Here are several of the best ways to save money with even the tightest of budgets.
Upromise
No matter how tight your budget is, you've got to find money for groceries. It's just one of the necessities of life. Fortunately, you can turn this necessity into a no-cost investment. Sign up for Upromise, (www.upromise.com) and participating companies will contribute to your college savings account each time you buy their products. Many clothing retailers and restaurants also participate in this program, making it even easier to build your earnings. Once your Upromise account builds to $500 or more, you can roll your money over into an interest-bearing 529 account. There's nothing like earning interest on someone else's money.
Change
Extra dollars may not be easy to come by, but change is. Create a change jar for your family, and then get in the habit of emptying your loose change into it daily. Convinced you can't spare a dime? Then use someone else's money. Look for change while you are out on walks and keep your eyes to the ground when you are in parking lots. You'll be amazed at how quickly this found money accumulates. Once you have accumulated a substantial amount of money (say $100), invest it in a Certificate of Deposit or place it in a money market account.
Product Offers
A truly thrifty shopper is always on the lookout for product offers that increase the value of purchasing a product. Often companies will advertise mail-in offers for toys, t-shirts, DVDs and other trinkets, but sometimes the offer is even better. Kellogg's, for example, once offered savings bonds when you purchased five boxes of Cracklin Oat Bran or other participating cereals. The promotion allowed you to accumulate numerous savings bonds over the period of the program and made for a simple, low-cost investment.
Rebates
Rebates are a great way to get products you need for free, but they are also a great way to free up money for investing. Make it a rule that all money you get back from rebating will go to investments. You can start out with a no-fee savings account to hold this money and then move the funds over to an investment of your choosing once the balance grows.
Don't use a tight budget as your excuse for not investing in the future. Instead, use it as an excuse to employ more creative investment strategies.
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