If you’re living on a tight budget, these tips are for you.

Chevron

We can all feel the stretch when it comes to money once in awhile.

Some months are simply better than others, based on our jobs, unexpected expenses, etc.

But, the best thing you can do to stay afloat, and even ahead of the game, is to work out a budget for yourself, no matter how small or tight it may be – it doesn’t have to be that way forever!

It’s smart planning and financial responsibility that will help that budget to grow, save you money, and allow you more comforts and fun purchases over time.

money solutions

Check out a few of the following tips on how to save money when you’re living on a tight budget:

1. Have a purpose behind your budget. If you know what you’re saving for, and why, you’ll be less likely to go off budget, splurge on something, etc. Keeping the big picture in mind can work wonders (maybe a big trip or the latest TV).

2. It’s always a good idea to get rid of credit cards when you’re on a tight budget, especially if you know they can lead you to overspending. Unfortunately, many people use credit cards as some kind of ‘free money,’ paying off the minimum amount necessary each month. This can lead to debt that is extremely hard to climb out of. Instead, avoid the temptation altogether, and get rid of the cards.

3. Not sure you’ll be able to consciously put aside money each month to save? Do it automatically! Many banks will work with you to make automatic deposits into a savings account each month.

4. When you’re on a tight budget, it’s important to shop smarter. Look for deals, sales, coupons, etc. Your lifestyle may have to change when you’re on a slimmer budget, and it’s something that takes a bit of adjustment over time, but after awhile you’ll likely find yourself being more creative with things like food, clothing, luxuries, etc. They will mean more to you, and chances are, you’ll appreciate them more.

Living on a tight budget isn’t always easy, but it’s more common than you may think. If you need to save up money for a big purchase, or just need to tighten things up in order to feel comfortable, take the previous tips into consideration.

How customers rate Jacaranda

If you're living on a tight budget, these tips are for you. Overall rating: 4.8 out of 5 based on 60 reviews.

Jacaranda tree drawing

Fast & Safe Loans

Small Personal Loan

Loan Amount

Minimum
$300


Maximum
$2,000

Icon of hand with dollar symbol in it

Terms

Minimum
12 Months


Maximum
12 Months

Calender Icon

Costs

Up to 20% Establishment Fee
+ monthly fee up to 4%

Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Invoice Icon

Examples

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.

Bar Graph Icon

Medium Personal Loan

Loan Amount

Minimum
$2,100


Maximum
$4,600

Icon of hand with dollar symbol in it

Terms

Minimum
13 Months


Maximum
24 Months

Calender Icon

Costs

Annual Percentage Rate (APR) starts at 20.56%
Comparison Rate is 20.56% per annum.

This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 20.56%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Invoice Icon

Examples

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $555.83 (reducing interest*) = $3955.83 total repayable over 18 months with weekly installments of $50.71.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $1081.85 (reducing interest*) = $5981.85 total repayable over 24 months with weekly installments of $57.51

* Reducing interest means that the 20.56% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
Bar Graph Icon

Large Personal Loan

Loan Amount

Minimum
$5,000


Maximum
$10,000

Icon of hand with dollar symbol in it

Terms

Minimum
13 Months


Maximum
36 Months

Calender Icon

Costs

Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% per annum.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
Invoice Icon

Examples

Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $1831.16 (Interest) = $6831.16 total repayable over 18 months with weekly installments of $87.57.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5041.72 (Interest) = $15041.72 total repayable over 24 months with weekly installments of $144.63.

* Reducing interest means that the 19.88% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
Bar Graph Icon