How to Save Money on a Low Income ⎟PERSONAL FINANCE TIPS⎟How to Save Money Fast

How to save money fast on a low income & personal finance tips // How to save money with a low income or tight budget with these practical tips and suggestions. Some people think it's impossible to save money on a low income.

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[lisapitts]

I have been on Disability for 8 years now, I learned how to be frugal and to think about any big purchases before making them. I am currently debt free and plan on staying that way.

[patrickadams]

Here are a couple of things i do to really save money....
1. I cancelled my gym membership and bought a good set of resistance bands (a one time purchase) and i now work out at home and as for a personal trainer....Youtube is amazing for that
2. Meal prep and food budget challenges.... i know what i am eating day to day and week to week and i only buy accordingly, including work lunches
3. A well stocked pantry and it sounds like it goes against what i am saying about number 2 but this one does take time to do, but if you build it up with a few extra cans of food at a time, you will reach a point where you will ony be paying for some fresh ingrediants for your meal preps.I also only buy certain foods a certain supermarkets because of the price
4. Bulk buying....when certain foods are on sale like meat for example, buy as much as you can within reason and stick it in the freezer...also work out which is cheaper to buy per 100g, the supermarkets actually have that on display... eg..i found out it's actually cheaper to buy the store brand rice in 1kg bags than buying a 20kg brand name even when it's on sale
5. Reduce your cable and streaming package with your friends....everybody subscribe to seperate services and everybody go round everyones places and have binge parties...with a bring your own sancks policy....your out of your own place a couple of times a week saving on your energy bill as well
6. Coffee...buy a coffee machine and make it home, supermarkets do seel the coffee pods from all the brands we love including Starbucks and Costa...now see number 4 and bulk buy the hell out of it when it's on sale.
7. Take out...learn to make it at home, the cost of making a pizza at home against ordering one in will shock you...again Youtube is amazing for this sort of stuff, there are literally thousands of channels dedicated to take out replica, i'm in the UK and i'll probably never have a Shake Shack burger but i now know how to make one and have done which is the next best thing
All of these changes do NOT happen overnight, it takes time....the best advice i can give above everything else is to be patient with yourself

[silverfish]

It s a mindset issue, more than a money issue, although very low incomes have it a lot harder

[mschrisfrank]

Ordering my groceries online has saved me so much money. When I actually see the total before I buy, I spend less...more than enough savings to cover the delivery fee.

[matildamaher]

Cash in the envelope or jars really works. That’s why cashless society will lead people to be more in debts. I rarely use my debit card. .Always pay yourself 10% of what you earn first and than divide your salary. Thank you for the wonderful tips on how to save money.

[eileeneclark]

4/3/21....As a single retired lady living on social security I make large meals & divide them into single servings + freeze leftovers for later. I save TIME + 💰 doing this ➕ only clean up the kitchen 1 time for multiple meals!
I also read the store ads & buy the "specials" esp store brands + Buy 1, Get 1 FREE for basic items I eat.
AND I buy fresh fruits & vegs in season when cheaper.

[anabettencourt]

Food is definitely a budget killer. I literally went over budget today. Great tips, enjoy how realistic they are.

[jellygurl]

I have a low income, what has really helped me in this Covid time is really sitting down and calculating your monthly expenses. See where your money is going and cut back on non essential spending. Also housing. I recommend staying with a relative temporarily, or renting a room. You do not need a fancy apartment.

[joycegonzales]

Eating less meat really helps. Many soups, spaghetti etc is just fine with less meat

[englishmomma]

One of things I do now is if I’m cooking a meal which can be frozen I will sometimes cook double, one to eat and one to freeze. This really helps for those days your perhaps feeling a little ill, I have a few back up meals in the freezer. Also with meal planning also check what you already have before shopping. This evening we had a fish pie with made with random bits of fish I already had in the freezer, already had some potatoes and peas so free meal.

[carmenyoung]

Word of caution to those considering refinancing your home: this can start the clock over on the amortization of your loan. This means you pay a lower amount monthly, but the majority of the payment goes towards interest and not the principal of the loan. Read the fine print! It is likely to be too good to be true.

[TraniaVirgoChic]

I never thought about saving that 5th check🤦🏾‍♀️ I just spend it. God Bless you for putting this information out!

[kimberlye]

When I started my debt free journey, I started cutting back on basic expenses first. Overall I saved $1, 000 per month, with the largest savings being in rent and medical insurance.

[cathymillar]

When I prepare a meal I always look at what I’m preparing, and what I could make for another meal with leftovers. Helps me with being reasonable with portions as well.

[denisebowman]

These are very helpful tips! Planning all things really allows me to budget. I’d like to mention many people are not living with the appropriate cost of living, living wage measurement. Some people really are making enough to just pay for necessities. I think we have to really discuss how to maximize your income in addition to saving because it is hard to save what you absolutely do not have

[fredswartley]

Excellent practical advice! I love the savings challenges that you talked about. I started the one dollar challenge a few weeks ago. It's a smart way to save money without feeling too deprived.

[jillygirl]

I save the change from purchases made with cash. If I save through clearance purchases, discounts, using coupons and the difference goes into my Emergency Fund

[jonnaborosky]

Thanks for this info. Another massive money saver is paying mortgage bi-weekly. That equals one extra payment per year. One a 30 year mortgage that generally eliminates 6 years of mortgage payments for every year you make that extra payment. Saves THOUSANDS in interest. Even one extra principle payment early on in the life of the mortgage can save thousands over the course of the mortgage. Not every one can make a lump sum big addition to the principle once, but every one can pay bi-weekly. That's another way of using the extra paychecks that come through the year. There's still some left over for savings, too.

[zoewearsinc]

I just love how you go straight to the point! Your content is quality and that makes me automatically like every video of yours I watch without feeling cajoled. 👍

[deshawnbrown]

I love all of the tips but I wish someone would have realistic ones for single parents who don't make over $60k/yr. You can't squeeze blood from a turnip.