How to save your money on a low
budget
10 Tips For Saving Money When You
Have A Low income
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how to save money with a low income is something that
anyone can benefit from in today’s world, no matter how
much you make or don’t make. If you’re trying to
improve your financial situation, whether it’s because
you want to buy something big like a house or car, or
just because you want to have some extra cash on
hand, then it’s important to know how to save money
when you have very little of it. These 10 tips will help
you do just that!
1) Eat In
Whether you have $5 or $100 to spend on food, buying
groceries and cooking at home is your best bet for
saving money. If you’re low on cash, avoid eating
out—and keep a shopping list to make sure that you
only buy what you need.
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2) Start Meal Planning
Plan your weekly meals to ensure you have everything
you need on hand. If you don’t, there’s a good chance
that an extra trip to the grocery store will result in extra
money spent. And when it comes to saving money,
every little bit counts. You can even try meal planning for
breakfast and snacks—they’re quick and easy to prep
when things get busy in your household.
3) Don’t be afraid to grow your own food
Gardening is a great way to save money and enjoy
some fresh air at home. Simply grow your food in pots,
or consider adding a greenhouse for year-round
produce. Not only will you save on grocery bills, but
you’ll also know exactly what’s going into your food and
when it was grown. Plus, growing your own vegetables
can reduce obesity, diabetes, heart disease and even
asthma!
4) Get Out of Debt
Most Americans live with some form of debt, whether it’s
a mortgage on their home or credit card bills. The
average household has over $15,000 in debt and owes
more than $50,000 on credit cards alone. Cutting your
spending may be painful at first, but putting yourself on a
budget and paying off debt can be rewarding.
5) Check Out The Charity Websites
These days, there are plenty of amazing charities online
that allow you to buy used clothes and even items for
your home at a fraction of their retail cost. Check out
websites like Goodwill and The Salvation Army, as well
as thrift stores in your area. It’s an inexpensive way to
save money while also giving back.
6) Cut Back on Cable
The average cable bill in 2011 was $103, a $3 increase
from 2010, according to Leichtman Research Group. To
help save money when you have a low income, consider
cutting back on cable television by either using
over-the-air broadcasting or buying only those channels
you really watch (you can get many for free using an
antenna.)
7) Drive Less
Use your car less by carpooling or using public
transportation whenever possible. You can save
hundreds of dollars a month on fuel and parking
fees—not to mention wear and tear on your vehicle.
8) Change your mindset about things you can’t change
The first step in learning how to save money with low
income is to understand that you can’t change
everything about your life. You can’t change where you
live or what type of home you live in. You have little
control over whether you have a partner or kids and,
thus, if someone else is in charge of paying most of the
bills. In short, there are many things about your current
situation that are out of your control.
9) Learn New Skills
Set aside an hour to learn a new skill that will save you
money in your day-to-day life. This can be anything from
cooking a new recipe, to programming your thermostat
or changing your car’s oil.
10) Remember That Things Change
At some point in our lives, we’ve all experienced a
sudden drop in income or a run of high-cost necessities.
Instead of throwing your hands up and swearing off
everything you love, use these money saving tips to
save some dough when times are tight. Try to do things
that only cost $1 like taking a walk around your
neighborhood (after all, there’s no price tag on good
health) or playing board games with friends.
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