12 Ways On How To Save Money FAST On A Low Income

welcome to the frugal genius where you master your finances and learn all about money saving money on a low income can seem impossible how are you supposed to save if you're barely scraping by don't let this train of thought hamper your savings goals retirement buying a house and paying off debt doesn't have to be something that you put off there are some ways that you can save money even if you don't make much money before we jump into the video if you could please invest in hitting the like button so that we can get this video in front of other viewers looking for information just like this also be sure to subscribe so that you can be up to date on all our future videos so let's get into it the 12 ways on how to save money fast on a low income coming up number one budget a budget is the first step to any financial goal especially with saving it's impossible to know how much money is coming in and how much is going out without using a budget and tracking your expenses we will leave a link to a free easy to use monthly budget spreadsheet and saving tracker in the description below so feel free to download the spreadsheet to start tracking your monthly finances know your monthly mandatory expenses like rent and other bills and your non-mandatory expenses that include extras like going out to eat or cable from there you will be more easily able to see both what you can cut back on and your overall financial picture number two stay physically healthy it may not seem like staying healthy can save you money fast but it absolutely can healthcare and insurance is expensive and you don't have many options to cut down on those costs but staying healthy can prevent medical problems that may arise focus on exercising eating right not drinking excessively and quit smoking these steps can help you avoid unnecessary doctor or er visits if you have health insurance speak with your hr representative at your place of work they often include free annual visits like physicals and dental exams use these as preventative measures to stay healthy number three downsize your living situation many homeowners are house poor meaning that they can technically afford their mortgage or rent payments but at the expense of savings and other responsibilities this happens at all income levels but it's even more dire when you're already low income downsizing to a smaller apartment or home can quickly reduce your monthly rent or mortgage payment if you have an extra bedroom that is used for storage downsizing could be for you moving to a different location could potentially help as well try to find something a little further out of town if you can make the commute to work and you'll be surprised at how much you can save number four pay down high interest debt you'll have to tackle your debt head on when saving money on a low income high interest debt from credit cards or a personal loan can wreck any chance you have of making a positive impact on your savings accounts high fees and interest rates cause almost all of your minimum payment to go toward the interest rate and not your principal balance this can make it so that you are paying off your debt for years and pay five times the amount that the item was originally purchased for before we jump into number five please hit the like button and be sure to subscribe for more videos just like this number five find ways that you can have fun for free when you're living on a low income taking away any extra fun activities or hobbies that you enjoy seems like a gut punch already you're struggling with bills and taking away other things that make you happy makes saving money seem even worse but just because you're cutting down now doesn't mean it will be forever when you are trying to figure out how to save money fast on a low income reducing the amount of money that you spend on entertainment is significant number six eliminate car payments if you're like many americans you probably need a car to get to work or the store many cities and towns don't have a reliable form of public transportation so a car is a necessity not a luxury expensive cars however are a luxury and car payments are unnecessary if you are low income try to pay off your car early if you can't do that see if you can trade your car in for something cheaper cars can rack up thousands in annual repair bills only furthering the burden of a monthly car payment if possible find an old beater that runs and will get you to where you need to go once you reach your savings goals you'll be able to trade your car in for a nicer one number seven look at your food bill food is a major expense for americans it's a necessary expense but it's easy to go overboard impulse grocery shopping ordering delivery and going out to eat for dinner and drinks adds up quickly meal planning is a great way to combat impulse shopping and going out to eat creating a plan before you go to the grocery store for your meals throughout the week will eliminate the urge to impulse shop stick meticulously to your list number eight reduce unnecessary expenses for those looking how to save money fast on a low income reducing unnecessary expenses is one of the quickest ways to do so unnecessary expenses include cable streaming platforms podcast subscriptions meal delivery and expensive cell phone bills cut the cord with cable see if you can share your streaming subscriptions with friends listen to free podcasts and stop getting meals delivered you're most likely overpaying for your phone bill too so explore your options there number nine make some cutbacks in every expense category another idea for those looking how to save money on a low income fast is by making cutbacks in all of your expense categories cut down a little on bills living costs and discretionary spending like going out to eat or buying new clothes by cutting back a little in every category you'll still save money but you won't feel such an impact on your overall lifestyle this is one way that many find success who have trouble sticking to a budget number 10 don't leave free money on the table many employers offer a 401k match program for full-time employees while living on a low income it can be hard to see some of your money leave your paycheck to an account that you won't touch for maybe decades however contributing enough money to reach the company's matching policy is important not contributing enough to get your company's match is like leaving free money on the table when you're young you have time on your side through compound interest every little bit of money saved to retirement makes a huge difference in the long run it may not seem like a priority now but it's very important for a secure financial future number 11 put any extra or surprise money into savings extra money can include birthday money gifts tax refunds and bonuses these extras that aren't factored into your annual salary will help you get to your savings goal faster you don't have to put all of this money into savings use some of it on yourself if you've been making cutbacks but you should absolutely save the vast majority of it number 12 bring in more money the fastest ways to save more money is by bringing in more money in this case finding a part-time job may be just what you need to plump up your savings accounts you could get a job as a barista at a local coffee shop or at a grocery store some part-time jobs even come with benefits starbucks offers health insurance and free tuition to its part-time workers another way to bring in extra money is by selling items that you no longer need the online secondhand market is very hot right now sites like poshmark tradesy even facebook marketplace are great ways to make extra money you can sell items that you don't need or use anymore and put that money in savings we hope you enjoyed our list of 12 ways on how to save money fast on a low income regardless of your income there are ways that you can cut down on your expenses it may just take some work if you're a low income finding out how to save money fast on a low income will help set you up for a better financial future and a brighter tomorrow also please hit the like button and subscribe if you haven't done so thanks for watching and we'll see you in the next video

Channel: the frugal genius

Views: 69,853

Rating: 4.9286451 out of 5

Keywords: how to save money, how to save money with low income, money saving tips, save money tips, save money fast, save money challenge, save money motivation, save money or pay off debt, save money for house, save money on food, how to save money fast, saving tips for college students, how to save money fast and invest, how to save money fast and easy, tricks to saving money fast, how to save money for a house, how to save money to move out, how to save money fast as a teenager

Id: mN9cYNxstts

Length: 8min 57sec (537 seconds)

Published: Fri Jan 08 2021