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How to Save Money When You’re Living Paycheck to Paycheck

(Via Money Hoarders)  I know… I know… For a lot of our readers, the thought of saving money when you’re living paycheck to paycheck is a joke.

It’s not that working people don’t want to save, it’s just that too many of us are struggling with trying to pay the rent and put gas in the car that by the time the month is over, there’s nothing left to save.

So I’m not going to lecture anyone on the importance of saving, but let me share some tips on how I broke the “paycheck to paycheck” cycle….

Month 1 –

Open an online savings account and deposit $5. If you can do more, great! But, if things are tough, I just want you to start with $5. Heck, roll your quarters if you have to.

There’s a table below with all of the best savings accounts & CD’s, but my favorite is Ally Savings. There’s no minimum to open an account and it’s a pretty good interest rate. The Synchrony CD has a crazy good interest rate, but you’ll need to deposit $500 to get started with that one.

You can open a savings account at your local bank, but my suggestion is to go with an online bank. You’ll be less likely to withdraw the money.

And, I know it doesn’t seem worth it to deposit $5, but getting started is an extremely important first step! Just trust me.

Month 2 –

This month I want you to save $15 in your new savings account. Again, if you can do more, awesome!

If you need a little help earning an extra $15, I’d check out MySurvey & Springboard Panel. They are the two best survey sites, and if you sign up for both, you should easily make an extra $15-$30/month (most surveys pay between $3-$4 each for 20 minutes of your time). Heck, sometimes I fill them out while I’m watching Netflix.

If you need a little help earning an extra $15, I’d check out Media Insiders Panel. If you install their app on your smartphone, they’ll pay you $5/month per device. And you can install the app on up to 3 devices for a total of $15/month. You can read more about the program here.

There are also a ton of different ways to make extra money on this site, so start poking around thearchives. Remember you just need $15 this month.

Month 3  –

Our goal is work up to saving $100/month in the savings account. I know that seems lofty, but I’m going to help you earn that extra $100/month. For this month, I just want you to try and put away $30 in the account.

One of my favorite ways to make a quick $30 is InboxDollars. There are a number of websites that will pay you to read advertiser’s emails, sign up for offers, and take surveys. I’ve tried about a million of them, but there are only a few of them that I would recommend. Inbox Dollars is one of those companies. It’s free to join Inbox Dollars and best of all, they give you $5 just for signing up. Inbox Dollars just requires that you accumulate $30 in earnings before you can “cash-out” and they pay you by sending a check.

Some sample offers include one that asks you to sign up for a email newsletter from AMF Bowling. That pays 50 cents and takes about 15 seconds. Another offer asks you to sign up for a free account at to earn $3.50. These are simple and there are nearly a hundred of them to choose from. If you are interested in giving Inbox dollars a try, visit the sign-up page here to get started (open to every country).

Another idea is to sell some of your old stuff online. For books, use a site like and they’ll compare 30+ different buyback sites and tell you which one is willing to pay the most for your books.

Congrats you’ve saved your first $50. That’s something to be proud of!

Month 4 –

Alright, this month it’s time to try and put away $100. Daunting, I know. But I’ve got a few ideas that might help…

– You can try our list of 16 Companies giving away $1,810.25. These companies want you to try them out and they’ll pay you to do so. Some of them are easier than others, but just check it out.

– Or how about mystery shopping? Before I became a blogger, I was a full-time, professional mystery shopper. And I got pretty good at it – earning around $5,000/month.

Here’s a list of the companies that I worked for…(none of them will charge you money to signup. And if a mystery shopping company ever tries to charge you, it’s a scam. Stay away from those.) I know a lot of people are already working two jobs, but mystery shopping can be a way of earning money and relaxing with your friends/family at the same time. My favorite are the restaurant mystery shops – you get a free meal and you get paid! :)

Month 5 – 12 –

Continue saving $100/month for the entire year. We want your year-end account balance to be $950. Here are some ideas on how to make an extra $100/month:

How to Make $750/Month Selling Used Books

Get Paid $50 to Write a Guest Post

What’s in Your Fridge? Get Paid to Share…

How to Make an Extra $50/week Working for

How to Get Paid $200/month Testing Websites

Year 2 –

It’s important to continue saving at least $100 each month. Use your regular paycheck for living expenses and save any extra money you make from the ideas on this website.

Once you’ve reached year 2, you’ve saved nearly $1,000. At this point, my suggestion would be to open an IRA. happens to be my favorite (because I’m earning 14%/year), but anywhere will do.

Just one more piece of motivation. If you can continue to save $100/month for the next 20 years (at 14% interest), you’ll end up with $106,022! Can you imagine? More than $100,000 in a bank account! 

You can do this.

End the cycle today.

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