When you barely earn enough to cover your day-to-day expenses, setting aside money for a rainy day probably isn\u2019t a priority. But living on a low income means that having a financial safety net is especially important.<\/p>\n
\u201cSavings create stability, and this is particularly important when you’re on a tight budget,\u201d said Andrew Latham, a certified financial planner with SuperMoney.com<\/a>. \u201cWithout a cushion, even a $200 emergency can push you into debt,\u201d he explained, noting that more than half of Americans can\u2019t cover a $1,000 surprise expense. \u201cEven a small emergency fund<\/a> reduces stress, helps you avoid high-interest credit, and gives you flexibility for future opportunities.\u201d<\/p>\n So, what can you do to save money on a tight budget<\/a>? Often, the best money-saving hacks come from people who\u2019ve been in your shoes.<\/p>\n Read more: This is the minimum amount of savings you need to improve your financial well-being<\/a><\/p>\n Reddit can be a great resource when it comes to real-world strategies for stretching a dollar further. From creative grocery hacks to clever budgeting<\/a> strategies, we rounded up the best savings advice from Reddit users that you can hopefully use too.<\/p>\n Note: Some responses have been lightly edited for clarity.<\/p>\n \u201cThe easiest way I’ve found is to write down every penny you spend and adjust from there. It’s surprising how fast 10 dollars here and there adds up.\u201d -No_Gear_1093<\/p>\n \u201cMy biggest thing is preparing food ahead of time and always having snacks on me, lunch at work, etc.<\/p>\n Why is because personally, if I\u2019m hungry with no meals prepped or quick easy meals, I\u2019m more inclined to just swing through the drive-thru on my way home.<\/p>\n Taking the time to prep on the weekend, I have my meals already planned which is one less thing to think about and it\u2019s ready, so I\u2019m not reaching for less healthy\/more expensive options.<\/p>\n Hitting financial and nutritional goals in one step!\u201d -VictoriousMango<\/p>\n Take advantage of coupons and cash back <\/p>\n \u201cHonestly couponing. It\u2019s time-consuming and I\u2019ve been weaving in and out, but cross-referencing Target Circle w Ibotta, Walmart w ibotta etc. coupons plus cash back.<\/p>\n Also im trying to get better at using Rakuten for cash back deals when I’m booking trips or shopping.\u201d -Melodic_Simple3945<\/p>\n \u201cI do the \u2018envelope\u2019 method that works for me.<\/p>\n I\u2019m salaried, so I plan what bills come out of what check for about 4-6 months at a time in a note on GoodNotes. When check comes, I leave whatever money is for bills in my account and take everything else out in cash. Typically, I pull $150 for gas, $200 groceries, $100 spending. This is for 2 weeks as I\u2019m paid every two weeks. Everything else goes into a cash binder. $200 goes into a slot that\u2019s for \u201cthis paycheck emergency\u201d if some kind of small emergency comes up (like my dog got stitches and had to take her every 3 days to get rebandaged and it was $36 every time) \u2014just something I need that wasn\u2019t planned for. Rest goes into \u201csavings\u201d slot. At the end of two week whatever I have in all categories will go into savings and I\u2019ll start over. I don\u2019t roll any of the money over automatically as that\u2019s how works in my head.\u2019 -dawgmom15<\/p>\n Read more: Guide to the envelope budgeting system<\/a><\/p>\n \u201cGoing cash only for a month or two really shows people where the money actually goes. And even when I was flat broke and scrambling decades ago, I managed to save money when I did that.\u201d -surfaholic15<\/p>\n \u201cPay yourself first! AKA when you get your paycheck, immediately put some money into savings. Then do NOT dip into your savings account to pay bills or buy silly things.\u201d -mdocks<\/p>\n Read more: What does it mean to ‘pay yourself first,’ and how does it work?<\/a><\/p>\n \u201cMy wife and I would put all spare change in a jar for the year so that we could have a good Christmas and we would usually have $200-$300 and it became such a tradition, we still do it.<\/p>\n About Dec 10th, we go to the bank and use the coin machine to count up, then we split the money and it has to be used for Christmas only. Its actually a very enjoyable tradition born out of being poor.\u201d -FunnyNameHere02<\/p>\n Take inventory and declutter <\/p>\n \u201cStart with cleaning your house.<\/p>\n You will see how many clothes or stuffs that you actually don’t need. Sell them or donate them. This doesn\u2019t just free your spaces, it helps you know what you have so you don\u2019t waste money on buying items you already have.<\/p>\n Also clean your fridge and pantry. Throw all expired food. And make a list on the fridge of what you have inside. Cross out whenever you eat them.\u201d -wrong-answer-only<\/p>\n Research and track food prices <\/p>\n \u201cKeep a spreadsheet with the food prices at local stores. I would go to four different stores to do my weekly grocery shopping to get the best deals on everything. I also read the paper leaflets with the weekly specials before going shopping and would add that to my list and buy 2 of the things I needed. I don’t think that I paid full price for anything for a few years.\u201d -MmeNxt<\/p>\n \u201cI know a lot of people really enjoy streaming services. I only sign up or renew them during Black Friday. You can get them for very cheap. For example, Hulu<\/a> and Disney<\/a> plus for $3\/month. Peacock for $20 for the year. Yes they have commercials. But for that cheap I\u2019m not complaining.\u201d -nikki_11580<\/p>\n \u201cIf you can’t pay down a credit card at the end of the month, you are overspending.<\/p>\n Credit cards are high-interest loans. They should be used for cashback rewards and consumer protections.<\/p>\n When paid in full at the end of each month, you gain all the benefits of being a card holder for free and are protected from spending more than you earn.\u201d -lets_try_civility<\/p>\n Read more: How to pay off credit card debt when your budget’s tight<\/a><\/p>\n \u201cWhen I was on a low income, the biggest game changer was automating a small transfer to savings every payday because even $10 adds up over time. I also cut recurring costs I barely used and put that money straight into savings.\u201d -StonkPhilia<\/p>\n Read more: Should you automate your savings? Pros and cons to consider first.<\/a><\/p>\n \u201cAt the end of the day there are only two levers to pull: Expenses or income. If you have already maxed out what you can do for expenses, you need more income. Unfortunately, it’s simple but not easy. However, I would put any extra energy into seeing how you can raise income at your current job, or find a new one that pays better.\u201d -ser_davos33<\/p>\n