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Knowing how to save money on a low income can seem like rocket science if you don’t put the right strategies in place. Though it seems hard, let me go ahead and tell you that it is possible.
These money-saving tips I’m about to share can help you to save money living on a low income. It only takes a renewed mindset, dedicated heart, and consistency. So, are you ready?
Sometime’s it feels like there’s truly not enough money to save when you live on less income. I totally get it as I use to feel like that too until I implemented some strategies and stuck to them.
You see, I believe saving money is a part of self-care and I’m an advocate for that, so I really try to save money when I can. I want you to start thinking of saving as a priority so you can take a different approach to build your savings account. You can do it.
Now, let’s get to those strategies so you can start putting them in place.
Living on a low income
- Create a new budget
When you have a budget in place, it makes it so much easier as you’re able to keep track of your expenses. Ensure that you keep your expenses low.
Also, by having a budget, you’re able to see on paper the things that are taking away most of your hard-earned income.
Do you really need those things? Let your budget determine what goes, what stays, and what expenses to totally cut (which brings me to my next point, actually).
2. Cut expenses
Cut ties with those expenses that aren’t worth it. Identify them and remove them from your life. For example, cutting cable bills and opting for ustvgo, getting rid of unnecessary subscriptions, having too many credit cards, etc can make a huge difference.
3. Earn Cashback
Take advantage of earning cash back, it will help you save money. The Ibotta app is a great way for you to earn cash back when you spend money. It’s also free to sign up.
How it works is that you choose an offer or product you’re going to buy (you’ll see a lot to choose from), when you buy the product (in-store or online), you upload your receipt as proof and get cash back! Super easy right? Plus, it’s from your favorite stores. Check out Ibotta and sign up here.
TopCashBack’s the USA’s most generous cashback site, giving you 100% BACK with NO MINIMUM PAYOUT. Free to join and use with over 4,000 stores.4. Live frugally
Frugal living doesn’t mean you’re a complete cheap stake. It helps when you can improvise things and create substitutes in your daily lives that can assist you when you’re trying to save money on a low income. For example, consider DIY home decor, washing your own car, doing your own hair etc.
How to save money on one income
5. Increase your income
In this era, people are looking for ways and means of getting a new income. Start a side hustle and earn money renting out your stuff, selling things, or making money online (even as a beginner).
This will help you to obtain more money to stash in your savings or use to help pay off debt.
Related: How to make passive income online
6. Spend less money
Do you do a lot of unnecessary spending? Be honest.
If you should save all those receipts and add them up for the year, you’ll see how much money you could’ve saved. Importantly, learn how to stop buying things you don’t need. Impulsive spending will hurt your finances so if you really want to save money on a low income, then you have to identify these downfalls and start spending less.
Earn cash back and save on our all food & drink merchants. Browse our top food & drink related cashback offers and coupons.7. Automate your savings
Honestly, I never use to like the idea of automating my savings as there was always too much to do and I kept wondering about the possibility of something coming up.
However, once I created a budget and saw saving as a priority, things changed. Automating your savings is a great way to save money. Don’t worry, if you ever feel like there’s not enough money to save, your budget will help you to decide. However, automation will teach you how to save money each month the right way.
8. Conserve on utility
This one is simple. Whatever bill you can pay less of, try to. For instance, don’t leave the lights on, the water running while brushing your teeth, the tv watching itself, etc. Remember you’re trying your best to save money on a low income.
9. Prepare home-cooked meals
Instead of eating out too often. How about cooking at home? Get a really amazing cookbook with delicious recipes and opt-out of those restaurant bills. You will definitely see a difference over time.
How to save on a tight budget
10. Get free gift cards and other freebies
You can get free gift cards from the best survey sites when you partake in very simple tasks like watching videos, playing games, shopping, doing short daily survey etc. These include Swagbucks, Inboxdollars, Survey Junkie will offer gift cards to use at your favorite stores (free money basically).
in fact, you can sign up now for free and start gaining rewards. Even though it won’t make you rich, it will definitely help when you’re trying to earn and save money, while living on a low income. Learn more here.
11. Don’t go big if you can’t afford it.
This is a bad money habit that you should be mindful of. Bad money habits can destroy your finances. Remember to stick to your budget always. This is about you trying to build up your savings.
When you live on less income, you have to try to live within your means. At the end of the day, be true to yourself.
Related: Bad money habits to break
12. Have an accountability partner
Who can hold you accountable? Your accountability partner is someone who holds you to your word, reminds and motivates you to stay on track. Trust me, it helps!
it can be your partner, a friend, family member, anyone who you know have your best interests at heart.
In conclusion, these are some ways how to save money on a small salary or income. Once you’ve changed your mindset and have a determination to save money, you will.
Please remember that saving is essential for your financial health and you definitely can save money on one income or on a low income. I want to see you win. Thanks for reading.
Please help me to budget and lean to cut expense .Also learn to stick om budget thanks.
Thanks for reaching out Lebogang and I’d be happy to. Ensure you sign up to my email list and join the others so I can share exclusive tips.