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How Can I Save Money With A Low Income – With passion and perseverance these tips will show you how to save money on a low income – you’ll surprise yourself if you stick to your budget and goals!
I recently wrote about 13 Ways to Save Money on Christmas Gifts… It sparked a lot of thoughts in my mind about saving money, spending money and being less materialistic – which prompted this post on how to save money fast, especially on a low income. …it seems difficult and impossible…I am here to tell you that it can be done…and here are my ideas and how to do something!
How Can I Save Money With A Low Income
I know the idea of low income can be relevant – there are many factors at play. Some factors are where you live, the size of your family, maybe the way you were raised and the list can go on. Many people feel like if they earn as much as “x amount of dollars” they can save money… FALSE!
Simple Money Saving Challenge
In any case, if you feel that you have a low income with no hope of saving money – I am here to help you and show that you can do it! Put the goal in mind and go for it. When you reach your goal reward yourself with a small reward – not a holiday reward, like a cup of coffee from Starbucks lol.
Maybe your goal is to get a $1000 emergency fund built up quickly. That’s a good goal and a good place to start. You’ll be surprised how quickly you can save money, then once you save it you’ll feel instant financial security. This is the first step to becoming addicted to saving money!!!!
Maybe you have a bigger or smaller goal – maybe it’s $100 maybe it’s $500 – it doesn’t matter what your goal is, just set a goal and set a goal. If you don’t have a goal you will miss every time!!!! With that goal in mind you can set these next 9 ideas into motion….
1- Create a budget: The first thing everyone will tell you is to create a budget. Yes it’s true – yes that’s a tried and true method – yes it works. So yes create a budget…sometimes budgets take time to flex and figure out. Therefore, I encourage you to live and practice budgeting highly – take that roll, put it on and start adjusting it as needed.
Easy Ways To Save More Money: High Impact, Low Effort Savings Tactics
Budgeting is a great idea and should be done, don’t get me wrong, but sometimes when you want to save money fast, you don’t have time to wait for the budget and calculate that money. So here are some methods that we have found that work for us and have been proven to help us secure money quickly.
2- Be creative: you have a hobby or talent that you can use to do something, do something or have a skill to earn extra money on the other side. Maybe you have a hobby that you can sell, maybe you have a talent like playing the piano and you can try to get your name out there or play background music at parties. Whatever talent you can bring to the table be creative and try to sell that.
3- Look around your house: look in the garage, the hall, the room, the kitchen, everywhere in your property and see what you can sell. You can sell your items on Facebook, have a garage sale, or list on eBay. . You’ll be surprised at what you can part with when it comes to material items when you’re trying to save money.
We do this exercise often – it’s surprising that we have sold or have been sitting in our house and do not know its value. We don’t use it and don’t see ourselves using it and when we have a picture taken and it is placed on eBay or Facebook Marketplace to sell locally. Remember that a man’s waste is another man’s treasure – someone might be interested in it for the right price and then it’s a Win Win for both of you!
Can You Actually Save Money On Meal Kits?
4- Go on a spending freeze: set the amount of time you will not spend any money. By the way, make sure you’ve made your meal plan and shop for cosmetics, pay your bills and you have gas in your car… but don’t go out to eat, don’t buy entertainment, don’t buy clothes, don’t do it. Don’t buy special…don’t buy. It’s a challenge and you’ll be surprised at what you can bank in a short amount of time. You’ll be amazed at what you can live without and how you can survive a spending spree!
5- Avoid entertainment: don’t go to see movies or rent movies, don’t go to eat, concerts or parties. Clarify and be creative with fun and free time activities. Go for a hike, browse the blog, go to the library and read a book – be creative and don’t spend money.
6- Eat Easy: So if you’re on a grocery/food budget and you’re looking to save more money, consider stretching your grocery budget. How would you ask? Easy to eat. I know it sounds weird but instead of having 5 boxes of cereal to choose from Just buy 1. Easy to cook, cheap food and eat leftovers!
Also, before you plan your meals for grocery shopping… shop from your cupboard and get creative with what you can cook from what you have.
How To Save And Manage Money On A Low Income (no Excuses)
7- Unsubscribe: Do not subscribe and cancel any subscription you have. This monthly bill can eat you up, fast!
8- Ask yourself before spending money: Does spending money on this item help you achieve your goal of saving money? Does it get you where you need to go quickly? Is it worth it? Can you sacrifice to save?
9- Accountability: Accountability to those who can help encourage you to achieve the goal of saving. Be responsible to your spouse, friends or family members. Ask them before you spend… Ask them before you make a big decision. Talk it through – Sometimes talking through you will talk yourself out of a purchase without your accountability partner having to tell you no!!!
If you sell a product (#3) put that money into your account as soon as you can’t easily put your finger on it! If you stop spending, take the money left over from your budget for that week or month and put it into Go to the account that you can not touch! No one said this was an easy feat. But I assure you it’s worth it! Set goals, get disciplined and go!
How To Save Money Fast On A Low Income • Savvy Budget Boss
This is a very popular question and a lot of struggle (I think anyway!) Experts say 20% of your income – I think that’s a lofty goal and I think if you’re not there, you can be in debt. off and planned budget. Create a budget that allows for savings – if you can’t do it 20% after That by all means just do something just 3, 12% 15% – whatever that You can do it… do it! Just start saving regularly to create a habit.
Do you have any other ideas on how to save money on a low income or save money fast? I started saving emergency money almost a decade ago in 2012. At the time I was a single mom working two days while trying to build an online freelance business.
I want to quit both my day job and freelance full time. Alas, there is only one thing that pulls me back: lack of my savings.
When I decided that a $10,000 emergency fund was my magic “quit from my job” I was determined to make it work. I was making close to $20,000, or a little more, a year at the moment but I knew I could find a way to make it happen.
How To Save Money On Low Income
My first step was to prioritize my spending. I’m already on a tight budget but I know there are a few things I can do to stretch it further.
I bought a $10,000 trailer (with a loan) with monthly payments of $226 over four years. This move greatly reduced my living expenses. I also set a strict grocery budget and followed it fiercely. I don’t have cable TV and instead take advantage of my Amazon Prime membership. God and the DVD that my daughter and I received as a gift.
Entertainment has been kept to a minimum as well. I decided to have my fun on a budget! One of our entertainment escapes is fishing at my dad’s pond which is 100% free for my daughter and I.
After cutting my entire budget I was living on less. than $1,500 per month. (Having children is my biggest expense.)
Quick Ways To Save Money For More Prepping
I decided that I would make money online by
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