Are you on a low income looking for ways to save money? You came to the right place. Saving money on a tight budget is not always easy, it can be very challenging. This article will show you very practical ways on how you can easily save money on a low income. With determination and correct information, it’s doable.
Having the right mindset changes everything. For you to save money you need to have a positive mindset towards money. A saving mindset. It requires discipline and motivation. Having a low income doesn’t mean you can’t enjoy life and in fact, live comfortably.
Simple ways to save money that you can easily incorporate into your lifestyle. It’s very possible to live on a low income without being stressed and depriving yourself of the necessities. It all starts with having a positive mindset that you can do it. Then starting slowly maybe with 3 money-saving tips then keep adding more. This doesn’t mean you can’t splurge on important things, it allows you to do so without getting into debts.
Learn how to save money on a low income and live frugally below your means. 21 money-saving tips on a tight budget to prevent you from being overwhelmed. You can start with just a few and add more tips as you go on.
If you want to learn more ways to save money fast check the posts below:
10 Easy Dave Ramsey tips for saving money and improving your financial situation
Smart money saving tips: 19 Ways to save $500 + each month
How to live frugally on one income in 2020 (45 frugal hacks for saving money)
11 Easy budgeting tips for beginners you can’t afford to miss
21 Habits of highly frugal people that will surprise you
(This post may contain affiliate links. Please read my full disclaimer for more information. As an Amazon Associate I earn from qualifying purchases)
Ready to learn how to save money on a low income?
1. Cut out unnecessary expenses
Do you have non-essential expenses you are spending money on? The things you can’t justify. For example, it doesn’t make sense to have cable, amazon prime, Netflix, Hulu, and YouTube premium at the same time. It’s a waste of money. You can simply opt for one only. It’s the small changes that make a huge difference and provides you with a great way to be more flexible with bills.
Do you have a gym membership that you haven’t made use of it for a long time? If that’s a yes, it’s time to let go. Gym memberships are crazy expensive and you can find better alternatives. There are so many YouTube fitness guru who are doing videos for free or even apps that offer free workouts which you can upgrade when necessary and it will still be cheaper than what you are paying for an actual gym.
A simple way to cut out unnecessary expenses is by reevaluating your bills. What bills are you willing to downgrade or cut out completely? Have in mind that you will have to make some sacrifices to save money fast on a low income. Look for cheaper alternatives.
2. Make use of cashback program
Do you like shopping online? Cashback programs are an amazing way to save money on a low budget. They allow you to earn cashback and to get amazing deals discounts and offers. My favorite cashback program is Rakuten formerly known as Ebates.
Rakuten pays you for shopping online through their website. They have hundreds of online stores such as Amazon, Kohl’s, JcPenny, Walmart, Macy’s, and more. You will get amazing deals, promo codes and discounts for most of the items, you never have to pay full price for anything you buy online again. Take advantage of this cash back program and save huge money from your online shopping.
Simply install the Rakuten chrome browser button and every time there is an offer you will get a notification of cashback possibilities. All you will have to do is to click the activate button.
If you want to make extra money from Rakuten you can sign up to be an affiliate here and you will get paid for people you refer to them. The more people you refer the more money you make. You can promote Rakuten on your blog or on social media platforms like Facebook.
When you sign up to Rakuten you will receive a $10 sign up bonus which you can transfer to your PayPal account or redeem for Walmart gift cards.
Sign up here for free and get $10.
3. Start a side hustle
Starting a side hustle will help you to make extra cash weekly or monthly which will put you in a better place financially. You will be able to reach your financial goals faster. Whether you are saving toward a vacation or maybe you want to pay off a debt whatever your reason is, a side hustle will for sure help you.
There are so many money making ideas you can start that require a minimum to no investment and no prior experience. One of the best side hustles is blogging. There are so many bloggers making more than $2000 per month and I know a few bloggers who are now making a six-figure income and they have quit from their 9-5 job. Check out this income report of 16 bloggers who are making money from their blogs.
Starting my blog is one of the best decisions I have made, it has allowed me to work from home and make money while doing so. I love the flexibility and the freedom that comes with it as I get to set up my working hours.
If you are interested in starting a blog, here is a detailed step by step guide on how to start blog stress-free. You can begin with as little as $4/month.
Below are a few side hustle opportunities for you to check out.
18 Creative ways to make money fast this year
15 Stay at home mom jobs that’ll make you extra cash
9 Money making ideas that will make you rich
Remember to use these link to get 50% off Bluehost Hosting (from $7.99 to $3.95 per month) when starting your blog. I recommend starting your blog with Bluehost as it’s one of the most trusted and reliable Web hosting providers, has 24/7 customer service support, a money-back guarantee, you get a free domain for a year and WordPress is automatically installed for you.
4. Make money with Fiverr
You might be wondering but I thought this article was about how to save money on a tight budget? You are right on that but taking advantage of Fiverr allows you to make more money that you can save. Fiverr is one of the largest marketplaces that allow you to make money online by offering your skills.
Recently so many companies and businesses are outsourcing for some of their tasks which means freelancers are in demand. If you have skills like graphic design, social media management, writing, voice-over, proofreading, coding illustration, or translation then Fiverr is the best place for you to start. Simply create a profile and share it with people.
The potential of making money online with Fiverr is so huge as you can offer your services starting from $5 to $1500. Fiverr also allows you to sell a service in 3 different versions like Basic, Standard, and Pro. This helps you to charge appropriately depending on your skill level.
The best part is that you can do it while taking care of your family as it allows you to work at your schedule. You get freedom and flexibility.
5. Use the 50-30-20 budget plan
Have you tried the 50 30 20 budgeting rule? It’s one of the best budgeting methods that will help you save money on a low budget. This method helps you to divide your income and allocate it accordingly. 50% goes to NEEDS, 30% goes to WANTS and 20% goes to SAVINGS.
Needs can be things like mortgage or rent, food & groceries, bills, and transport. Wants include things such as holidays. Savings can be an emergency fund or a debt payment
6. Create a budget and stick to it
Creating a budget is the first step to save money on a low income because you become aware of the money at your disposal and you will be able to live below your means. Create a budget and make sure you stick to your budget.
You need to know the amount of money you are working with. To come up with a budget simply identify how much your monthly income is and your expenses. Your expenses can include rent or mortgage, electricity, water, and even groceries. Then subtract your expenses from your monthly income and some of the amount remaining can go to saving or debt repayment.
A budget helps you to account for every dollar you have. You will be able to see where your money is going and what expenses need to be cut down. Without a clear budget in place, you will just be blowing off your money.
A budget helps you to account for every dollar making sure that you are using your money wisely. You will have a clear understanding of where your money goes too. Creating a budget might not be the most interesting thing to do but it will help you achieve your financial goals faster.
7. Unsubscribe from emails
Companies PR departments are good at sending a promotion newsletter. They make sure they include all the discount codes and offers to draw you in. To avoid temptations just unsubscribe from their marketing emails at the bottom of the email.
8. Pack lunch to work
Pack your lunch to work as many times as possible. Depending on your location lunch can cost you an average of $8-$12 which means if you get into the habit of carrying packed lunch you can end up saving hundreds per month. Your lunch doesn’t have to be fancy you can make a sandwich or you can carry leftovers. If you don’t own lunch boxes this one is awesome. Microwavable, durable, leak-proof and affordable.
This is another way to save money fast, which might not be easy at first if this is something you were used to but with the saving mindset, it’s achievable.
9. Save money on a low income: Stop impulse buying
This is where sticking to your budget comes in because most of these impulse purchases are never in the budget. We have all been there, seen and bought things just because they looked good or simply because you must have it. Two realistic ways to stop impulse buying is always having a list with you and stop going for leisure shopping.
Implement the 72-hour pause where you allow yourself to think whether that item is worth it at all. If the item fits with your goals and if you have the money within your budget then you can buy it.
10. Reduce utility bills
Paying for things like electricity and gas is a must but there are so many ways you go about reducing the bills. Depending on where you live you can look for cheaper alternatives. Some of the ways you can cut your energy bill by half are switching of the lights when not in use, switching to LED light, and turning your thermostat down. Here are 11 more ways to save money on electricity and 15 smart ways to save money on utilities.
11. Save on food
- Learn how to meal prep
Meal prep is one of the greatest ways to save money on low income as you will be able to cut your grocery bill in half. Planning your meal will help you to only shop what you need to avoid wastage. Before your grocery shopping trip take some time to identify the meals you want to cook in advance and list all the ingredients you need. Which means you only buy the right portions resulting in minimal food wastage.
Meal prepping can be overwhelming especially if you a beginner. The $5 meal plan by Erin is a great place to start as it takes away all the guesswork and provides you with a grocery shopping list.
$5 meal plan is a great place to start. It’s a budget-friendly service that makes meal planning possible. You will get cheap meal-prep recipes sent straight to your inbox every Friday for one week, curated shopping list and every meal is made to cost no more than $2/person.
For $5 a month, they will send a meal plan where every meal will cost $2 per person and sometimes even less. No need to get stressed in the evenings trying to figure out what to make for dinner now. It’s takes the guesswork out. Super easy to follow recipes and you will also get a shopping list to help you organize your grocery trip.
Try $5 Meal Plan (and get a free 14-Day Trial Period only when you sign up here!)
Related: 19 Healthy meal prep ideas for the week to simplify your life
- Cook in bulk and eat out less
This is one of the money-saving tips that will help you scale back by big margins. You will get to save a ton of money every month. Eating out is expensive. Yes, it’s convenient but it will cost you money that can be put to better use. With meal prep, cooking at home is now easy.
Cooking at home is cheaper and you get to enjoy healthy meals. On the internet, there is all sort of recipes whether you are on the keto diet, vegan whatever dishes you want you will get them. There are also those days we are so tired and the last thing we want is to start cooking we just want to heat something really quick, that’s where cooking in bulk comes in. Set aside a few days probably on the weekend to do your cooking.
Slow cooker recipes, Instant pot meals, and crockpot recipes are great for cooking in bulk. Super easy to make as in most of the cases you dump everything and go. If you don’t have an instant pot, invest in one, and cook more at home and in bulk. Below are a few recipes to get started.
Healthy instant pot recipes perfect for busy weeknight
17 Healthy instant pot ground beef recipes
- Eat less meat
Eating meat at every meal is expensive. To cut the cost you can eliminate meat from your meals for a few times a week. You can easily substitute with a healthier alternative such as beans, lentils and there are so many delicious meatless recipes you can try like these 15 easy vegan recipes you can make on a tight budget.
- Stock up when items are on sale.
This is a big way to save money on a low income. Try and stock up on staples such as toiletries, pasta, and canned items. If you are in the market for something big like a kitchen appliance wait for a sale. It doesn’t make sense to pay full price if you can pay half for the item if you wait a few months.
- Make your condiments
With all the YouTube tutorial videos making things like salads dressing and spices is now so easy. You will get a detailed step by step guide with all the ingredients you need.
- Grow whatever you can
Do you have a small farm or place you can plant herbs in pots? It doesn’t have to be a huge project, it can be a couple of pots of fresh herbs on the window sill. This means you will be eating healthy food and organic. Some of the herbs you can start with are parsley, cilantro, and basil.
- Stop buying bottled water
Bottled water is expensive. The $3 or $4 adds up so fast without even knowing. If your water is not safe, get a water filter which will make it possible for you to save money fast. All you will need is a durable lightweight water bottle where you can use to carry water from home when you are out and about. This Brita filtering water bottle has a water filter directly in the bottle making it a great investment.
Check out this super affordable and long-lasting water filter if you are in search of one. Water filters give you quality water which is safe for drinking.
- Take advantage of Groupon
Groupon is a service that allows you to save money fast through virtual coupons. The amazing deals on the best things to do, see and buy in a variety of cities across the US. It helps you to save money for fun stuff to do and the deals are only available for 24-72 hours after being posted.
12. Buy secondhand
A simple way to save money is by buying used. Just because something is secondhand it doesn’t mean it’s not good or it’s not high quality. Make it a habit of checking thrift stores or goodwill first, you might be surprised at what you get from there. Also browse online places such as Facebook Marketplace, eBay, and Thred up.
Items such as clothes you can easily find at thrift shops and with kids, they outgrow their clothes so fast and you have to keep replacing after a few months. You get huge discounts shopping at second-hand stores.
13. Go zero waste for a week
Going zero waste for a week is another great way to save money on a low income. This means consuming everything you cook or buy for that week. It helps to use up all the items before they go bad. There are so many ways you can make leftovers look like a new fresh meal for instance by adding one simple ingredient.
14. Buy generic
Generic is way cheaper than well-known brands. Generic products will do equally good as the brand product so it doesn’t mean you are compromising on the quality. If you check at the product label you will notice that the ingredients are the same most of the time. You might not want to buy everything generic but things like cleaning products, toothpaste, pasta, diapers, and seasoning are just as good as name brand equivalent.
15. Always use a shopping list
This stops you from impulse buying. You should only go shopping when you have a shopping list. A shopping list helps you to stay on track and on the budget we know how easy it is to get sidetracked at the grocery store. Check your fridge and pantry to see what you need.
Avoid shopping when you are hungry because you will end up buying unnecessary things. We all know how tempting those snacks at the end of shopping isle are. When you are hungry you end drooling over all the food at the grocery store.
16. Buy seasonally
You will save money fast by buying seasonal produce simply because it’s cheaper. For example, things like strawberries are cheaper when they are in stock. Check out for the in-season fruits and vegetables buy in bulk to freeze and use later in your meals.
17. Do it yourself
Before you hire someone to fix something in the house, check YouTube. There are so many how-to tutorials on almost all the topics. You can also do handmade gifts such as birthday and graduation cards. Handmade gifts are always sentimental.
18. Save on travel
Travel is expensive and especially on a low income but there are ways around it. The first thing is to travel off season, which means that the flight is cheaper, tourist destinations are also cheaper and the locations will be less crowded.
Instead of going abroad think of a stay-cation which is a great alternative you get to see different place and create wonderful memories without incurring the travel expense.
19. Buy in bulk
In most cases, buying in bulk is cheaper but always counter-check to make sure you are saving money. Items such as beans, rice pasta, canned food, and washing powder. Things like nappies and baby wipes are cheaper in big packs.
20. Stop using paper towels
Paper towels are wasteful and not environmentally friendly. They also cost a fortune. If we are super honest with ourselves it might be difficult to do away with paper towels completely but we should minimize the number of times we use them. These washable and reusable cloths are way better as they are durable, super-absorbent economical, easy to clean, zero waste, and budget-friendly.
21. Sell the items you no longer need.
Selling the items you don’t use is a fantastic way to save money on a low income. You get to make extra money that you can save and declutter your home. So this is a big win. Do you have clothes, shoes, jewelry that you no longer wear? Why not sell them on sites such as eBay, Poshmark, or Craigslist.
Decluttr is an amazing place where you can sell electronics like CDS, Tablets, Phones, and DVDs.
Saving money on a low income is more than possible, all it takes is to make wise money decisions. Creating a budget is the first step and you also need to be on the same page with your spouse for these money-saving tips on a low income to be effective. Learning how to save money is more possible with the right mindset.
I hope you found this ideas on how to save money on a low income super helpful and realistic to implement in to your daily life. If you have any question, don’t hesitate to reach out.
