How To Save Money On A Low Income (Money Saving Tips)
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Published 2023-08-07
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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.
Expense Tracker: docs.google.com/spreadsheets/d/18BhD1pqfnlmrp_-3zx…
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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All Comments (21)
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What's another way to save?
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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.
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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.
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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.
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You repeating, "Take your broke ass home," gave me my first real laugh in a few days. Thank you!😄
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I ain’t got no money so I’m taking my broke ass to work 😂
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Great Video. I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains within months, I'm really just confused at this point.
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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!
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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 😊
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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 :)
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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
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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.
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I'm bringing dinner to work with me, save about 10 bucks
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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😂
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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.
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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
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Haha, take your broke *ss home! Love it!😂
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Born in 1989 and currently living in frugality. Your fan from the Philippines 🇵🇭
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I was logged into my internet as you were talking. I went to see my speed and I decided to change my plan to the bare minimum. I need to think about it for a day or so but thank you cause I didn't know how to go about it. They always convinced me that I was getting the best value every time I called to cut it off
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Omg I just tuned into your video for the first time ever. Your first tip and your humor automatically made me subscribe. I cannot wait to keep on watching 😭😊
