How To Save Money On A Low Income (Money Saving Tips)

8 realistic ways to save money on a low income...or any income.

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Saving money on a low income is possible if you are strategic with choices that you make in your life. In this video, I share 8 ways to save money on a low income.

1. Take Yo Broke A** Home

Many people buy things with money they don't have to impress other people, which causes them to constantly be behind financially. If you do not have money, you should take steps to get yourself out of a bad financial situation. And although you might be depriving yourself of things in the short run, in the long run, you will have more control over your finances.

2. Treat Saving Like A Bill

We all have monthly bills that we pay every month like our cell phone, rent, and insurance. Every month, we manage to come up with the money to pay for these bills because we prioritize them. In order to save money, get in the habit of treating saving like it is a bill. When you prioritize saving in your life, you will come up with the money to save.

3. See How Sporadic Your Spending Is And Make It Predictable

Many people have trouble managing their money because their spending is very unpredictable and varies month to month. It is important to have a general idea of how much money you are spending each month so that you can plan your life around it. When you make your spending predictable, you can determine a specific amount of money to set aside each month to save.

4. Analyze And Cut Entertainment Expenses

We all have entertainment subscriptions that we pay each month, and sometimes we can have multiple subscriptions that we don't use. If you take the time to write down all of your monthly entertainment expenses, you can determine which ones aren't bringing you value and cut out those expenses.

5. Analyze Service Expenses And Find Cheaper Alternatives

We all have various service expenses that we pay each month like our cell phone bill, car insurance, and memberships. Oftentimes if you take the time to write down all of these expenses and search for cheaper alternatives, you can save money for switching to similar services.

6. Analyze And Cut Transportation Expenses

Outside of our housing, transportation is our second highest expenses totaling over $10,000 a year. It is important to take this expense seriously and analyze how much you are spending on gas, insurance, payments, and maintenance, and see if there is anything you can lower or cut out.

7. Only Get Gas At The Gas Station

Many people get in the habit of spending a lot of money by constantly buying treats at the gas station. Although these things do not cost that much money, over time they can add up to hundreds of dollars a year. Avoid the convenience of buying things in the gas station and only get gas at the gas station.

8. Live Like It’s 1999

Twenty years ago people spent less money on things because there was less temptations in life. Instead of embracing all of these modern temptations in life, we should choose to live a more simple life so we spend less and save more.

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[DonaldMark-nese]

The thing to me is, if you invest and have other income outside of dividends then you will be able to live off dividends without selling. Which means you can pass that on to your kids which will give them a leg up in life. $52k dividends received in 2022.

[Abelone-Alvilda]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[RoosterBruh]

I ain’t got no money so I’m taking my broke ass to work 😂

[marguritekostecki]

Also remember that though it is a good start your savings would never be enough. The economy is designed that way. Invest your spare cash in profitable things. increase your sources of income.

[lindahall]

You repeating, "Take your broke ass home, " gave me my first real laugh in a few days. Thank you!😄

[thekid]

I've saved hundreds by having a pre-paid phone, I don't like talking on the phone so it works for me, and I never eat out since I like my own cooking better 😊

[Casey-summer]

I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 58, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.

[Maguirehook]

Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in last 4months of 2023

[stevebubar]

I do additional saving on top of saving… I call it chump change. Basically for example.. your check is $1013.25. U put $13.25 in your savings. Next check could be $1105.15. U put $105.15 in savings. U know your baseline by doing your budget. So bank anything over that :)

[Eric_moore]

Achieving success hinges on the proactive actions and steps you undertake to reach your goals. The process of building wealth necessitates cultivating positive habits, such as consistently allocating funds at regular intervals towards robust investment opportunities. Financial management, despite its critical importance, often becomes a topic avoided by many, eventually causing difficulties down the road. My sincere hope is that anyone who comes across this message is able to find success and fulfillment in life's endeavors!

[Creolady]

I'm bringing dinner to work with me, save about 10 bucks

[joanaw.]

I just canceled my Spotify account and I am planning on canceling car wash subscription. I know it’s not a lot but at the end of the year it makes lots of difference.

[georgeandrews]

Find out what your average utility bill is per month and pay that much when it's below the average monthly bill. This reduces the impact of the higher months. Walking is the cheapest activity you can find when you "Just want to get out of the house". Might even get to know your neighborhood a little better.

[katherinepace]

Haha, take your broke *ss home! Love it!😂

[abigailpereira]

Thanks for all these great tips. Living like it's 1999 was the best tip. I've been struggling to go back to simplicity. Actually getting outside to shop will save me so much money

[rencechannel]

Born in 1989 and currently living in frugality. Your fan from the Philippines 🇵🇭

[Kenya]

By moving to Europe from California I’ve save $5000 a month! We have no personal cars, we live 5 minutes walking distance away from 6 grocery stores and the shopping mall, 10 minutes away form forest trail and ocean via walking, 10 minutes of walking distance to my son’s school, 5 minutes of walking to hospital and dentist, banks, train station. 15 minutes from airport via bus. Free healthcare, dental, sports, swimming hall, free heating, electric bill is just $25 a month vs $150-180 in California, internet is $5 a month vs $80, phone bill with unlimited data $12 and free roaming within the EU, cheaper food and cheaper housing. Own our condo outright with no property tax it is worth $150k, own SAUNA. All of our hobbies are free that is walking, skiing, biking in nature. Summer time we picked buckets of wild fresh blueberries, strawberries, raspberries, currant, and chanterelles mushrooms, apples, cherries all for free on public land. Am able to retire at age 38😂

[alyciasmith]

"Too many people spend money they don't have, to buy things they don't need, to impress people the don't even like"
My parents have timers on their powerpoints so they don't have to turn the appliances off before going to bed.

[SteveJim-pgfv]

I didn't become financially independent till I was in my mid 40s after having a major financial setback during the covid, Thank God i'm now on my feet . In addition to buying my second house, I'm also making money on a monthly basis through passive income, and I've also met some of my goals. I really hope this motivates someone to know that it doesn't matter if you don't have any of these things yet; no matter your age, you can start today. Investing can help you change your future!

[robertwilliam]

1999? I go back to 1969. LOL Gas stations only had gas. PERIOD.