Updated: Nov 10, 2024

Saving spare cash after paying basic monthly expenses allows you to save for emergencies, take a vacation or plan a large purchase. Families with tight budgets may feel defeated when looking for money to save. Being broke can put a strain on everyone and put an end to future opportunities that require cash. However, if you consider being broke an opportunity to get creative about money, you could put a whole new spin on your finances.

Review your spending habits and look for ways to reduce each expense. You may think you have reduced your spending to the essentials, but unless you have looked at the details of each expense there could be hidden savings.

For example, increasing an insurance deductible can drop monthly payments. A conversation with your insurance agent may help further reduce your spending and make room for saving. If you have a landlord, lower your monthly rental expense in exchange for managing the building, collecting rent or completing landscaping chores around the property.

Change your transportation

A simple adjustment in how you use your car could mean extra money to save. For example, taking the bus to work during the week and using your vehicle on the weekends could put the cost of a tank of gas in your pocket every week.

Plan before purchasing

Keep spending down to allow for money to save. For example, if you budget $100 a week on groceries and are able to spend $90 by purchasing at lower prices, you can add an extra $40 a month to your savings account.

Take advantage of Flyers

Grocery stores mail flyers listing sales and reduced prices to homes on a weekly basis. Visiting the stores where you shop could reveal a free flyer listing reduced prices for the week; check near the entrance, at the register or ask an employee.

Create opportunities to earn extra cash

This may include a yard sale, a part-time job or creating items to sell. Choose something that does not cost you more than you can generate from its sale. Do not spend large sums of money to “get started.” Instead, look for ways to generate cash by using what you already have, such as a lawn mower to mow lawns or word of mouth to earn money baby-sitting your neighbors’ kids after school. Make sure you follow IRS guidelines regarding the difference between hobbies and businesses for profits.

Recycle household products

Recycling businesses examine and weigh the items brought to them and pay the customer by weight. Recycling centers for aluminum, glass, plastic and metals such as steel and copper are located in cities and towns across the United States. According to the Can Manufacturers Institute, aluminum is the most valuable product in your household trash and includes pie plates, foil, ladders and gutters.

Stop accumulating unnecessary bank fees

Look for fee-free checking accounts and ATM machines that do not charge you fees. Ask your bank for a list of ATMs that are fee free for their customers. If your bank does not offer a fee-free checking option, move your account to a bank that does.

Take in a roommate or a boarder

Renting out an empty room in your home or apartment can reduce your monthly expenses and give you money to save. If you are a homeowner, use a legal agreement that outlines monthly payments, time frame and what is expected of the tenant. Standard rental agreements can be found online. If you rent, check with your landlord before taking in a roommate. Some landlords may require you to sign a new rental agreement.