How I Saved Over $15,000 on a Low Income | Money Saving Tips for Beginners

Hey Budget Buddies! Thanks for stopping by. I’m excited to share my progress with you. In this video I talk about how to save money on a low income. Now I bring in less than $2,000 a month, but I’ve been able to save up thousands of dollars. I’ll discuss some easy tips to save money fast and build an emergency fund that anyone can do. This is what helped me. ❤️

Leave a comment to let me know you were here, if you’d like. I'd love to hear from you. Let me know what’s helping you to save money or what struggles you’re desking with. I respond to all comments.

#savingmoney #lowincome #money
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[debtnone]

Hey Buddies!! I’m super pumped that my emergency fund is almost complete. I can’t even believe what I’ve been able to do. Thank you so much for watching & for all your support. Y’all are priceless!! 🤍

[donaldmcgee]

I always pay myself first. Wether you save $25.00 every two weeks or $1000 every two weeks, you have to start.

[syang]

Coming from a family who was not financially literate... still is.. learning about high yields savings account changed my life. Wished I knew sooner. Can't change the past but I can change my future.

[Magdalena]

I’ve raised 5 kids on as low as 50k for quite a few years(we make more now) and the best advice I would give to others on a limited income is to stay out of debt. I know it’s extremely hard when you’re scraping by but it can be an absolute life saver not having any extra income constantly going out to debt

[cannibalcatgirl]

Thank you for these. I think I’m going to start with no extra spending. I’ve fallen into this weird mentality of “I’m broke anyway might as well enjoy myself”… which is really sad and unproductive. Im sad cuz I’m broke but then I buy things to try and cheer myself up and end up more broke.

[deerhaven]

As a 68-year-old single woman it is so refreshing to see a young person tackle her financial situation with the tenacity that you did. I employed everything you spoke of over the years and now can feel relatively comfortable with a paid off house, car, no loans or credit card death debt. Another thing I did that helped tremendously was that when I had a mortgage I kept a separate checking account specifically for the house to cover the mortgage, taxes, insurance and maintenance, which was at a bank that was inconvenient for me to get to, had very short hours and I never got a debit card for it. In that way I could be diligent at never touching that money; basically the only time I went to that bank was to make a deposit every two weeks, when I got paid, and in person. Congrats on seeing debt for what it is: a retardant to your financial progress.

[Loretta_C]

Those "extra paycheck" months are a godsend to me. At the beginning of the year I determine when I will be getting those pays and plan accordingly. Also I switch car insurance companies at the drop of a hat. I am loyal to no insurance company, only the one with the best rates for my needs. Great video!

[bizzybeefamily]

I did just that! Cancelled some subscriptions and also changed internet providers. I went from $170 a month to
Only $40 a month!!!

[Sweet]

My kids know not to waste water also, because it is just gettig ridiculously higher. This is my 1st year budgeting at 35 years never new i could do that!! God show me the way by listening to people like you! Thank you for sharing your journey!

[dinar]

I appreciate videos like this, so many others start with “save $15, 000 in a year” and the video states to simply save $300 a week and I’m like……. Ok i see, this video is for people who have money to save but don’t know what to do with it lol

[Pinesol]

I paid off my car last year in March! My credit card balance is $400 and some change. My next step is to pay that off and then the rest of student loans.❤

[Nadya]

I’m honestly thinking going no spending and seeing how much I can save in several months. I really like that idea

[Mideezhanti]

Automating my savings has been a game-changer. I have it set up so that money goes into my high-yield account every Friday and i finally have a decent chunk of money saved up! I'm definitely going to try some of these tips, thank you!

[karenlcharest]

Such a down to earth conversation with a bit of humor sprinkled in, thanks so much for making what could be a dry subject very palatable! After listening to you, I don't feel guilty or judged but motivated to tackle my debt!

[jonnaborosky]

When it comes to unplugging things, it makes a tremendous difference. I used to be a travel nurse. I went on usually 3 month assignments. First time I went, I thought the bill would be lower because nobody was home to use electricity. Bill was about the same, though. Next time I left, I unplugged a lot. My bill was reduced by 76%!!! I got all excited and unplugged everything I could think of... things I didn't really know used vampire energy. The electric bill went down another 11%...on top of the previous 76% Unplugging makes a HUGE difference in electricity bills. I unplugged everything but the fridge. The fuse box was in the kitchen, so I actually turned the fuse to the stove off until I was ready to cook, and then turned it off again when I finished cooking. Now that the fuse box is in the basement, I don't go turn the fuse off as regularly as I used to, but I still do it when I remember.
This is my 3rd no-spend years!!! It's saved A I only spend on absolutely necessary things... and get the best prices possible on those.
I automate bills when I get a discount for doing that.
I was looking for a bank with a high yield savings account. I found out online that the bank I already use has one. I had no idea! I went in and asked about it...and got it! I asked why they didn't let people know, and they said they didn't want everyone to know because then everyone would want it... and they'd lose a little bit of their profit margin. They said that anyone who asks for it gets it, though. What a weird way to do business...but I got the higher rate. Now I keep the minimum possible in checking and move everything else into the high yield savings account. Who would've thought!!!??? Just go ask at your bank and see if you get a higher interest rate!
Oh, I like how you think!!! I wish you lived close enough to me that I could hire you and your husband to come help me get my house clean!! I'm disabled and getting my house clean is a problem!!
Massive congratulations on 19K 👏👏👏 Yay YOU!!!
(Also, If you get a tax return, you're loosing money. You've lost the interest on all the money you let the government use all year. They earned the interest on it, not you. There are legal ways to keep more of your own money all year long, so you have it to put in the bank and earn the interest on. It's really easy. I always aim to end up paying just about $200-$300 in taxes, instead of getting a refund.

[michelleswanston]

I've used a lot of these tips and saved about 10k a year on a low/moderate income! I've done no spend weeks, but not brave enough to try a no spend month lol Regarding bill payments, the billing/payment cycle for my water bill is weird, so I set up bill pay via my banking app, and they send out a check, so my bill is typically 40 to 45/mo and so a $50 check goes out every month, and every few months I can just skip a month due to having enough credit. The only bill that I pay manually is my mortgage and that's due to having it advanced a month. Which is another way to have extra money on hand. It's my biggest bill, and I never feel pressured to make a payment by the 1st or the 15th, and worst case scenario, I can skip a month with no penalty if things were tight.

[QueenNajwa]

Glad to have come across this video, it is very affirming. Let’s me know I’m on the “right” path to getting my finances in order. I hope everyone reaches their financial goals ❤️👏🏾

[MindYourMoney]

hey Kim. that's good "don't spend that extra paycheck IF YOU DON'T NEED IT". good advice.

[jasminejones]

Thank you! I never thought to lower my phone bill. You just saved me $25. I went to my account and realized I wasn't even using these things.

[KatieoftheHouse]

Great tips, Kim!
I can’t tell you how long I flailed around trying to pay off debt without a budget, but I was YEARS. It may seem like. A basic thing, but so many people don’t want to do it. I’m so glad I finally started budgeting 😅
I really need to try a no spend month. That honestly terrifies me 😂