How You CAN Save Money on a Low Income!3

Practical tips how to save money on a low income

Make a budget

 Yeah, I know, I talk about budgets all the time. But seriously folks, a budget is the tool that will help you be able to save money! If you don’t have a plan for where your money is to go before the month begins, you will never have enough money at the end of the month to save. 

You can see where you are overspending, which is money that really wants to go to your savings account.

Cut costs

 Cutting costs seems downright impossible when you are on a low income!! This is the time to be creative and think outside the box. 

Use coupons, only buy what’s on sale, turn your AC up, fix instead of replacing, or shop from your pantry. All the little bits you can cut add up over time.

I saved about $900 over one year, between condensing the cell phone plan, switching to a new internet carrier, and negotiating a lower rate on my car insurance

Break up large purchases 

If you know there is a large expense coming, new tires for your car, break up the total amount into smaller amounts over several months. Save the money in a savings account until you can pay in full. 

This will help you as it is much easier to come up with small amounts instead of one large amount at once!!

 Save every dollar

Only spent $29, when you were planning to spend $30? Put that last dollar into a jar. When you have enough, take the jar to the bank and deposit it into your savings account. 

Do you have $5 extra in your budget after your regular expenses are spoken for? Set up an automatic transfer and put that $5 into savings before you even see it!

No amount is too small and you will be surprised to see how quickly the money will add up. 

Increase your income

Hustling or selling something or getting a second job will all do wonders to help your savings grow!

You can cut costs as much as you can, but sometimes there comes a time where you need to bring in more income to reach your savings goals. 

So friend, if you are feeling discouraged because you can’t seem to save money. It’s ok. But remember, this is just a season in your life and you will get through it. I promise!! 

In the meantime, try some of these tips because you can save money on a low income.