Saving Money How To Save Money While Living In Poor Neighbourhoods?

[Good-Guy]

Saving money is one of the essential things in life because saving money is the key to have more money in the end. There are so many people in my city who tend to live in poor neighbourhoods. The fact of the matter is that there are so many people who reside in poor neighbourhoods. One of the main reasons why many people reside in such areas is due to the fact that the rent of the houses in those areas is quite low. I have visited such an area and found that the rent of such area was around just $70 per month. However, conditions and situations of those areas are quite poor.

For example, electricity outage and the problem of water is supply is present in those neighbourhoods. Apart from that, there are other problem as well in such kind of areas. For example, some sophisticated people might face certain problems while living in those areas. As far as the problem of electricity outage is concerned, the electricity supply gets disrupted after every two hours and those neighbourhoods have really poor infrastructure. Having said that, saving money in those areas might be much easier if you are ready to sacrifice your lifestyle. So, how to save money while living in such areas?

 

[Abigael]

It would be so difficult to live in such a poor neighborhood with very poor living conditions. You may be saving so much money but you will hate the life that you live there. Especially if it is in informal settlements and there is so many security issues plus those electrical outages and poor water supply.

Personally, I prefer living in a middle class neighborhood where the living conditions are much better but I can still manage to save. It is very possible to live a good life and still be able to save money. So you should not put yourself into living q poor lifestyle for the sake of saving money.

But if you have a certain plan for the money you are saving and the informal settlements are the only place you can live in order to save, then you can go ahead and do it. You can learn to tolerate the conditions and save as much as you need.

But for the sake of your health and wellness, it is always best to live in a good environment. One that you can good access to good good, good air and clean water. Also, security matters a lot in the place that you live in.

 

[Shaf]

Saving money does not really have to be affected by the environment you stay in, in my opinion.

Whether it's an exotic or poor neighbourhood, saving depends on how you as an individual plan and execute your finances.
Infact, it's even possible that someone living in a rich neighbourhood saves more than someone living in a poor neighbourhood on the same income.

If the first person does have access to better and cheaper amenities, he can cut costs of living by buying in bulk, spending less on repairs and maintenance and live a more comfortable lifestyles.

Instead, I think it's better to focus on two things that really help you save more; increasing your income and then reducing your expenses.
Then have a place to save that's safe and secure and if possible too, out of your reach for a while .

 

[Good-Guy]

Saving money does not really have to be affected by the environment you stay in, in my opinion.

Whether it's an exotic or poor neighbourhood, saving depends on how you as an individual plan and execute your finances.
Infact, it's even possible that someone living in a rich neighbourhood saves more than someone living in a poor neighbourhood on the same income.

If the first person does have access to better and cheaper amenities, he can cut costs of living by buying in bulk, spending less on repairs and maintenance and live a more comfortable lifestyles.

Instead, I think it's better to focus on two things that really help you save more; increasing your income and then reducing your expenses.
Then have a place to save that's safe and secure and if possible too, out of your reach for a while .

I do believe that living in a poor area will save you money because usually the expenses are not that high in those countries. I have visited many poor neighbourhoods in my city and the rent of the house is just really low, but many people would avoid living in there because that area is not safe and criminal activities are quite common in those areas. Those areas also have a really poor infrastructure and the kind of people who live there are also not that good. Those areas have really poor environment. For example, the sewerage water always flows on roads and the roads themselves are not that good. A lack of supply of electricity is also a big problem, as I already mentioned.

Apart from that, those areas might also have a limited amount of water supply. This is why the rent of such areas is so low. I might be possible for someone to live in those areas and save money, but they must compromise a lot if they want to save money. Living in rich neighbourhoods is an expensive choice because majority of the people living in rich neighbourhoods have to pay a lots of money when it comes to living in those areas, as the standard of living is quite high in those localities.

 

[Shigobad2020]

I understand your point that the kind of life you are living might affects how much you can save , I have a friend who's not married staying in a two bedroom apartment paying #150,000 every year and the other friend living in a room and parlour of just #50,000 in a year , the second friend was able to save the remaining #100,000 and was able to buy a land the following year and he started building his house .

Cutting your spending most of the time will make you save more , for example if you are the clubbing type of person , the money in which you used in going to club can be saved and might go a long way of you continue saving some of the money
Though I dont support .stayingbp in a poor environment because you wanted to cut your spending but you can still get a clean and affordable house.