on the table, planning for retirement or saving for a child's college education probably seems like an impossible goal. Focus on finding more manageable ways to save money. For example:

  • Set a goal of cutting $10 per week from your budget. This can be accomplished by taking the bus instead of driving to work, eliminating a trip to a fast food restaurant, clipping coupons, or checking out movies from the public library instead of going to the video store. Once a week, make a trip to the bank to deposit the $10 in your savings account.
  • Empty the spare change from your pockets into a jar whenever you walk through the door. When the container is full, add it to your savings account.
  • Have a garage sale, take old items into a consignment shop, or sell collectibles on eBay.
  • Spend an afternoon collecting cans from the side of the road to return for the deposits.
  • Look for ways to earn extra money to give yourself a bit of a financial cushion. Babysitting or doing yard work for people in your community is a great idea. LoveToKnow Business also has a number of suggestions in the article, Home Based Businesses for Under $100.

You can find more money saving tips in the following LoveToKnow Save articles:

Ask for Help Learning How to Save Money When You Have None

If you're struggling, there's no shame in asking others for help. Don't let foolish pride keep you from making the most of a bad situation. You can always repay the favor after your financial situation improves.

If you're in need of food assistance, consider the following resources:

  • Angel Food Ministries allows people in any income bracket to purchase boxes of deeply-discounted groceries once per month. The basic box contains enough food to feed a family of four for one week.
  • Pregnant women in a low-income bracket and those with children under the age of five can get milk, juice, cereal, and other necessities through WIC. The program also offers nutrition advice, free dental screenings, and assistance with family planning needs.
  • The Supplemental Nutrition Assistance Program allows people with low incomes to purchase the food they need. You do not need to be married or have a child to qualify.
  • If you're really in a bind, community food pantries provide temporary assistance with groceries. In most cases, all you need to receive help is proof of your legal address.
  • If you have children in school, they may be eligible for free or reduced-price meals. Some schools also have programs that allow kids to sign up for a bag of groceries to take home on the weekends.

Other forms of assistance for how to save money when you have none include:

  • Medicaid provides medical insurance for low income individuals and families who fit into an eligibility group that is recognized by federal and state law.
  • The State Children's Health Insurance Program (SCHIP) offers coverage for children in families that earn too much for Medicaid, but not enough for private insurance.
  • The Find a Health Center site can help you locate a clinic with a sliding scale fee system if you are uninsured and don't qualify for Medicaid or SCHIP coverage.
  • Wal-Mart's $4 prescription program can help you pay for some of the medications you need, regardless of your income. Many other stores also have similar programs.
  • LIHEAP provides assistance with heating costs during the winter months.
  • Toys for Tots provides Christmas gifts for needy children.
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Comments

Perhaps you may think I'm mean & bloody minded to live the way I do, positive feedback is always welcome! This works for me as I am living alone now, and separated with one daughter. Im nearly 55 and have 70% of the minimum income and reside in the Netherlands. I rent an apartment, and do not posses a car. In the Winter I wear extra clothes in the evenings and warm only 15% of my apartment. If it's sunny, I open all the curtains to get the sun's warmth inside. At night they are all closed to trap the warmth. Last year I received a rebate of 399, 00. I try to live a few weeks per year in the tropics and thus save even more on heating bills, but this costs me at least 2.000, 00! (My girlfriend lives near Manila.)I have no TV, just a PC and prepaid mobile. My PC acts as a telephone as well. During the warm months, I wear no socks as this costs money to wash. I've been cutting my own hair with clippers for years, no hairdressing costs, also no aftershave or stupid gels. I smoke only cheap rolling tobacco. I don't go to bars and don't buy alcohol, but do accept a drink if offered! I grow tomatoes and peppers on my balcony. I buy at the cheapest supermarket and always shop for grade B products. I eat a cooked meal twice a week. Often I can find veg & fruit that won't keep and for a bargain price. I avoid red meat, too expensive. I wash up with cold water using rubber gloves in the winter. I take a shower when I need one, and not out of daily habit. Many brands of soap & shampoo make you stink, it becomes trapped in your pores and reacts with your own bacteria, a vicious circle, and this has been kept secret by the big companies for good reason!) To shower I boil a kettle and add to cold water in a bucket. I stay at home mostly as I have many hobbies, painting & music, internet etc... Most of my software,movies,music & applications were from other peoples computers. I literally buy ONLY what I NEED and NOT what I DESIRE. I used to have many friends, a great social life and belong to a whiskey tasting club. Actually, they were not real friends, only interested in what they could get, sad. In the Netherlands, saving money in a bank can work against you. From my small income, I saved 2.800,00 for my daughter in 7 years, I lost 1.100,00 when my bank crashed. I no longer save in the bank, a waste of time!) I have found it relatively easy to adapt to a very low income. You have to be very strong minded to bring it off the way I have done. Don't forget that I can go out and spend big money when ever I like, but choose not to in order to visit my girlfriend, my biggest incentive! So far I have helped her with a house, land and a shop; she is now independent, which means that I don't keep having to send her money! Many things I have found on the street, cleaned up, repaired, and sold. A friend of mine whom has the same low income and lives alone managed to save within 4 years 10.000, 00! If you don't live alone, forget this article PERIOD!!!

-- Contributed by: Stevie

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