How Can I Save Money on a Low Income?

If you don’t make a lot of money, then you know how hard it can be to save. You just don’t have a lot of wiggle room to stay on top of all your bills and responsibilities as well as put some aside for a rainy day or your retirement. Nonetheless, there are ways to cut corners and save money on a low income. The good news is that it doesn’t have to be grueling and thankless – you can save money on a low income and still be very, very happy.

Once you’ve paid off your rent or mortgage, you probably need to pay off all your other bills, like your credit cards, student loans, car payments and others. These come first, and when it comes to voluntary debt, like a credit card, then the first step toward saving money on a low income is to stop spending it through your credit card. You can save money on a low income by looking at everything in terms of “need vs. want.” Do you need a new car, or do you want it? Do you need to eat out, or do you want to? Once you ask yourself this fundamental question you’ll be able to pull back on your discretionary spending, and put it into your savings. That’s half the battle right there.

Another technique for saving money on a low income is to take advantage of whatever’s offered free. It saves you money to go to the museum on the day it’s free. A hike in the mountains costs a lot less than a movie, and it’s better for you, to boot. By looking at your choices this way, you’ll be able to save money on a low income, even if it’s only a few dollars per week.

If you can afford it, consult with a financial adviser on ways to save. If you can’t, don’t worry – you can always peruse the Internet for new ideas. And if you don’t have a computer, don’t sweat it. Your local library should have one you can use for free.