Is it possible to safe money with low salary

[EKUSANI]

Yes to the answer.but no in other way round .
Yes in the sense that I most cases some people do save their money irrespective of the low salary.
This works for people that live with their parents.where by there are the once to provide for the family. for example buying of clothes, school fees , medication and a lot more including house rent .this are the things that the parents will take full responsibility of .and not being disturb by the low income person.but no to people that takes the full responsibility of their selfs.for example.let assume that I worknina company and I am paid twenty thousand naira a month.how much will I save .I think I will save noon .why?
Because the money is not a enough for me for example if am eating three square meal a day that about call it one thousand five hundred naira times twenty seven forty thousand five naira .just for food alone .
what about house rent .which mean out of twenty thousand, I will have to save five thousand naira every single month for house rent .meaning I will left with fifthteen thousand naira every month.
And that fifthteen thousand including my transportation every day.

 

[Jasz]

It's actually hard to save if you earn little or nothing.
Facing the prospect of low salary can be terrifying. But don't give up hope! You can survive the uncertainty and use this time to improve your life. Here's how:
1. Get organized.
Organizing your finances is the first step in navigating a period without a regular paycheck. Start by making a budget based on your savings to determine exactly how much you have to live on. From there, create a payment plan for managing your bills and other expenses. Getting organized will help you stay calm and focused as you look for new work or explore other options for income.

2. Look for jobs proactively.
Be proactive about seeking out employment opportunities that suit your skill set and experience level, but also keep an open mind to other possibilities. Consider applying for jobs above your previous position, or even outside of your usual industry, if they offer good pay and fit well with your existing skillset. (You may also find that a change of scenery is just what you need.)

3. Build up your network
Maintaining relationships with others is essential when it comes to finding employment, or any opportunity that puts you back on track toward financial stability. Keep in touch with people who have supported you professionally throughout your career, even if they are not involved.

4. Reduce your expenses and save more.

 

[Sotherefore]

Two things are to be put into consideration here , if we are considering saving of money when your salary is low it might be very difficult but well if that is just the only case you do not have any option than to try as much as possible to save because it is absolutely necessary.

* A situation in which you understand that your salary is extremely low and is not able to take care of all your need to also encourage you to have a little saving , it is very important for you to try to have more than one source of income , that will really help you to have extra money and to saved at least something for the future . it is not just the best for you to be consuming all the money you make on monthly basis without having a little saving.

* If you believe that you won't be able to get more than one source of income and you will only depend on the low-income , then you don't really have any other option than for you to try as much as possible to save because saving is absolutely necessary in everyone's life .

 

[Austinaldo]

Saving money when your salary is small is very possible. I don't think savings has to do with what you earn at the end of the month. Also, passive income stream is advised here.
Saving money is a skill not a factor of what one earns.
You can earn a huge sum monthly and still fail woefully at saving.

For low income earners, the best way is to cut your spending. This will give you more money to keep as savings. It might be very difficult to reduce some spendings because this should only be short term. Anyone who earn very little should have a goal for their future. When you develop a plan to achieve such goals, you can now be motivated to save more money.

There's a great chance that earning very little is your only way to save more. Because by then you become more resolute to achieve a goal. When you earn a lot there's a possibility of being distracted. You tend to forget to save because you don't see the need to.

You certainly should save. Inspire yourself to do so. Starting now will keep you at it even when you start earning way too much in the future. Thank you.

 

[Ithedicious]

All these things are quite difficult to decide , but well if you are just not earning enough to your satisfaction and you don't have a way of working extra to raise more money.
I will suggest that it is still necessary for you to try as much as possible to save because this will really help you in So many Ways .

A situation in which you are not able to save some money , you may not likely be able to earn anything or at least to start up any business of your choice or to invest in real estate of your just because all these things are the reason why so many people are saving their money , at least to gather up to required amount of money needed for their favourite investment , business or even building of houses.

But if there is a way you can still work extra to have extra money then I don't see anything why you shouldn't look for a way to work extra to raise some money , at least to help you invest.

Everybody are trying to invest their money and save it for long-term purposes because it will likely help in the future.

 

[moneyteam]

Yes, it is possible to save money on a low salary. One way to do this is to live below your means. This means that you should only buy what you need and not what you want. You can also save money by cooking at home instead of eating out, and by shopping for bargains. Another way to save money is to invest in high yield savings accounts or certificates of deposit. These accounts offer a higher rate of return than regular savings accounts, and they are insured by the Federal Deposit Insurance Corporation (FDIC).

 

[Abigael]

Earning a low salary is something that prevents so many people for sure from saving money. It only works for people who live with their parents and don't have children, so their responsibilities are so minimal and don't have so many expenses and bills to pay. But if you live alone and especially if you have your own family, it becomes really difficult to save with low salary.

It then becomes your duty to really bargain your expenses. You spend on things that you can afford to buy and avoid those that are too expensive. Having a great expenditure will save you a lot from going bankrupt even if you earn a small amount. It also gives a chance to save even a little.

It is important that those who have a low salary should look for alternative ways to earn money. Have a side hustle like an online job or a business that is running during the day while you are at work. Having several streams of income will enable you to start saving no matter your small salary.

 

[Shigobad2020]

I am also earning a low salary and i am saving money conveniently because I also have other ways in which I am making money to support my life.
I am into baking business and also have a farm which in use in supporting myself and my family , I am earning around twenty thousand naira monthly while my annual rentage is #150,000 . If I am saving #15,000 for ten good month , that's exact amount I needed to pay for my house rent and i that means I will be surviving on #5,000 monthly which will never be enough to make end meet ,

So before you can start saving if you are earning low amount of money, you need to first plan on your source of living before you can start saving successfully . Though you can increase your saving by investing but you also have to be careful in order not to get scammed.