Most people feel anxious when the thought of saving money comes up, especially when they do not have room in their budget. A lot of factors can be accountable for this, but help is on the way.

No matter where you are on your financial journey, you need to know that it’s possible for anyone to turn their financial life around and start saving money.

Sometimes all it takes is that first step in the right direction to get things moving in your favor. But, as with most things, sometimes that very first step is the hardest part.

This article contains a lot of ways to help you start saving money as soon as possible. None of these tactics will be life-changing on their own, but they can make quite a difference over time if you’re able to implement more than one.

Some of these suggestions take just a few minutes, while others require a bit of regular effort. Still, they’re all incredibly simple – anyone can do them.

• How Can You Make a Budget With no Income?
• Why Is Saving Important?
• Top 10 Apps to Help Better Save Your Money
• How Can You to Save Money by Creating Extra Income?
• Here’s How to Start Saving Money – Even if You Don’t Have Room in Your Budget
• How Much Should You Have Saved by 40?

How Can You Make a Budget With no Income?

When you don’t have a steady paycheck, it’s easy to rationalize not needing a budget. After all, if you don’t have any money coming in, why should you worry about how you spend it?

Read Also: What is The Normal Amount to Have for Retirement Savings?

In fact, having a budget is even more critical when you don’t have a steady income. Having a budget allows you to prioritize expenses and maintain control of your finances.

Having this control can help you to stay out of debt, be prepared for emergencies, save for the future, and build a stronger financial foundation for when you do have a steadier income.

Here are a few tips to help you get started.

1. Know Your Baseline

The first thing you need to do to create a budget is to know your baseline in terms of expenses. Even if you’re living at home and not paying rent, you are still spending money.

Whether it’s the latte you buy at Starbucks while you’re sending out resumes, travel expenses to and from interviews, or the occasional meal out with friends. Everything counts.

2. Assess Your Income

Next, assess your income. Even if you’re not fully employed, you may have savings, part-time work, or “gigs” that provide you with some income. Even if these are unsteady, try to assess how much you are bringing in each month.

Make sure that you make your determination based on what you’re making now, not what you hope to make in the future.

3. Look for Places to Save

As you review your expenses, try looking for places to save. Need a cup of coffee to start your day? Trying brewing it at home, and working at the library.

Look through your credit card statement, if there are recurring fees for subscription services or memberships that you aren’t actively using, cancel them. You can always rejoin later.

Take the savings you find, and apply it toward your income, or better yet, use it to start a saving’s fund.

4. Write Yourself a Paycheck

Once you’ve determined what you honestly need to spend each month, create your budget based on that number. Then “pay” yourself that amount each month. If you find you’re making more one month, don’t be tempted to spend it.

Instead, set aside the extra and put it into savings. That way if you find there’s a shortfall in future months, you’ll have the resources to help cover the difference.

One good way to juggle your balances is to open up additional savings accounts. Deposit your earnings there and then “pay” yourself from the account.

Why Is Saving Important?

Unless you’re fabulously wealthy, it’s likely that large expenses in your life will require planning in order to purchase. Define what you’re saving for to help keep you on track when it comes to avoiding unnecessary purchases.

For example, if you remember that your goal is to save $100,000 over the next ten years in your child’s college fund, it will be a lot easier to stay out of the drive-thru line.

Consider that you may need to save up for pricey necessities like a car and a home. The average American will own a total of six cars in their lifetime, so it may be a good idea to start saving for your next vehicle now, even if you don’t currently need one.

Finally, it’s essential to save for retirement from your first job to your last. According to a recent study, most Americans near retirement have only save twelve percent of the recommended amount for retirement.

That may be because getting to a place where you have extra income to save takes time, but may also be because many people don’t practice good money-saving techniques from an early age.

Top 10 Apps to Help Better Save Your Money

1. Clarity Money

Clarity Money clarifies wise spending from wasteful spending. The free app does this by cancelling subscriptions you are not using or just don’t need. It also looks for ways to negotiate your bills down to a lower rate.

The money saving app also tracks what you spent to ensure you stay on budget. Plus, it recommends certain credit cards that may fit your lifestyle and credit needs, allowing you to learn how to use credit in a smart way.

Additionally, you can create a savings account with Clarity Money because you’ll need a place to put all the money you can save.

2. Digit

Digit does the thinking and acting on saving money for you. It may even do a better job plus it takes the effort off your shoulders.

This app looks at your current income and expenditures. It then calculates what you can save and puts that amount aside in an FDIC-insured Digit account.

Typically, the app goes through and does this analysis between two and three times a week. It gives you the ability to earn a one percent savings bonus that is paid every three months.

What you get is based on the average daily balance in your Digit account during that same three-month period. There is a monthly fee that kicks in to use Digit after the 100-day free trial period runs out.

3. You Need a Budget

You Need a Budget is an app that helps you create an easy-to-use budget interface that teaches you more about the value of money.

As a result, you’ll learn to prioritize certain expenses, find ways to save more money for retirement and emergencies, handle unexpected costs, and live within your means rather than using credit.

The company offers the app and software that works on your Windows or Mac computer. It works for all mobile devices for iOS and Android as well as Apple Watch and Amazon’s Alexa.

4. Mint

Mint helps you stay on top of your bills so you aren’t late and end up costing yourself more money than you need to spend on late fees and penalties.

This money-saving app also helps you develop a budget to ensure you maximize what you can do with your money and allocate money for savings, an emergency fund, and retirement while covering all your other obligations.

You’ll also be able to get a free credit score to monitor how your savings and good money habits are giving you an opportunity to get a better loan rate should you want to buy a home or vehicle down the line.

5. Qapital

Qapital adds a learning component to the idea of saving money. It provides lessons on goal-setting and the value of even small amounts going toward achieving a much larger goal. Each purchase you make is typically an uneven amount.

Qapital rounds that transaction up to the nearest dollar and then puts it in an FDIC-insured account. You’ll just need to connect a checking account to the app.

You’ll also be able to automate other savings strategies, including a lump sum amount at regular intervals.

The Qapital accounts also earn a small amount of interest and does not charge you any fees.

6. Honey

Honey takes the hassle out of looking for coupon codes that will save you money. Working as a browser extension on all of your devices, Honey is always working to uncover those sweet deals you need to spend less on anything you buy online.

The savings will appear as you go to check out for something you have been looking for online, including automatically applying the savings so you don’t have to.

It works with an incredible number of brands and sites you most likely are already using so you’ll never miss saving money again when shopping.

7. Acorns

Acorns rounds up your purchases on the credit and debit cards you link to the app. The difference is automatically transferred to an Acorns account. This account is part of Acorns’ investing platform.

Your money savings are then invested in exchange-traded funds. You get the option to invest in conservative or aggressive funds based on what you feel comfortable doing.

College students get to use Acorns for free for up to four years. Everyone else has to pay a monthly fee if your account is under $5,000 or a percentage fee on anything above that amount in your account.

The company partners with brands like Airbnb and Blue Apron, which means those companies give back a percentage of your purchase and place that in your Acorns savings account.

8. Trim

Trim is a money-saving app that works like your very own personal financial assistant. You can link all your accounts securely so the app can analyze each transaction and suggest areas to cut back like subscriptions or all those trips to the coffee shop.

Then, the machine-enabled app goes to work on finding you more affordable service providers like cable, car insurance, and the internet. It will even cancel subscriptions for you.

You’ll be able to get text updates on how your accounts are doing and immediately see any automated changes that have been made. This is a great option for most self-employed people looking for a personalized financial assistant.

9. Chime

Chime is an Android and iOS mobile banking app. It includes a spending account and debit card that is FDIC-insured so you can safely deposit funds, see transactions instantly and track spending on the go.

The mobile banking app also offers an automatic savings account, which allows you to start saving money without thinking about it by automatically setting aside 10 percent of every paycheck you deposit into Chime.

You can also enable rounding-up on your purchases and have the difference transferred to your savings every time you use the Chime debit card.

The banking app helps you both save money fast and stash it away in a savings account so you are not tempted to spend it on trivial things. They do not charge overdraft fees, foreign transaction fees or fees for monthly minimums and ATM use.

10. Viggle

Viggle is a way to actually make money while you spend time on the sofa in front of the television. This clever app lets you check in to a show that you are watching and then earn points for watching it.

You can also get additional points for playing games and testing your television IQ. In return, those points that you earn can be used at places like Starbucks and Barnes &; Noble.

That means you won’t be spending $5 a pop on a coffee or magazine, so essentially watching television and using this app will entertain you while you save money.

Many of the apps offer incremental changes that add up to large savings over time. Plus, these apps help change your mindset about money and provide valuable ongoing lessons about fiscal wellness that can keep you out of debt and on the road to saving more money for today and tomorrow.

How Can You to Save Money by Creating Extra Income?

According to a recent survey, 35% of Americans say lack of income is the main reason they aren’t saving money. So If you’re already living frugally but are struggling to save, here are some easy ways to add income without adding too much work:

1. Sell Your Extra Stuff

Save money on your new clothes, housewares, and electronics you purchase by selling your old ones. Check your closet for clothes you haven’t worn in months and for old electronics.

There are many places to sell unwanted items online, including eBay, Craigslist, or Facebook Marketplace. You can also hold a traditional yard sale if you want to sell in bulk.

2. Rent Out Equipment

Why pay for your tools or equipment when they can pay for themselves? Apps like ToolRent or PeerRenters let you get paid for sharing items like drills, whiskers, and cameras with the community. Consider listing anything you have that has a specialty use.

3. Rent Out an Extra Room

You can reduce your own housing host by adding a short-term resident. List your spare room, or even couch on an app like AirBnB to save money on your rent or mortgage.

4. Sell Your Parking Spot

If you live in an area where parking can be expensive or hard to come by, consider renting out your spot to people during the day while you’re at work. Use this money to save on your own car’s expenses and parking.

5. Trade Gigs With a Neighbor

While not monetary income, you can earn favors by trading jobs with your neighbors or friends. For example, you can take turns babysitting your friend’s kids, or watch your neighbor’s pets while they’re out in exchange for them mowing your lawn.

6. Monetize Your Passion

Make your free time earn you money as well. If there’s a hobby or skill you do for fun, consider selling the fruits of your labor. If you love photography, try selling photos on stock websites, or if you find yourself writing at the end of the day, try starting a blog.

7. Become a Mystery Shopper

You can save money on services, meals, and experiences in exchange for completing honest feedback to companies. This can be especially effective if you use it to do things you’d normally do.

8. Work at Your Favorite Place

If you already spend a lot of time at soccer games or at the bar down the street, become a referee or bartender on the weekends and you will save money on game tickets and drinks. Plus, it won’t won’t feel like work.

9. Consider Signing up for Cash Back Offers

Take advantage of the fact that some major credit cards offer cash back on purchases. You can also use a service like Ebates, which partners with retailers to give you cash back.

Keep in mind that these services are designed to motivate you to buy things you wouldn’t normally buy, so use caution.

10. Pet-Sit

If you’re an animal lover, getting paid to play with other people’s animals could be an excellent option for you, and help you save additional money on entertainment.

Depending on the owners’ needs, you may even be able to keep their pet at your home, cutting down on the work for you. Apps like Rover make it easy to connect with owners.

Here’s How to Start Saving Money – Even if You Don’t Have Room in Your Budget

1. Sign up for every free customer rewards program you can

No matter where you live, you’ll find plenty of retailers who are willing to reward you for shopping at their store. 

Here’s the basic game plan for maximizing these programs: create a Gmail or Yahoo address just for these mailings, collect every card you can, and then check that account for extra coupons whenever you’re ready to shop.

You can add to those rewards and discounts by using rewards credit cards to earn points on purchases at a wide range of stores that can be redeemed for cash back or other benefits.

2. Use credit cards wisely

If you have a habit of overspending with credit cards, hide your cards and keep them in a safe place in your home, not in your wallet.

Keeping your card “out of sight and out of mind” might help reduce temptation while you’re out and about. Already in trouble with bad credit? Apply for a bad credit credit card and rebuild your credit through slow, consistent spending on essentials.

3. Stop collecting, and start selling

There was a time when people thought their collections would bring them riches. Beanie Babies were a big fad at one time, as were Longaberger baskets.

Now you can find those items on resale sites like Craigslist and at garage sales for a fraction of their initial cost, leaving many people who sunk thousands of dollars into their “investments” wondering what happened.

If you want to avoid that situation, don’t collect items of questionable value. And if you want to recoup some of the money you’ve already spent on collectible items, you can start selling them now and use those funds for any number of worthy financial goals.

Read this “Guide to Selling Unwanted Items” for some simple strategies that can help you profit as much as possible.

4. Negotiate rates with your credit card company or complete a balance transfer

If you’re paying a lot of interest on your credit cards, it’s important to know that you do have some power as long as you’ve been making your payments.

Not only do you have the right to negotiate your current interest rate with your credit card issuer, but you have the right to transfer your balance to an entirely different card as well. (In fact, that is perhaps your biggest bargaining chip.)

Start by calling your card issuer at the number on the back of your card and explaining your request. If you don’t make any progress with them, check out these balance transfer credit cards to find one with an introductory 0% APR that could help you save hundreds of dollars in interest over time.

5. Avoid convenience foods and fast food

Instead of eating fast food or just nuking some prepackaged dinner when you get home, try making some simple and healthy replacements that you can take with you. An hour’s worth of preparation one weekend can leave you with a ton of cheap and easy dinner and snack options for the following week.

Also consider breaking out the ol’ crock pot for some inexpensive meal options that not only save money, but time, too.

For those times when you simply can’t avoid dining out, maximize your savings with coupons and a rewards credit card that gives a bonus for restaurant spending (but you know yourself best, so only spend what you know you can pay off each month with no interest).

6. Buy quality appliances that will last

It’s worth the time to do a bit of research when you buy a new appliance. A reliable, energy-efficient washer and dryer might cost you quite a bit now, but if it continually saves you energy and lasts for 15 years instead of five, you’ll save significant money in the long run.

When you need to buy an appliance, do research: Start with back issues of Consumer Reports at the library. An hour’s worth of research can easily save you hundreds of dollars.

Additionally, consider utilizing a professional to install appliances to ensure they are installed properly and will last in the long-run.

If you know you’re going to spend a significant amount and you already have the cash on hand, you might want to consider applying for a credit card with a generous signup bonus.

Buying a $2,000+ refrigerator can help hit that spending minimum quickly. It’s a simple way to earn some money on a purchase you were going to make anyway.

7. Remove your credit card numbers from your online accounts

It’s easy to spend online when you have your card information stored in an account – just click and buy. The best way to break this habit is to simply delete your card from the account.

That way, when you’re tempted to spend, you’ll be forced to spend the time to dig out your card – and really think about why you’re spending this money.

Sometimes being forced to take that extra step is all it takes to convince yourself you don’t need the item after all.

8. Master the 30-day rule

Avoiding instant gratification is one of the most important rules of personal finance, and waiting 30 days to decide on a purchase is an excellent way to implement that rule.

Quite often, after a month has passed, you’ll find that the urge to buy has passed as well, and you’ll have saved yourself some money simply by waiting.

If you’re on the fence about a purchase anyway, waiting a while can give you a better perspective on whether it’s truly worth the money.

9. Write a list before you go shopping – and stick to it

One of the easiest ways to save money is to only shop when you have a list. Because when you’re without one, you typically end up making impulse buys and unplanned purchases – all things that cost money.

Creating a list before you go to the grocery store is especially important. Not only can it help you buy items that fit with your meal plan, but it can also help you avoid buying food you might waste. Always create a list and, more importantly, stick to it.

You can also take advantage of a cash back rewards card that gives bonus cash at grocery stores – just be sure to pay off the balance each month.

10. Install CFLs or LEDs wherever it makes sense

Energy-efficient light bulbs might cost a bit more initially, but they have a much longer life than normal incandescent bulbs and use far less electricity.

It might be hard to decide which type to use, but either type of bulb will probably be an upgrade from whatever you’re using now.

CFLs, which use a quarter of the energy of incandescent bulbs and last for years, are the next cheapest option after traditional bulbs.

But they also have some drawbacks: They take a while to warm up to full brightness, and they also contain a small amount of mercury.

Meanwhile, LEDs are more expensive. However, they’re getting cheaper all the time, and they are easily the best lighting option available: They light up instantly, are efficient as CFLs, produce a warm glow without getting hot to the touch, and can last for decades.

You don’t even need to replace every bulb in the house at once. Even swapping just your four or five most-used light bulbs can save you $45 or more a year.

How Much Should You Have Saved by 40?

As you get out of your 20s and 30s, you’re more established in your career and life goals. You’re probably starting to plan more for the future. If $103,500 isn’t enough, then how much is? How much retirement savings should you have at 40?

Read Also: How Investing can help you generate more Income

A general rule of thumb is to have the equivalent of your annual salary saved by the time you’re 30. By your 40s, most financial advisors recommend having two to three times your annual salary saved in retirement funds.

As you reach your 50s, you want to keep adding to that and should have six times your annual salary in your retirement savings at the end of the decade.

As your income increases and your other financial obligations are paid off, then you can put more aside for retirement.

When you start putting money aside for retirement, you’ll also want to figure out what type of retirement plan makes the most sense for you. There are a variety of accounts, including a 401(k) or IRA and each has different benefits to consider.

How much retirement savings should you have at 40? How much should you be investing? It depends on what you plan to do with it, what your career goals are, and when you want to retire.

Fortunately, you can open a Traditional IRA, Roth IRA, or after-tax account with SoFi Invest® to supplement your 401(k) savings.

Finally

Review your budget and check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly.

Understanding how to save money may even inspire you to find more ways to save and hit your goals faster.