Saving Money How To Save Money Even If You Have Low Income

[AmaliaTG]

Saving is the foundation of your financial success even if you have spending problem or having much thought to saving money. Setting money aside can be so hard for alot of people but today I will share with you tips on how to save money even with low income but first you must implement habits and practices that are going to pay off because saving money should become part of your daily activity.

1. Setting up your budget- Set a budget such as expenses like your rent, food, transport, clothings expenses and things in your house. This will allow you to monitor yourself when it comes to saving for the future.

2. Stop spending too much - Identify what is it that Triggers your mind to make you spend unnecessary. Did you know that boredom can make you shop and spend too much? Make sure you always keep yourself busy from thinking of money and how you will spend money.

3 Apply The 30 Day Rule- This means that you will have to do anything and everything to make sure you don't purchase things until 30 days have ended. Not to say that you can't buy your daily needs but it's best way is to buy your needs in bulk and ensure it will take you for 30 days so that you don't spend anything during the rest of the days of the month.

4. Have Additional Streams Of Income- This means that you must have side hustle for you to increase your income and there this will make you save more. Don't just rely on your one job, push yourself to do some 2 side hustles and the income of those side hustles save them. Remember to implement this daily for you to see results.

 

[Augusta]

These are all valid point but it sometimes don’t play out in reality like the 30-days rule. You can’t exclude unexpected expenses. Like this week just yesterday I had to buy a new battery for my laptop . this is an expense that was never in my budget for this month but I had to buy to enable me work

 

[AmaliaTG]

These are all valid point but it sometimes don’t play out in reality like the 30-days rule. You can’t exclude unexpected expenses. Like this week just yesterday I had to buy a new battery for my laptop . this is an expense that was never in my budget for this month but I had to buy to enable me work

You are correct. And it's okay to spend when you are forced to spend without you planning for it or expecting it. And am sure the money you sure to buy the laptop battery was for savings. Otherwise savings are good especially if you are being disciplined about it and I have never saved my money in the bank but I always have a saving bot at home where I save my money so that in cases of emergencies I can easily access it. Saving in the bank limit you, you will have to finish 3 and above months for you to use saving, good thing is that saving in the bank comes with interest.

 

[Setho]

The biggest shot that you are going to have to saving enough money when you are not earning enough used to try to set an earning or a saving goal. You also have to drastically reduce the way in which you spend money and by doing so you will have to call out a lot of unnecessary things that are in your recurring expenditure.

 

[Chibson]

This is definitely very important for people that really want to save money for something in the nearest future. Making budgets is one of the best ways in which you can save money because it is important for you to write out everything you want to buy and allocate certain money to them.

 

[btaliat]

The last and the first methods are the surest ways and easiest. Saving like I always say is a habit that needs to be developed as a result of discipline oneself. It doesn't depend on the amount one is earning. I have seen someone that's earning large and still not have good saving.

 

[AmaliaTG]

The last and the first methods are the surest ways and easiest. Saving like I always say is a habit that needs to be developed as a result of discipline oneself. It doesn't depend on the amount one is earning. I have seen someone that's earning large and still not have good saving.

Yes it's very important to save money in a way that will keep you in the future because you never know when you will need it and also saving money keeps you secure financially and even mentally free knowing that at the back of your mind, you have some money somewhere. Saving money is definitely very beneficial.