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How To Budget And Save Money On A Low Income – So you want to learn how to save money fast. I will never forget the day I was in college. I’m standing in line waiting to buy textbooks for the new year. Then, when I got to the cashier to pay for my books, my debit card was declined.
I don’t have enough money in my bank account to pay for my books. I can’t believe it.
How To Budget And Save Money On A Low Income
I wish I could say the change happened overnight, but it didn’t. It took time to figure out my spending habits and develop good financial habits.
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I have slipped many times in my journey to improve my finances. But instead of giving up, I chose to get back on track and learn from my mistakes.
A few years ago, I tried to make money. And now… I have over six figures in savings.
The biggest change that helped me increase my savings was to improve my spending habits. Developing smart spending habits can keep your finances moving. While increasing your savings can help you save money faster, it won’t do you any good if you have bad spending habits.
Today I’m sharing 10 easy ways to save money fast even if you’re on a tight budget. Whether your goal is to save money fast for a house or a car, follow these savings tips to help you get started!
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Without a spending plan in place, it will be difficult to improve your spending habits and achieve your goals, such as paying off debt or saving for a home.
When you create a budget, this allows you to know in advance whether you will have enough money to do what you need or want to do.
To start your budget, you can download a printable copy of the Budget Binder here. These are the same budgeting products that I used to help me build six figures in savings. Available for purchase, or you can create your own budget worksheets.
Creating a realistic budget is the first step in taking action to change your spending habits. If you want your budget to work though, you need to track your expenses. This is the best way to know if you are
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Still not convinced you need to track your spending? Here are a few reasons why it is important to your financial success:
You can use an app to track your expenses, but I like to keep it simple and write everything down on paper. This is how my mother taught me and it works well. For more tips on how to save money, check out this post from Debt.com sharing the best money lessons from moms.
Now that you’ve created a budget and are in the habit of tracking your spending, the next step is to try delayed gratification.
Especially in today’s world of “buy now and figure out a way to pay for it later”. This is one of the main reasons why consumer debt is going up all the time.
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Delaying gratification means making choices that limit your ability to get something now, so you can get something better later. It’s about having self-control and self-discipline.
However, our culture encourages us to look for a “band-aid” solution instead of delaying the pleasure, so we can avoid pain at this point.
This includes gambling, getting rich fast, losing weight fast, and always needing to get the latest technology instead of saving for our long-term goals, like retirement.
Knowing what you want to achieve long term can help you delay gratification so you can achieve your ultimate goal.
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Whenever I want something new, I force myself to wait a while before I buy it.
For example, if I want a new pair of shoes, I will write it on my Business Wish List with a date. Then I will force myself to wait 6 months before buying sneakers.
After 6 months have passed, I’m usually not interested in buying the product anymore. If I still want to buy though, I will consider the best way to buy the item.
If 6 months is too long to wait, try it for a week (or 30 days). By forcing yourself to wait before making a purchase, this helps train your mind to control your emotions and stop unnecessary spending.
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All work and no play will make you miserable. Your biggest goals may take months, years, or even decades to achieve. This is why it is important to give gifts on the way.
For example, when I was saving money for graduate school, I cut back on eating out by making homemade lunches. To reward myself, I will allow myself to have lunch at my favorite sushi restaurant once a month.
By changing my spending habits, I was able to see my savings grow, and I spent on myself without feeling guilty.
One thing I have noticed in my journey to improve my finances is that I spend money on things that are not important to me.
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For example, I used to drink tea every morning from a local restaurant on my way to work. Although I can easily make tea in my office, it is just a habit to go to the restaurant every morning. Once I realized that this habit costs me more than $600 per year, it was easy to switch to making tea at work instead.
Determine which expenses are not important to you and find a way to reduce or eliminate those expenses.
Maybe you’re paying for a gym membership that you rarely use. Or maybe you’re paying for an expensive phone plan, even though you’re not using all the features. Or maybe you’re buying brand-name food products at the grocery store, even though the generics taste just as good (and are cheaper).
You can use an app like Truebill or Fix to help you find and cancel payments. It can also help you negotiate your monthly bills.
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PRO TIP: If money is important to you, like having coffee at the cafe every morning, this is not a problem. I am not recommending you to cut this money. Instead, reduce or eliminate an expense that is not important to you, so that you can have a cup of coffee every morning.
Planning ahead can prevent unnecessary spending. For example, I always keep a granola bar in my purse. So if I’m running errands and I’m hungry, I can satisfy my hunger with a granola bar until I get home, instead of paying $10 for a meal.
Another way to plan ahead is to keep a budget calendar. Here you can keep track of upcoming birthdays, events, holidays, vacations, and more.
Many people forget to include these expenses in their budget, which can lead to bad spending habits. You can download a copy of the budget calendar worksheet I use here. It is included in my Budget Planner.
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I also recommend setting aside money every month for emergencies. Having an emergency fund can help you prepare for unexpected things in life that you cannot prepare for. Without an emergency fund, people often go into debt to pay for these unexpected things, like car problems.
As you can see, planning ahead is prevention. It can improve your spending habits, help you stick to your budget, reduce stress, and save time.
You are the average of the 5 people you spend the most time with. Most of you already know this saying, but it is difficult to apply this advice.
90’s beanie baby craze started collecting things. First it was beanie babies, then it was books, Pokemon cards, CDs, DVDs, clothes, bags, and more. Most of these things are not as valuable as I thought they would be.
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Now when I think about how much money and time I spent on my collection, it seems like a waste. It’s just a matter of pleasure that causes conflict.
However, if collecting items takes up time and money that could lead to your financial goals, you may want to consider adjusting your priorities.
For example, I used to love collecting books. I dreamed of having my own library (as in
Movie). This collection is costing me a lot of money and time. I even had to buy a storage bin to organize my books because I ran out of space to store them.
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When I downsized and moved into my own apartment last year, it forced me to decide if my book collection was improving my finances and my life. I have sold many of my books because I rarely read them again. Now I have less clutter and can focus my time on income generating activities.
We all have triggers, whether it’s a person or a place or a feeling that makes us want to shop. Here are some common expenses we may encounter:
Once you understand what triggers you to shop or spend money, try to control those expenses, so you can stick to your budget. The best way for me to learn more about my spending habits is to do a new wardrobe challenge.
I have been addicted to shopping and struggled for years to cut back. No new clothing challenge makes me more aware
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