7 Easy Ways To Save Money On A Low Income

Saving money is often a great challenge if you don’t earn a good amount of money. You barely have enough to pay for all your needs.

But this isn’t enough reason to avoid saving for that new car, furthering your education, or investing in an asset class. Earning a low income shouldn’t let you put your financial goals on hold.

Even if you don’t earn a lot at the moment, there’s a lot you can do that could help build a great financial future for you. However, you must be well-disciplined to achieve this.

You will start by challenging yourself to increase the amount of money you save monthly. You must be economical with your Budget In Such A Way That Doesn’t Avoid Meeting the major needs you have.

In this post, you will learn realistic and simple ways to save your money even if you earn a low income.

7 Ways to Save Money on a Low Income

1. Create a budget that works for you

A lot of people run away from budgeting because it brings them to become accountable to themselves in how they spend money.

Creating your budget and sticking with it will help you build your savings remarkably. If you don’t have a plan for your money monthly, you’ll find it difficult to spend it wisely and to save a good amount of it.

You don’t save what’s leftover from your budget, you must include the savings goals in your budget and allocate the required amount to it.

If you don’t know how to create a budget that works well for you, you can take this course on budgeting. It will teach you how to create a realistic budget for yourself.

2. Erase all your debts

Unsettled debts can stand as a barrier to meeting your financial goals. You can’t conveniently save if you haven’t paid the debt you owe someone or a financial institution.

Hence, you’ll notice that most of the extra money from your budget goes to paying off that debt monthly.

It requires a lot of devotion to settle all your debts. You must clear it off so there would be no strain on your budget, enabling you to save more money. For practical ways to repay debts, check out this course on debt repayment.

3. Be more frugal with food expenses

If you start tracking how much money goes to food spending monthly, you’ll be surprised by what you discover.

You need to be more mindful about how much you spend on food every month. It’s impossible to stick to a food budget because we’re always tempted to eat from a restaurant.

One way you can be frugal with your food budget is to create a meal plan and stick to it. If you already have your next neal planned out, it’ll be difficult to quickly whisk into your favorite restaurant to eat there.

4. Save automatically

Saving money manually can be tough. You won’t always be motivated to save every month. I often find it inconvenient to save every month, manually.

What I decided to do was to let my savings app deduct a certain amount of money from my bank account monthly. Before I could think of changing my mind about saving for a particular month, my account gets debited automatically by my savings app. That way, I find it easier to meet my savings goal.

If you are in Nigeria, you can check out this savings app to start saving automatically.

5. Get a fee-free bank and transaction app

There is no reason to spend on extra fees from your bank. There are virtual banks that have been established to provide free banking services for you.

If your bank constantly charges you fees, you can switch to a fee-free bank to enjoy free banking. You can also take advantage of apps like Waya which provides instant local transfers at zero change.

6. Live a healthier lifestyle

Getting a quality health care service is unaffordable for most people. One way to cut down on your health expenses is to cultivate a healthy lifestyle.

It’s cheaper to prevent a health condition than to cure it. You can improve your health through exercise, eating healthy, quitting smoking, sleeping enough, etc.

Make good use of your health insurance offers, which include going for a regular medical check-up.

7. Expand your income

Not everyone can squeeze extra money to save after creating a budget. When such happens, that is a good time to look for ways to increase your income.

One way to increase your income is to start a side hustle that doesn’t interfere with your job. Start using a skill you are great at to solve problems around you. You could sell products that are in high demand around you.

In my next post, I’ll share more about the side hustles you can learn and start making money from easily.

Remember, you are solely responsible for your financial outcome. You can make a difference by applying what I shared with you today.

Originally published at http://wayamoney.wordpress.com on February 9, 2021.