When you’re feeling strapped for cash, saving money might seem impossible. It can feel like every dollar is already accounted for, and there’s no room for cutting back.
But here’s the truth: even small amounts—like $5—can make a big difference when you focus on the right things.
How to Save Money When You’re Broke
You don’t need a huge paycheck to start saving. In fact, the key to saving when you’re broke is all about making the most of the little bits of money you can control.
We always tend to look at “how can we make more money right now?” When we could look at how we’re spending what we DO have and living within our means until me CAN make more money.
Let’s dive into how you can start building your savings, one small step at a time.
1. Start with the Smallest Purchases
Often, it’s the small, everyday expenses that add up without us realizing it. A coffee here, a snack there—it seems harmless, but those little costs can quickly drain your budget.
Next time you’re about to make a small purchase, stop and ask yourself, “Can I skip this today?” By cutting out just one or two of these small, unnecessary purchases, you’ll find those $5 add up over time.
I’ll let you in on a little secret – when I lost over 100 lbs, it was doable because I taught myself to stop before I ate to listen to my body and see if I was hungry or if I just THOUGHT I was hungry – same concept.
2. Set Aside Your Spare Change
It may sound old-fashioned, but putting your spare change into a jar at the end of each day can have a surprisingly big impact.
Small coins that you’d usually toss aside can quickly add up, helping you build a small cushion without even thinking about it.
Start a change jar today (DON’T buy one…). Whenever you have spare change from a transaction, put it in the jar. At the end of the month, you’ll be surprised at how much you’ve saved.
3. Cut Back on Subscriptions
It’s easy to forget about the streaming services, magazines, or apps that auto-renew each month. These little subscriptions can add up quickly, draining your budget without you even noticing.
Go through your subscriptions and cancel anything you’re not actively using. Even if you only save $5 per month on a subscription, that’s $60 a year that you can put toward something more meaningful.
I was reading a thread on Nextdoor yesterday where MANY people said they rotated their subscriptions. They picked 2 and binge watched everything on those they wanted for a month, then they paused those and did 2 different ones the next month. So, they were only paying for 2 a month instead of 5. Great idea and apparently it works!
4. Use Coupons and Discount Apps
Even when funds are tight, you can still take advantage of deals and discounts. Coupons, loyalty rewards, and discount apps are a simple way to save a little extra each week without having to overhaul your entire shopping routine.
Take five minutes before you shop to look for digital coupons or download money-saving apps like Honey or Rakuten. It might only be a few dollars here and there, but it all adds up.
This site used to be all about coupons and couponing and one thing I tried to make my readers understand was – think of each coupon as money – you wouldn’t throw $0.25 out the window, or decide $0.75 wasn’t worth keeping and throw it in the trash… They ARE money – you can PAY for things with them just the same as money.
5. Focus on Free or Low-Cost Entertainment
Instead of spending money on nights out, think about low-cost or free activities you can enjoy with friends or family.
Parks, free events, and movie nights at home can provide just as much enjoyment—without the hefty price tag.
Replace one or two of your usual paid activities with a free or low-cost alternative. Invite friends over for a potluck dinner or take a walk at the local park instead of hitting the movies.
The Bottom Line
Saving money when you’re broke doesn’t require big changes. In fact, it’s often the small adjustments that make the most significant difference.
By cutting back on little expenses, saving spare change, and using discounts, you can start building your savings—even when you feel like you’re at rock bottom.
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