6 Useful Financial Strategies for Those Who Are Struggling With Their Savings

Considering the basic requirements of life like food, clothing and shelter along with cost of raising a toddler, savings and investment can seem to be a daunting task. For family persons there are endless ordeals when it comes to money savings and investment plans.

If you are in your 20s, living in a small leased apartment and spending almost whatever you are earning in paying off the rents and keeping yourself away from the expensive meals and cars, certainly savings can turn out to be a distant dream. But there are ways to get out from this precarious situation.

I was in the same situation in my college days when I found it harder to kick off my savings and investment. But, as they say when the going gets tough, the tough gets going. I did some things incredibly well to make sure things fall into place. Here are 6 beneficial financial strategies for you if you are struggling to get started with your savings and investment.

#1 Watch a movie at home

These days watching a movie at the theaters, cinema halls and multiplexes is an expensive affair. It might be tempting to watch a movie at the air conditioner halls with a soothing ambiance but it actually takes a toll on your budget if you have a limited monthly income. Combine it with dining in fine restaurant situated near it and it spells doom on your budget making it harder for you to save.

Therefore, watch movies at home. A stock of board games, a run through the sprinkler, or a home movie night with popcorn and soft drinks sounds wonderful and cost-effective. It will make your day and provide you entertainment without shelling out much.

You can also head to the library. Most libraries, especially in larger towns and cities and in particular college towns, include ton of movies for borrowing from the library.

#2 Stay away from credit cards

If you have a low income, avoid credit cards as they have high interest rates. Credit cards can seem alluring to you but actually it is nothing but a financial trap and a mere burden that will drain your treasury. There have been several cases where failure to pay credit card debts have led to bankruptcy of people. Don’t even have one credit card so that you can concentrate on your savings and investment.

#3 Build your income slowly by taking every opportunity earnestly

If you want to have a blissful present and secured future, take every opportunity of income building that comes in your way seriously. If you are not getting the amount of money that you are expecting from your present job, talk to your boss and ask what you would require to do to move into the next job up on the ladder or discuss more about the promotion criteria within the company. Leave no stone unturned to boost your career.

Utilize your spare time to sharpen your skills and knowledge which will pave the way for a scintillating career path. Attend job seminars, study on the internet or go for higher education to enrich your acumen. Always try to find ways to improve your present income and never stop dreaming. This will help if you have a family in the future. Always remember, it’s what you do today that will determine your future.

#4 Be energy efficient

Use modern energy efficient kitchen appliances and lights to reduce your electricity bills. A tankless water heater would be just fine if you can afford it. Turning off lights, using energy saving faucets and timing showers, can all aid to bring down utility bills, as well as conserve the precious energy.

#5 Opt for potluck dinners at parties

Potluck dinners involve participants at a party or social event to bring a dish or a key ingredient of some kind. It is great way of socializing without spending big. For instance, when i organized a party with my friends at my home, I asked them to bring one specific dish which would be appropriate for the occasion. Sam brought Fried Rice with chicken, prawns and eggs, Jimmy brought Chicken Manchurian and Johny brought Thai Fish curry. This provided sufficient for all to have a amusing meal collectively at my house, which usually turned into a post-meal game with a soccer ball or a play station. This is much better than an impromptu supper at the MacDonald or KFC which involves both splurging on cash as well as calories.

#6 Shop shrewdly

Buy online to get exciting freebies, discounts, coupons etc. Save money on groceries, foods, garments, electronics, medicine etc. There are various apps that helps to compare the price of the same product on different sites. Choose a good time to purchase things. For instance, electronic goods offer special discounts when they are launched just now in the market. It is also important to track your expenses and savings at the same time.


It’s all about making strategies and savings will be an easy affair. Be positive right from the word go and start planning early. Which of the financial strategies you liked the most? Share your comments and feedback now.