Saving Money How to save money on a low income

[Augusta]

You need to know that saving money is meant for all income earners whether you are a low income or high income earners you should imbibe the culture of saving. Saving money is beneficial to everyone as such it shouldn't be for some specific kind of persons.

So how can you save money even on a small income

1.Start with the 25% cut for saving: A lot of people adopt this method whereby when once they get their salary the first thing is to deduct a 25% of the money to save. Do this first when once you get your pay

2. Adopt the 30 -day rule: This rule states that if you have a major thing that will cost money to buy you wait for 30 days to be sure you really need it before buying, you might realize before that day that you don't really need that thing you wanted to buy and you would have saved money.


3.Have a savings account: Now to show that you are serious to save even when your little income, open a savings account that you can use for your savings. It wouldn't be ideal to save at home you might always be tempted to use it. so have an account to deposit your money.

Add your thoughts

 

[Bluejettravel 70]

You need to know that saving money is meant for all income earners whether you are a low income or high income earners you should imbibe the culture of saving. Saving money is beneficial to everyone as such it shouldn't be for some specific kind of persons.

So how can you save money even on a small income

1.Start with the 25% cut for saving: A lot of people adopt this method whereby when once they get their salary the first thing is to deduct a 25% of the money to save. Do this first when once you get your pay

2. Adopt the 30 -day rule: This rule states that if you have a major thing that will cost money to buy you wait for 30 days to be sure you really need it before buying, you might realize before that day that you don't really need that thing you wanted to buy and you would have saved money.


3.Have a savings account: Now to show that you are serious to save even when your little income, open a savings account that you can use for your savings. It wouldn't be ideal to save at home you might always be tempted to use it. so have an account to deposit your money.

Add your thoughts

you can invest company stocks I did it 5 years with wall mart I invested 18$ every paycheck that's 36$ a month after 5 years I earned 5500$ Also I have 401k but I'm not recommend the Merril lynch is a bi..h! its a federal reserve they will control your money! or use the old pigi!

 

[Kendy]

When you have a low income that means you have to cut your cloth according to your size or cloak. These days the economy is so highly inflated such that everything has virtually triple the initial price. It is not surprising that today one might visit the supermarket to pick up some groceries and within the next 24 hours if the person goes back to the same location, you would notice that the prices would definitely skyrocket double of what was bought the previous day. This has become a thing of major concern and their government is doing nothing to reduce this burden on the Citizens.

It becomes very difficult when you have to spend to get your needs and also strive to save. For a worker or an employee who earns $30 in a month, calculating the transportation to work, miscellaneous, the feeding and also some quarter to savings you would realise that it becomes very difficult for an employee to get past this level but be it as it may, in order not to incur unnecessary bad debts, it is best to minimise and also make use of a scale of preference in order to ascertain your urgent needs and other things can come later when you are able to have some spare money.

 

[Augusta]

Your last paragraph is it, you need to cultivate the culture of saving but not just saving make sure you have your scale of preference intact. Always go for the most important things. We are not saying not indulge in luxurious things if you have to. But it should be a once in a while thing. Do more of the nerds in your life than wants to be able to conserve.

So saving money even from a small income is very possible. it takes discipline to achieve this if you don't exercise self control. and contentment you would end up depleting your income in a short while and you would have nothing to sustain you in the rainy days.

Saving is very good as it's cojes with enormous benefits, saving today is to help keep you financially secured tomorrow. So you would be saving yourself headache and embarrassment in the future too.

 

[Mika]

If you are on low income, it will be very difficult to save money. The only way to save money when your income is low is by cutting your expenses hugely. You will have to cut all expenses that are useless (something that you can live without having), for instance, you will have to cut expenses on junk foods, movies, cable TV, subscription fees, sodas, etc. Food is the number one expense, therefore, you will have to spend only on necessary food items, for example, you can stop drinking tea and coffee, and only buy foods that you need to survive. You can also start eating home-cooked foods instead of buying ready-to-eat foods, or dining in a restaurant. You also need to understand how recycling and upcycling can help you save money. For example, if your 5 year old T-shirt is still not torn, you can continue to wear it and avoid buying a new t-shirt. You can use a similar strategy for other clothing items. You will also have to look for cheaper alternatives for food. If animal-based protein is expensive, you can switch to plant-based protein. Instead of salmon, you can buy soybeans. Buying locals can also save you money.

 

[Shigobad2020]

Thats was a good and detailed way to start saving most especially if you are just starting saving , saving is never an easy thing to achieve and if you are not careful , you will keep withdrawing your savings gradually until you no longer have any fund in your savings account , and that is the exact reason why you have to adopt a suitable way for you to start saving .

Never save all your salary or the gain you are making on your business because you are definitely going to need money on the long run before the end of the month ,
If you are earning a huge salary monthly or you are making more income on your business then , you can try by saving at least fourty percent every month's end and using the remain 60% for upkeep and other expenses, but if your income is low , then it's advisable to be saving at least 25% to 30% everymonth.
With that the saving will be going smoothly .

 

[Augusta]

Definitely, it might not be easy to save money but it is still doable. it is to be creative about it and see how you can introduce the culture or habit of saving into your lifestyle. Some people earn little but their lifestyle says otherwise as they spend more time spending money on frivolities than on needed things.

Saving money is about ones mindset and if you don't believe in it even if you earn higher you wouldn't still see the need to save. So saving is a thing to be done by both high and low earners. Even the rich finds it difficult to save because their taste would have increased at well but those that know the need to save still struggle to save

Infact, to save with ease one need to always look at the benefits of saving

 

[Lens1000]

The importance of savings cannot be overemphasized, that is why it is very good that we should always take the little quarter that we have saved .

It is important because whenever calamity loom, it will be the one that we will fall back on and that is why it is very important that you should have something saved in a bank account. I am a living witness to savings account because when I had issues, I fell back on the amount that I have in the bank to revive my business a little bit before I got a relief fund from friends and family. I kept wondering if I had not saved at that particular point in time, it will be very difficult for me to keep myself on track.

This is the major reason why it is important that we should inculcate the habit of savings into our life. We should not spend money lavishly on anything that goes. we should always ensure that we save our money so that whenever there is need for it, we will just go and take it there. it is a strong piece of advice that everyone must follow if you really want to make it in life.

 

[Augusta]

Yeah the benefits that come with saving are enormous and it's worth the while when you settle to see the needs. One life about life is that nothing is promised and nothing is certain as such hsving money now doesn't mean you would have same tomorrow that is why it is good save how you can for the future.

Saving will bring respect as you wouldn't have to deal with debtors that will either harrass or embarrass you tomorrow. Same with nit having squabble even with friends over money. I have seen good Friends part ways because of money

So to avoid issues in the future it is good to always have money Handy and the way out is to save especially if you do not have investment or assets to fall back on in future. bottom line is that you need to spend wisely abd keep out some money for your future.

 

[Suba]

In principle, saving money is to practice discipline and get used to saving money in your life. It doesn't matter how much money you can save from your low income. Before saving, you must have calculated what your minimum expenses are in one month, because your small income may be minus or break even in one month. So first you have to evaluate your expenses, are there items that can be reduced or eliminated, and determine if you can save 10% of your income, I think 25% is too much if you have a small income, because you also need to maintain health with nutritious food and minerals.

 

[Augusta]

Yeah saving money starts from the mind, when once you have the mindset that saving money will be a great benefit to you tomorrow and in the future it becomes easy to do. The thing isn't about the percentage you are saving but that you are actually doing it.

Making it stick like a good habit will be the best bet. Because tomorrow demands might be higher than we had anticipated so what will help out at that point will be your savings. I'm writing this from experience because I have been in a situation where I needed urgent money and my account was in red at that time. what saved me was my savings.

I was able to arrest the situation speedily because my savings was more than enough for it. So no matter the income level setting aside some amount monthly should be a goal. it is will come in handy when we less expected it.

 

[King bell]

Thank you for this informative thread, I would like to add my little contribution .
If you're on a low income, it can be hard to make ends meet. But there are ways to save money and stretch your budget. Here are some tips:

1. Make a budget. This will help you figure out where your money is going and where you can cut back.

2. Shop around for the best deals on groceries and other necessary items.

3. Cut back on luxuries and unnecessary expenditures.

4. Use coupons and take advantage of sales.

5. Make your own cleaning supplies and personal care products.

6. Repair and mend instead of replacing.

7. Grow your own food.

8. barter and trade goods and services.

9. Live simply and frugally.

10 . Save money on utilities by conserving energy.

By following these tips, you can save money even on a tight budget. So get get started today and see how much you can save!

 

[Augusta]

Well, the thread was more on how you can save some percentage of your income maybe in your piggbank or the financial bank so that you would have what you can fall back on during the rainy days.

But all the same you have made good points though yours is how how to save money on things you need to buy. Yes! you have listed very creative ways and I think people especially housewives need to see this, so that the house allowance gotten need to last a bit longer

if you are on a budget there are ways by which you can cut off or out some expenses by doing it yourself. Like the laundry if you have the time do it yourself. you wouldn't imagine how much you would saving from paying the dry cleaners daily or weekly as the case maybe.

I think cutting out expenses will save money.