When your income is low you might find it the hardest thing in the entire world to save money and put it aside for anything that you might need in the future. Although the budget can be quite tight, this doesn’t mean that you can’t save money and put it aside. With a little creativity everything is possible and even if your income is very tight you will find ways to start saving up.
Living on a budget doesn’t have to be complicated and boring, follow these tips and learn how to save money even if you have a low income.
When people go out they end up spending tons of money in food, movie theatre tickets, clothes, parking, gas, and tons of other things as a consequence of going out. Instead of going out for a bite, prepare yourself a meal at home and watch movies from your tv, save that money you were planning on spending on your day out and put it in your savings. You will begin to see slowly how staying in can save you tons of money.
2.Buy only What Is Necessary
How often do we go to the grocery store for one thing and end up buying more than we went there for. These are often ways we spend money we didn’t have to.Set yourself to only buy what you need and anything extra can wait, and see how you will slowly start spending less grocery shopping.
3.Organize Your Income
Before you even receive it, organize your income so that you know exactly what that money is for, and any extra, are meant for savings. Organizing your money before getting it is often the solution to not over-spending without thinking clearly.
4.Use a Piggy Bank
As funny as it sounds, it is a great way for saving money.Piggy banks are not only for children, adults use it as well to save money, money you can’t touch. Whenever you have an account with money on it, it’s pretty easy to spend it as expenses start to come in, unlike in a piggy bank, you have to physically break it in order to get the money out. Since it’s a big mess cracking it open, people don’t even think of that money, and this is how you save it throughout the years.
5.Build a budget that works for you
Plan ahead and build a budget that works for you without feeling like you have to limit yourself and not do anything. Set a little money aside for you to use, and only rely on using that money, this way you will spend wisely and save a lot of money by not spending more than you should.
6.Find Free Entertainment
Avoid spending money on entertainment and search for free activities. Walks or hikes, free matinee movies, outdoor concerts, free museums, etc. The options are endless, you just have to be smart about it and look around.
7.Bike or ask for Rides to Work
Gas is expensive and there are ways to save money instead of spending it all in it. Find any co-workers that live near you that can offer you a ride to work and back, or if work is close by, choose to walk or use your bicycle to save money on gas or train tickets.