No Cash to Spare? Think Again! When you’re struggling through school working minimum-wage jobs, the money sure doesn’t seem to stretch as far as it needs to go. But nobody had to tell you that, right? What you need is sound advice to help you figure out how to save money when you are broke. Does that sound impossible to you? Then read on for tips on saving, spending and keeping your financial head above water until graduation rolls around.

Step 1: Keep a Spending Journal – The first step in saving money is to figure out where you are spending it in the first place. Are you having trouble getting to class without that double shot of espresso from Starbucks every morning? Maybe the dollars you are dropping for daily coffee are adding up faster than you realize. The best way to reign in spending is to chart where every penny is going for a week or two. Once you have a good idea of your spending patterns, determine which expenses are necessities and which you can leave off – at least for now.

Step 2: Set a Budget- The next step to figuring out how to save when you are broke is to create a budget for your spending. Use the journal you have been keeping, along with fixed expenses that you shell out every month. These might include cash for that campus parking spot, rent, food and your phone bill. It might also include a couple of discretionary categories (if there is a bit of cash left over) like entertainment. You also want to make sure you have a category for savings, even if you are only putting $10 or $20 in it every month. Place those expenses along the top of a chart, with spaces underneath to record the amount that is actually paid out. This will help to ensure that you remain within your spending limits each month.

Step 3: Keep up with your Budget – To ensure that you are adhering to your budget, you must take a bit of time each week to keep your records up to date. Write down all money you paid out into the appropriate categories. You certainly don’t want to throw your budget into a tailspin by finding out you’re blowing money in ways you weren’t even aware of.

Step 4: Find Hidden Money – This is where budgeting and saving really gets fun. Hidden money can be found by shopping around for discount items or coupons. It can be found in bargain hunting for everything from your weekly groceries to your school supplies. There are plenty of opportunities to save a bundle if you are willing to do your research and shop around a bit before making any major purchases. And the money you save can go right into that little account with the growing balance.

Being broke doesn’t have to be the norm for a student today. There are ways to figure out how to save money when you are broke. And we just discussed a few of them above. With some savvy money management and commitment to a budget, you can meet your expenses and watch your savings grow bit by bit. Life is good when there’s money in the bank!

What are some other ways that you found that you can save money?

About Amber: My name is Amber and I'm the Editor of TeenMoneyMakingIdeas.Com. As a teenager, I started making money when I was 13 years old. I had all the typical jobs that teenagers have such as working in fast food joints and retail stores. At 19, I formed my own cosmetics company. And shortly after that I started my own import business. Now I'm earning money online. Join me as I discuss all the ways I've discovered for teens to make money. Read more about me here.

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