Smart Ways To Save Money On A Low Income

Smart Ways To Save Money On A Low Income

I get it – you’re earning little right now, your account balance is holding on for dear life and saving from the little you earn seems impossible. But, what if I told you there were intelligent ways to build a safety net from the little you make? Curious to know more? Then keep reading

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Start with what you have. If you’re waiting to make ‘enough’ money before you start saving, well, I’ve got news for you. You may never get around to it. Nobody has ever agreed that they make ‘enough’ money.

Our needs are insatiable and regardless of how much you earn, there’ll always be something to spend money on.  Saving isn’t dependent on how much you earn but on how much self-discipline you have. Therefore, please start with the little you make and watch the ripple effect it has in the long run.

20% is for self-love. The bills never stop and neither should showing yourself some love. Don’t be in the habit of paying everyone but yourself. Start by keeping aside at least 20% of your income for yourself.

For example, if you earn 50,000 monthly, automate your account to deduct 10,000 into another account where you do not have easy access every time you get paid. Even if you have debts, set aside at least 20% of your earnings for saving so you never have to fall into the debt trap again.

There’s rice at home. Let’s face it, your income is in its days of humble beginnings and so should your taste buds. This means fewer “cravings’ and eating out, designer clothing, subscriptions, etc. If thrift clothing is what you can afford, wear them with confidence.

Your taste buds/wardrobe style can upgrade when you’ve upgraded your skills and begun to earn more; but for now, there’s rice at home dear.

Don’t be too quick to borrow. To really begin to save money, you’ve got to let the loans go. Debt can hold you back from reaching your financial goals. When interests on the loans you’ve taken compound, you may be caught in the web of debt for a long time.

However, what you can do is set aside a small portion each month to pay off existing debts, and be sure to pay off high-interest debts first.

Get an actual savings account. Saving may not come naturally to you, but that doesn’t mean you can’t learn it. One way to do that successfully is to keep your savings account separate from your expenditure account.

Regardless of the size of your income, you need a bank account that’s dedicated to helping you save as a young adult. So why not let’s begin here?

Budget. At the end of the day, you need a budget. This way, you’re able to keep track of what you spend on groceries, personal care, entertainment, transportation, etc., and realistically plan your income without depriving yourself of basic pleasures and necessities.