Is your budget starting to tighten? You’re not alone. To counter that, it may be time to look at your daily expenses and see where you can cut back.
Your station in life or how high your income is has little to do with how much you can save. It has to do with the specific strategies you put in place.
How To Save Money On A Low Income
You don’t have to make a lot of money to save your cash. The key is to be frugal and smart with your money.
First of all, you should jot down all your expenses. The reason why it’s important is because you’d be surprised to learn how much you’re actually spending if you just write it out.
1. Create An Emergency Fund
One of the most important ways to save cash is to take your leftover cash and create an emergency fund. It doesn’t have to be a lot of money.
If you’re able to stash away $20 a week or even a month, it will add up in one year.
Here’s how to save $300 really fast.
2. Reduce Your Cell Phone Data Plan
3. Eat What’s In Your Fridge
4. Cancel Old Subscriptions
Sometimes your subscriptions get stale, meaning you don’t use them anymore or as much. That’s why you should do a subscription audit and cancel old ones.
5. Use Digital Or Print Coupons
The next time you see the crazy coupon lady on aisle 7, ask if she’ll teach you a thing or two. Coupons are the easiest way to save money at the grocery store.
You can clip coupons from sales flyers in the store or go online; either way you save money.
Here’s how to save with coupons.
6. Buy In Bulk
Believe it or not if you buy in bulk, you’ll get a better price than if you bought food wrapped individually.
That means places like Sam’s and Costco will get your grocery dollars, but it’ll be worth it.
7. Be Flexible With Your Travel Dates
When it comes to saving money on travel, knowing when and the best time to book your trip is half the battle.
Travel experts say that if you book a flight between 21 and 30 days out, you should be able to get a deal.
But no matter what, it pays to be flexible with your travel dates. Use Google Flights to find wiggle room in the days you plan to travel. You’ll be thankful for the money you save.
8. Fly On A Budget Airline
If you really want to just get there, avoid the United and Deltas of the world by flying on a budget airline. You can save up to 60% on your airfare by choosing low-cost airlines that fly in smaller or regional airports.
Don’t know of any budget airlines? Check out WhichBudget.com to research some carriers.
Here are some of the best budget airlines:
9. Open A Savings Account
One of the most formal ways to put money away is to open a savings account. What’s so attractive about opening a savings account is that you can really gain some ground if your APR is low.
To open a savings account, visit your local bank or credit union.
10 Set A Savings Goal
11. Don’t Spend Extra Money
12. Open A 401(K)
If you can open a 401(K) retirement plan with your employer, please do so. The money is tax-free and can be matched by your employer up to a percentage.
If you’ve worked at a job that matches your 401(K) for years, you can earn a pretty penny.
Here’s what to know about a 401(k).
13. Pay Off Your Credit Cards In Full
If you happen to swipe your credit cards often, that’s OK. The key is to pay off your credit cards at the end of every month.
Not only does paying off your credit cards build your credit, but it means you pay zero interest and can save that money.
14. Designate A ‘No Spend’ Day
Sometimes you have to spend money, but you may find that some days you can go without using your wallet. These “no spend” days can really allow you to save money if they’re done on a regular basis.
15. Turn Off Your AC Or Heat
If the weather is nice, you may be able to turn off your air conditioner or heat. This practice to keep the money you make in your own pocket instead of giving it to the energy company.
Last Words
Saving money may seem like a lot of small steps, but it really is about adopting a lifestyle. Some of the things you can do to pull back your expenses will change your habits for good.
Not only will this help your finances, but it can lead to some real healthy lifestyle changes that benefit you.