Saving money is a significant financial goal that everyone should strive to achieve. However, when you are broke, and every little money counts, it can seem impossible to save any money at all.

However, if you want your financial freedom, you can start saving and investing, even while broke. Financial freedom doesn’t wait for you; you have to take it on.

In this article, we will discuss some tips and strategies for saving money even while broke.

1. Create a Budget

The first step to saving money when you are broke is to create a budget. A budget is a plan that helps you allocate your income and track your expenses. It lets you see where your money is going and where you can reduce expenses.

To create a budget, list all of your income sources and expenses. Make sure to include everything, from rent or mortgage payments to food and utility bills. Once you have a clear idea of your income and expenses, you can start looking for ways to cut back on expenses.

2. Cut Back on Expenses

You need to cut back on expenses to save money when you are broke. There are many ways to do this, such as: Cooking at home instead of eating out Using public transportation instead of driving Cutting back on unnecessary subscription services Cancelling cable or using a streaming service instead Shopping at thrift stores instead of buying new clothes

Cutting back on expenses can be challenging, but it is necessary if you want to get started saving money.

3. Use Promos and Discounts

Using promos or discount codes can save you a lot of money. You can find coupons and discounts online or in local newspapers. You can also sign up for store loyalty programs to get discounts on purchases. When shopping online, look for promo codes that you can enter at checkout to get discounts on your purchases.

4. Use Cashback Apps

Cashback apps allow you to earn money back on your purchases. Many cashback apps are available, such as Ardilla. These apps give you cashback for purchasing items from participating stores.

The cashback can be redeemed for gift cards or transferred to your bank account.

5. Sell Items You No Longer Need

Selling items you no longer need is a great way to make extra money. You can sell items on websites like Jiji, Nairaland, or Facebook. You can also have a garage sale or sell items to a consignment store.

Selling items you no longer need helps you make some extra cash and declutter your home.

6. Avoid Impulse Purchases

Impulse purchases can quickly drain your bank account. To avoid impulse purchases, make a list before you go shopping and stick to it. Avoid shopping when you are bored or stressed, as these emotions can trigger impulse purchases.

As a rule when dealing with impulse purchases, If you see something you want to buy but dont need, wait 24 hours before making the purchase. This gives you time to think about whether you really want the guilt or regrets that comes with purchasing the item.

7. Set Saving Goals

Setting saving goals can motivate you to save money. Decide on a specific amount of money you want to save and set a timeline for achieving your goal. You can also use Ardilla to facilitate this.

For example, if you want to save 100,000 in six months, you will need to save around 16,700 per month. Tracking your saving progress helps you stay motivated and on track.

8. Use Automated Savings

Automated savings can help you save money without having to worry about remembering to put money aside. Many banks and financial institutions offer automatic savings plans.

You can set up automatic transfers from your regular account to your Dilla Wallet and, finally to any of your desired savings plans on Ardilla.

You can also set up automatic contributions to a retirement account. By automating your savings, you will be less likely to spend the money you intend to save.

9. Find Ways to Earn Extra Income

Finding ways to earn extra income can help you save money. You can look for part-time or freelance work, sell items you no longer need