Strategies for Saving Money When You’re Barely Hanging On
March 26, 2025
6 min read
Hi, it’s Jasmine! If there’s one thing I’ve come to appreciate, it’s the power of small financial habits. When I was in my early twenties, saving money felt like climbing a mountain in flip-flops. But over time, I learned how small changes can build real momentum. Now, I’d love to share some of my favorite strategies with you. These tips helped me move from feeling stuck and stressed to confident and in control, and I hope they can do the same for you.
Weekly Nugget: Progress doesn’t have to be perfect. Start small and build as you go!
Set Clear Savings Goals
Setting savings goals is a game-changer—I’ve lived it. And I’m not alone. As revealed by a study published in the Journal of Banking & Finance, having multiple savings goals actually boosts your chances of saving more in the long run. The research shows that specific goals not only keep you committed but also help curb impulsive spending. It’s pretty amazing how simply giving your money a purpose can make all the difference.
Here’s how I’ve made goal-setting work in my life (and how you can too):
1. Why Goals Make a Difference
One major “aha!” moment I had was realizing that saving works better when you’re working toward something specific. Whether it’s a dream vacation, a wedding, or just an emergency cushion, giving your goals a name and number makes all the difference. For instance, when I wanted to visit Italy, I saved with that pasta-in-Tuscany vision front and center.
2. Break It Down
Big goals can feel intimidating, but breaking them into bite-sized chunks makes them manageable. Say you need $1,200 for something special in six months—that’s $50 a week. Framing it like that feels doable, doesn’t it?
3. Stay Motivated
Celebrate your wins, big or small. Did you put aside $100 this month? That’s fantastic! The little victories will fuel your drive and keep you focused on the end game.
Trim Your Spending (Without Feeling Miserable)
1. Spot Habits That Drain Your Wallet
I used to swing by coffee shops almost daily until I realized I was spending over $100 a month on lattes. Ouch. Instead of cutting coffee entirely (never gonna happen!), I started making it at home most days and treated myself once or twice a week. What little spending habits can you tweak?
2. Shop Smarter, Not Harder
My mom taught me to check sales and plan grocery trips accordingly. Did you know many stores refresh deals midweek? Shopping on those days can score you fresh discounts nobody else has grabbed yet.
Weekly Nugget: Meal-plan around grocery store sales to keep delicious meals cheap and cheerful.
3. Reassess Subscriptions
Streaming services, apps, gym memberships... they add up. A quick audit of your monthly subscriptions might reveal things you barely use. I’ve done this multiple times, and each time, I free up extra cash for savings by canceling those “just in case” memberships.
Organize and Track Your Money
1. Track Every Expense
I avoided this for so long, but it was eye-opening when I finally sat down to track all my spending. Tools like budgeting apps or even a basic spreadsheet can show you exactly where every dollar goes. I found I was spending way more on takeout than I even realized.
2. Build Your Budget
Once you know where your money goes, build a budget that prioritizes what matters. I’ve stuck to the 50/30/20 rule (50% for needs, 30% for wants, 20% for savings), but you can tweak that based on your lifestyle. The key is to be realistic and flexible.
3. Stick to Cash for Discretionary Spending
Here’s a trick I swear by when I want to control non-essential spending. I pull out a set amount of cash for things like dining out or entertainment. Once the money’s gone, that’s it for the month. Seeing the cash helps you think twice before splurging.
Focus on Reusables and Resourcefulness
1. Invest in Reusable Items
Switching to reusables like water bottles, coffee cups, and grocery bags has saved me loads over the years. For example, instead of constantly buying bottled water, I started using a refillable one. Savings and eco-friendly points, all in one!
2. Thrift for Clothes and Household Items
Thrifting is one of my favorite ways to score deals. I once found a barely-used designer jacket for $15 that would’ve cost hundreds elsewhere. Give second-hand stores a shot. You never know what gems you’ll uncover.
Weekly Nugget: Think of thrifting as a treasure hunt with budget-friendly prizes.
3. Use Coupons When You Can
I’m no extreme couponer, but the occasional deal can go a long way. Whether it’s clipping paper ones or using apps that find digital coupons for you, those quick efforts can stretch your dollar further.
Build Consistent Savings Habits
1. Automate Your Savings
This was a total game-changer for me. I set up an automatic transfer to move a set percentage of my paycheck into my savings account each month. I don’t even have to think about it anymore, and the balance keeps growing.
2. Save “Unexpected” Money
Tax refunds, holiday bonuses, or birthday cash? Treat that like found money and stash it away. I once used a tax refund to kick-start my emergency fund, and it felt amazing to have a safety cushion ready.
3. Collect Loose Change
Yes, even coins can make a difference! I keep a jar by the door and toss my spare change into it regularly. After a full year, I’ve used coin jar savings to fund fun nights out or small splurges.
Take Control of Long-Term Planning
1. Think in Timelines
Some money goals are short-term (like saving for holiday gifts), others are medium-term (buying a car), and then there are lifetime goals (hello, retirement). Breaking your priorities into timelines helps you stay focused and realistic.
2. Build an Emergency Fund
This one is non-negotiable for me. Having a few months’ worth of expenses set aside for emergencies gives you peace of mind. Start with a manageable target, like $500, and grow it from there.
Weekly Nugget: Even saving $5 a week toward your emergency fund is progress. It adds up faster than you think.
3. Be Open to Adjustments
Life changes, and so do your money needs. If there’s one thing I’ve learned, it’s that budgets and savings plans aren’t one-size-fits-all. Revisit yours every few months and tweak it when necessary.
Stay True to You
1. Don’t Compare Yourself to Others
It’s easy to fall into the trap of measuring your progress against others’. But remember, everyone’s on a different financial path. Celebrate your wins, no matter how small they seem compared to someone else’s.
2. Make Room for Joy
Saving money doesn’t mean you have to deprive yourself. Budget some fun money each month for things that bring you happiness, whether it’s a movie night, a fancy latte, or a mini shopping spree.
3. Keep the Bigger Picture in View
At the end of the day, saving is about creating a future that feels secure and abundant. Remind yourself of your goals and why they matter to you when motivation wanes.
From Goals to Glory
Saving money doesn’t have to be overwhelming or joyless. Start where you are, even if that just means bringing your lunch to work twice a week or canceling a streaming service you don’t use. These baby steps build momentum.
What’s one tip from this list you can try today? Go for it with confidence and remember, there’s no “perfect” way to save. It’s all about doing what works for your lifestyle while keeping your big goals in sight.
You’ve got this. Every little choice adds up, and the effort you’re putting in now is shaping the financially secure future you deserve. Keep at it!
