Save money when you're broke

How To Save Money When You’re Broke And Have Nothing!

No one likes to save money on a normal day. You want to go out with friends, spend on that favorite food, buy those shoes you’ve been envying, and just enjoy everything life has to offer. When you’re broke, it gets even harder to save money. There’s barely anything to take care of yourself, so how can you still set something apart from the future? In this guide, I’ll be showing you how to save money when you’re broke.

It’s not as hard as you thought… I promise.

Let’s get started.

8 Ways to Save Money When You’re Broke

  1. Budget

2. Get Rid of Your Debts

3. Reduce Your Expenses

4. Activate Automatic Savings

5. Sell Your Items

6. Increase Your Income

7. Cancel Your Subscriptions

8. Don’t Rush Things

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How to save money when you're broke


There’s no way to save money when you’re broke without budgeting.

A budget allows you to allocate your income properly and limits unnecessary spending.

So, when you have a budget in place, you wouldn’t be going for late-night drinks with friends when you shouldn’t.

I have prepared a comprehensive guide to help you budget (even if you hate it with every strand of hair on your skin).

But, we’ll still quickly take a look here.

To prepare a good budget, you first have to know how much you make every month.

Whether you’re living on only a small amount from your 9-5 job or supporting yourself with a small side hustle, you have to prepare the accounts.

List out all your expenses like feeding, transportation, and bills. Then, organize these expenses based on priority. Put the most important ones first.

Allocate an amount to each item on the list (based on how you’ve been spending the previous months).

But remember, you have to save money.

So, you’ll be cutting off money from some of these expenses.

I always advise that you save first before you budget. That way, you’ll only be working with what you have.

Get Rid of Your Debts

One thing that can frustrate your plans to save money when you’re broke is debts.

These loans will keep crawling up on you… and they might seem unstoppable.

You’ll find yourself taking more from your credit card and even going into an overdraft.

But, you can stop this. You can get rid of the debts and focus on saving your money.

Here’s how:

Minimize your interest rates by refinancing your debts.

Several companies offer loans at lower interest rates. By using these loans to pay off debts with higher interest, you save some money.

And you can now focus on paying back the low-interest loan.

This method has been used by many people to get rid of their student loan debt (the biggest loans for most people).

Reduce Your Expenses

This goes without saying.

Whether you lost your job recently, or you’re just trying to start saving from what you’ve always been earning, you need to cut those expenses if you want to save money.

Cutting expenses will not make you wealthy, but it will increase the amount in that savings account.

And in the nearest future, you’ll be able to go for that vacation you’ve always dreamed of.

If you want to save money when you’re broke, you have to rethink your lifestyle changes.

Cut down the amount you spend on entertainment (going to the movies or eating junk foods at expensive restaurants).

Use public transportation to save money on gas, and make your meals at home.

You can also try a spending freeze. This is when you stop yourself from spending any money unless it is extremely important.

When you only shop for groceries and gas after settling your bills, you’ll see how your spending habits change over time.

Activate Automatic Savings

The best way to save money when you’re broke is by forgetting you’re even saving anything.

When your money drops in your account every month, some part of it disappears, and you only have to deal with the rest.

This way, your savings account should hold some good money in a few years when you take a look. It will surprise you.

Here’s how to automate your savings:

  • Open a new account

Open a savings account that you can’t touch. Don’t collect a debit card to make withdrawals from the account.

It’s strictly for your savings.

Then, set up automatic withdrawal from your checking account. With each paycheck, a percentage of your money goes into savings.

You can spend what you don’t know you have.

You’ll have to work with what’s left.

  • Use a tool

Various online tools help you automate your savings. Examples include Chime and Digit.

Chime is an online bank/app. You can use this instead of opening a new savings account. One of the best things about Chime is the automated savings feature. Also, as you save your money, you get a 10% reward on your savings every year (up to $500/year).

Digit is very good if you’re going to save over $5,000/year. Because they’ve just added some fees. It was one of the first automatic savings apps that save money based on an AI algorithm.

When you get any of these apps, you don’t have to worry about spending your savings. You’ll live on what’s left in your checking account.

Sell Your Items

Some things in your house are no longer in use. They just sit there, collecting dust, and waiting for you to throw them out in a few years.

Liquidate your assets by selling these items.

Go through your closet and dig out these items. Other people out there need them. Selling them helps you make more money.

Places you can sell your items include ThredUp (for clothes), eBay, Craigslist, and even on Facebook.

The money you make from selling your items should be handled properly.

The goal is to save more money. You can do that better by using the money to clear some of your debts.

It’s not bad to take yourself out for a nice dinner either…

But handle your biggest problems first.

Increase Your Income

If anyone tells you to continue budgeting without thinking of ways to increase your income, they are not giving you the best advice.

Nothing gets better if you keep relying on that 9-5 job that gives you just so little.

You want to thrive and not just survive? Then, more money has to come in.

Increasing your income allows you to save even more each month, start investing in things that will give you more money, and remove some of the spending restrictions you placed on yourself.

Making more money makes things easier, and the internet has provided you with hundreds of ways to make money and change your life this year.

Check out 15 side gigs you can try today to increase your income.

Cancel Your Subscriptions

Many times, we subscribe to things and we never follow through after a few days or weeks.

Each month, a small amount is cut off from your income.

You may not notice if you were making over $100,000 yearly, but you’re trying to save money when you’re broke. So, you’re going to notice.

The best thing to do is go through all your subscriptions and remove things you don’t need.

Are you on Netflix’s top-tier plan? Go back to the lowest plan.

Cut, cut, cut the things you don’t use.

Don’t Rush Things

As you start saving, you may want to push so much money into your savings account.

It feels so good to see that you’ve saved something tangible.

So, you may wake up one day and decide to cut down all your expenses and push them all into savings.

However, you will burn out as fast as you rushed in.

When you rush things, saving starts looking impossible. You crave those things you used to have before.

So, you find yourself going back to your savings account to take out everything in it and spend. In your head, you have no other choice.

But, you do.

The best way to save money when you’re broke is to start slowly. Cut a little off entertainment and other unnecessary expenses. Keep removing bit by bit.

You wouldn’t realize when you’ve stopped spending excessively and only put money into things that matter.

Final Thoughts

Saving money can be difficult, especially when you don’t make a lot. But, by following the tips I provided above, you’ll be able to get something started.

Remember that the best way to increase your savings is by making more money. Your savings grow, you invest, and you enjoy.

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