How to Save When There is Nothing Left Over

by Mary Ann Romans | More from this Blogger

27 Mar 2009 04:29 AM

Having some savings is important, because you never know what life will throw at you from one moment to the next. You want to make sure that you are covered in the event of a job loss, an unexpected medical expense or simply if the furnace needs to be replaced. But how can you save anything when all of your money is simply going to survive from one week to the next? Here are some strategies.

Have a Buy Nothing Month

For one month, vow to buy nothing, absolutely nothing for a month. Any money that you save during this month can be put directly into savings. Stay away from the grocery store, although you may want to make an exception for milk, eggs and some produce if you have children. Cook from your pantry. You might be suprised how many meals that you can make with what you already have on hand. Don't use your car (and gas) for anything that isn't absolutely necessary (such as work).

Sell Something

Go through your home and identify things that you could easily live without. Post these items for sale on Craigslist, Ebay or have an old fashioned yard sale. Whatever money you make can be put straight into savings.

Pay Yourself

Pay yourself with something, even if it is a token amount of $5 a week. Even with that small amount, you are making progress. See if you can increase that amount if you get a raise or if you find a new way to save.

Translate frugal activities into savings

Find new things you can do at home to save money and then put that savings into an account. A good example is hanging your laundry. You can easily save about 50 cents per load. Hang four loads of laundry this week, and then put the $2 into your savings account.

Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. Starting June 1st, don't miss her articles in the Baby Blog. You can read more of her articles by clicking here.

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Learn more about Mary Ann Romans

Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat.

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