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10 Tips to Help You Save Money Fast on a Low Income in 2022

Being on a tight budget when you don’t earn a lot of money can make it almost impossible to save, but where there’s a will, there’s a way, and here are my tips on how to save money fast on a low income.

1. Set up a time frame and a dollar amount

The very first thing you’re going to do is set up a time frame and a dollar amount. When you are trying to save money fast and you already don’t earn enough, it is going to be a little bit tough. You’re going to have to give up things. You probably don’t want to give up, and it’s not going to be something that you can sustain for a long period of time. Having a time frame can also help you stay motivated because you know that there is an end date.

There will be times when you feel like you want to give up, but knowing that this is temporary and knowing that you have an end goal is going to help you hopefully stay on track and follow through during this time. You’re also going to make a plan for your income, which is called a budget.

You’re, going to write down how much money you make and you’re going to track all of your expenses. This is something you can simply do by writing on a piece of paper. On one column, you’re going to write your income, and on the next, you’re going to write the money that you spent. That’s going to include your bills, your groceries, your rent, everything that comes out of your pocket.

Having everything laid out on a piece of paper, is going to help you understand what things out of your budget can be cut off, what’s really a necessity and what isn’t?

2. Lower your rent

Next you’re going to lower your rent – and i know that sounds easier said than done.

This is not an option that a lot of people have, but bear with me, there are a few things you can try. You can move in with your parents or a family member if that’s something that’s available to you.

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Remember, this is temporary. You are only doing this for a short period of time, and it is important that if you have those resources available to you, if you have a support system that can help, ask for help.

For those of you who don’t have that option, you can always try to move to a cheaper apartment or move in with a roommate. Another thing you can try if you are a single person with no dependents, is renting out a room. That is something I have done in the past, and by the way, all of the things that I am suggesting in this post are things that I have tried and been through myself when I was low on income.

When I was in my early to mid 20s, I found myself in a situation where I could no longer afford the apartment that I lived in by myself, and I didn’t have a lot of options. So I ended up renting a room in student housing with three other people, and i was not even a student at the time, so that was tough. It was tough sharing the common area, sharing the kitchen, but on the upside I pretty much cut down my rent in half.

I ended up paying just half of what i was paying living by myself, and I had all of my bills covered, including internet. So I definitely recommend looking into that if you live in a town that has a university or even a community college.

3. Eat less when possible

This might sound a little bit controversial to some, but I’m going to suggest you eat less food. The cost of food and how much we spend on food is often overlooked by a lot of people during this time. While you focus on saving money, you’re going to eliminate eating out all together. That includes takeout, going out to eat with friends, coffee on the go, just anything and everything that is not made at home. You can also check out your local food pantries in your area to see if that can help you subsidize the cost of food.

By no means am I telling you to go hungry in order to save money. Please don’t do that. Food is such a big part of our everyday lives and something that we spend a lot of money on every single day or every single week. I’m just suggesting that you cut down on the unnecessary spending centered around food.

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4.Stop drinking

Next you’re going to stop drinking alcohol, reducing your alcohol consumption can save you so much money!

Think about it! When you stop drinking, you’re going to stop spending money on ubers, taxis, and on the food that you order when you’re drunk or the food that you eat the next day when you have a hangover. You’re also going to stop paying for people’s drinks.

For us women that could also include buying a new outfit If we’re going to be drinking while being social. I mean it’s just a good practice to cut drinking all together, while you’re focusing on saving money.

5. Sell stuffs you no longer need

The quickest way to make some extra cash that you can save is to sell things you no longer need.

Find clothes and shoes that you have barely worn. Websites like poshmark, ebay, and depop are excellent places to sell your stuff online. If you find electronics and furniture that you can live without, you can sell them on Facebook Marketplace.

6. Cancel all unnecessary subscriptions

Next, you’re going to cancel all unnecessary subscriptions. You’re going to take inventory of all the monthly subscriptions you’re currently paying for, and you’re going to get rid of the ones you don’t use and the ones you can go without. Remember, this is for a short period of time.

Do you really need four streaming platforms? If you perhaps don’t have a lot of time to even watch tv, you can always keep one and split the cost with a friend or a sibling or a family member.

7. Try a spending ban

Next you’re going to try a spending ban, a spending ban is basically a restriction on how you’re spending. You’re going to only limit yourself to pay for things that you absolutely need during this time and nothing more. Cutting all that unnecessary spending while you’re focused on saving money is going to help you develop mindfulness around money and give you the tools that you need in order to become more intentional with future purchases to stay on track.

I suggest you make a list of all the things that are necessities before you start your spending ban. Food is a necessity, but is going out to lunch with a friend really necessary? No, it isn’t right. You might experience a little bit of guilt during this period by having to say no to family and friends, just be honest and share your goals of saving money with those closest to you ahead of time. You can also offer alternative ways to spend quality time with them without having to spend money.

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8. Pick up a side gig

I can’t think of a better time to pick up a side gig than now. I know a lot of people hate hearing this, because there is nothing worse than being overworked, being underpaid, and being told by someone else that you need to work more. If you earned a little bit more money, you would be able to save more money. That is just how it works. This is only temporary, and you never know where the next site hustle is going to lead you, what connections you can make along the way, what skills you can develop, etc.

It can help you get a better paying job. We cannot rely on just one source of income to get by or to achieve our saving goals. See 9 Proven Passive Income Ideas

9. Put a spending limit on your card

Is there a quick money-saving tip? Set a spending restriction on your credit and debit cards. This prevents you from overspending and motivates you to plan ahead of time for your everyday expenses. This service is available from several banks.

10. Set up automated savings

Finally, you’re going to automate your savings. You’re going to set up an automated transfer from your checking account into a savings account that does not have a debit card attached to it.

You’re going to forget that it is there and you’re just going to watch it grow. Being in your situation is not a character flaw. Being in your situation does not define you. Please do not give up.

I hope that you can get some inspiration from this post. A little bit of saving motivation, whatever situation you’re in right now, is not going to define the rest of your life. You have the autonomy and hopefully the power to change your circumstances.

Is it going to be easy? Probably not, uh? Is it going to be done overnight? Absolutely not, but it can be possible, and I hope that’s the main takeaway from this post.

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