10 Tips to Save Money When You Have Low Income

At most times, we wind up never saving up anything at the end of the day. Why does this happen? This happens mostly because our incomes never come to terms with beating the modern-day inflation rate. Or on the other hand, we care more for a heart-felt job over an over-paying and dissatisfied job. In some cases, it’s just that our jobs pay low – and there are no justifications.

But how to make this situation better? It is through the aspect of saving up.

If you are wondering – how to save when your income is low, this article will tell you how.

How to Save Money When the Income is Low – Tips and Tricks to Learn

1) Utilize Savings Accounts

It’s a good idea to open a bank account solely for saving. Whatever amount of money is in your bank account, it can be tempting to spend it as long as it is there. Hence, keep a separate savings account, transfer a percentage of your salary to it as soon as you receive it, and don’t touch it.

2) Save! Save! Save!

Saving as a practice is not affected by your income. All you need to do is make the decision to save anything, whether it’s 5% or 10% of your salary. When you develop the practice of saving money, no matter how tiny, it will not seem strange when you start earning more.

Whether you’re a single parent or a family with many incomes, you should change your focus to saving for yourself and anyone who looks to you as a provider and role model. Deposit as much money as you can into a savings account each week and leave it there for an emergency.

Also, there is always one best way to save money for everyone – all that you have to do is find that one great method.

3) Close Off Debts

Credit card debt, education loans, and other debts can all prevent you from accomplishing your financial objectives. This is due to the fact that interest continues to accrue, making it impossible to pay off the total amount over an extended period of time. Set aside a modest percentage of your monthly budget to pay off existing obligations, and prioritize paying off high-interest bills first.

4) Eating Out Can Cost You Big Time

Meal costs have the ability to gobble away all of your earnings – no pun intended. While a few nights out with friends may easily cost hundreds of dollars in food and drinks, it is all too tempting to overspend. Instead, plan ahead of time and cook for yourself. Although it may be difficult advice, giving up alcohol will save you a lot of money.

5) Some Habits Aren’t Just Bad – They are Expensive Too

Bad habits not only harm your emotional and physical health, but they also cost a lot of money. Smoking, playing the lottery, drinking, making impulse purchases, gambling, and other such behaviors are detrimental to your financial health. Certainly, it’s a lot of fun when you’re doing it, but consider the cost to your health and bank account.

6) Entertainment Can Wait

Sorry, but that Netflix subscription isn’t necessary. If you enjoy leisure and entertainment activities, it’s time to cut back and focus on free and low-cost alternatives. For example, go to the library, go for a stroll or hike, or host a movie or game night at home.

7) DIYs are Great

There will always be things to replace or fix, and these repairs might be costly if you live on a limited income. You won’t be able to pay to replace everything that breaks or needs to be repaired right away.

Learning how to handle those repairs and replacements yourself could save you a lot of money because you won’t have to hire someone to do it for you. Simply go to YouTube or a dedicated website and learn how to do it yourself.

8) Lookout for Those Freebies

Do you need a haircut? Go to your local beauty school; they will do it for free. Do you need to work out? Check out Groupon, Living Social, or Yipit coupons for discounted workout courses. You may take care of your health and have fun for free or nearly free.

9) Unplug

Even if you’re not using your appliances, if they’re plugged in, they’re still consuming energy. Computers, televisions, phone chargers, stereos, microwaves, coffee makers, and other large appliances may be causing a spike in your expenses. Disconnect them when not in use to save money on your monthly electric bill.

10) Always Stick to the List

Create and stick to a shopping list. Always shop with a full stomach to avoid buying junk food. Use the 30-day rule to resist the need to buy unnecessary stuff so that you can always shop with a strategy.

There is more to this never-ending List – but make sure you start small – so it feels lighter on you.

Many of us intend to save money for rainy days, but it never materializes. Instead, unexpected expenses creep up, crises occur, payments are due, and the money disappears. Living on a limited income does not have to discourage healthy financial habits. No matter how little you earn, there is always an opportunity for savings. You may have to start small, but anything is preferable to nothing. This is how you will finally meet your earning objectives and become more financially stable.


We just can’t deny the fact that – saving is hard. It’s hard to even when you get a handful; just imagine what would be the case when you don’t have much. These useful tips can get you covered by knowing just what to do in these hard times. Get set and ready to make the best out of what you earn.

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