When money is tight that is the best time to save. You need to save every possible dime you can so you can have that money cushion. It does not matter if you make $300 or $3,000 a week. Make saving a crucial part of your life. In the times we live in, it is important to take care of the money you have. Live as if you do not know when your next dime will arrive. That is how you conserve cash. Below are some tips to stashing some serious cash.

PAY YOURSELF FIRST

Every time you get paid, get into the habit of paying yourself first. This means taking 5% of your paycheck and putting it into savings. It makes sense to compensate yourself first before paying any bills because this is your hard earned money. You worked hard for it. Do this and you will feel better.

SAVE THE CHANGE

Don’t underestimate the power of pennies. Every time you break a bill such as a $20 or $50, save the change. This includes, dimes, nickels and quarters. Save every dime you have left in a container. At the end of the year, take the money and put them into your local ” Coin Star”. This machine transforms pennies and dimes into paper dollars. Once you have this money, put it into your savings account.

OPEN A HIGH YEILD SAVINGS ACCOUNT

When ever you save money, put it into high yield savings account like ING or Emigrant Direct. Every month, you could earn as much $3.00 on your money. It is worth it if you want your money to grow. Open one as soon as possible.

CONTROL YOUR SPENDING

When your money is tight, you can not afford to splurge. In other words, you can not go crazy with the small amount of money you have. It is best to control how much you spend. Buy things you need not want. Keep the larger picture in mind.

GET ON A BUDGET

Find out how much you bring home every month after taxes. Then find out how much your major expenses are. Make sure you can cover your major bills such as rent and electricity every month. Food is the next bill. Set aside $100 for food. This is a sufficient amount to cover your needs. When you are on a budget, you are controlling your money. You are telling your money what to do. Once you do this, you will feel more relaxed. If you need help, get in touch with a financial coach.

KEEP A MONEY JOURNAL

Write down everything you spend your money on everyday, even if it is a pack of gum. Write down the date, price and item. Keep the receipt if you get one. At the bottom of the page, write about how you felt once you purchased the item. Do this for a year consistently. It will give you great insight on where you money goes.

Overall, these are helpful tips on how to conserve money on a tight budget.