Saving on a Low Income
If you are earning on a little income then, its ok, don’t worry. But suggestion which I recommend that to put your income in the bank because, that will help you in saving your money even if you are living on a limited income. So, this suggestion will surly help you in saving your money.
When you are living on a low income, it will be really hard to save your money from this like it is hard to save money for emergency fund, retirement, car and etc. we have to learn about the finance that how to control and utilize that so, even in this time you can also save your money for the future needs or for the family. You can save money even you have low income so there are some of the tips which help you in saving your money if you have low income.
Most of the time, it become difficult to save money because house costing effects a huge chunk on your income. So it is the best option to spend on your house cost is less or equal to 30 %. But it is quite difficult in some of the countries, on the small income. But there are also so many other best ways to deal with it.
If you have your own house then you can take mortgage at the low rate and save some of the money and also put them into some investment.
If you live alone then you can also find one or two roommates and take rent from them so this thing will also save your money.
Plan about shopping
Never start buying all the things which attracts you or you feel you like it and don’t spend on extra items. If you want to spend less and save your money then first thing to do is to make a written budget and follow it. If you follow this then you see a large amount of money your save from the limited income too. So, if you do this homework then you will spend according to budget not like in real.
When you have budget plan and you divide your money according to what you need then you just spend according to your needs and don’t waste the money.
Buy used items
If you want to save your money with low income then you have to buy used things like; used car, used electronics and etc. but sometime there are so much good deals like a new product which is not used but only the packing is opened or damaged. So there are also online things are sold, you can also check them, even there are so much low price things are available and you can save your money.
Don’t use credit card
Keeping the credit will make you poor. When you use your card you spend more than the real value of item because it is easy to carry and use everywhere you just have to swipe it and buy item pay later so, the best thing is to use the cash only and divide the cash according to your monthly budget.
Save from the small things
You can save money by not ignoring the small things like save you change, save your gas, walk more instead of taking taxi and make your dinner and lunch at home , don’t go outside for movie every day and any other entertainment so, by doing this thing you will see you save so much money.
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When you do for shopping or buy for the grocery then you can use the coupon because this thing will surly help you in saving money or if you do more shopping then your coupon will be double and it will help you in buying thing for no cost or there is also discount coupons and coupon cards on which you get points on every item.
Willie M. Frank
3817 Carriage Court
Homestead Valley, CA 92284