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Saving money can be hard especially when the budget is so tight already but it is important no matter how much you make to try to save some of your money.
Here are 25 ways to save money, even on a low income:
1. Create a Budget: This is a necessary, but can be an overwhelming task. If you need some guidance on how to start check out budget basics for some tips. If you are ready to start tracking your income and expenses to understand where your money is going, I recommend starting with My Budget Binder you will be able to write down and see everything in your budget on paper.
2. Set Clear Goals: After you have looked at you finances on paper and are able to see where your money is going you will be able to start knowing where you can cut back and save. You will be able to determine what is important for you and make your savings goal. If you want to have a little fun grab my free Savings Challenge.
3. Cut Unnecessary Expenses: Is there a way to avoid that extra cost in your life? Sometimes is can be difficult to determine whether an expense is unnecessary or the saving of time equals money for you. Start with the is there a way to do this cheaper? What is the cost if I have to do it myself? This can help you in starting know if it is an expense that could be cut out.
4. Meal Planning: This was a game changer for my budget, time and stress level. Our family was really tired of eating the same meals every week. I decided to put a meal plan together, it took some time. But now I go to the store with my Meal Planner for a big shop max 2 times a month (saving time), I know what each meal needs so I only buy what I need (money save) everyone is happier with trying different meals and they get to vote on the ones they like (less stress). Preparing meals at home rather than dining out, has saved us large amount of money. When your bored you want to grab something fast and easy. But if you prepare your meal plan you can reduce the boredom with food by switching up the meals and of course using a crockpot a time, money and stress saver.
5. Buy Generic Brands: Try the generic or store brands instead of name brands to save on groceries and other items. If you have an Aldis, you can save a lot of money there. Aldis make a lot of their own food at better prices and 9/10 times the taste of the substitute for name brand is just as good.
6. Use Coupons and Discounts: Take advantage of coupons, discounts, and loyalty programs when shopping. I recently started using Swagbucks I earn points from taking short surveys and uploading receipts for purchases I’m already making, for me that’s a double win grocery deals then earning points. With the points you can get things like Amazon or Walmart gift cards.
7. Shop Sales: Purchase items when they are on sale or after season to save money. My favorite time to buy Christmas Decorations, any holiday really, is a couple of weeks to a month after the holiday is over you can get up to 75% off and it’s a surprise next year when you start decorating cause you have forgotten about it. For me this is like buying the item all over again and knowing I got it at a discount is big Yeehaw Yay!
8. Comparison Shop: Compare prices before making a purchase to ensure you’re getting the best deal. This is more important with big item purchases, don’t drive yourself crazy with things like every grocery item, that is where cost vs time and energy comes into play. A great example is, we had to buy a new car recently and we shopped it all over online before we went to buy. We compared mileages and price and had a good idea of what price we wanted to pay for how many miles that would already be on the car. At the end of the day we got a great deal, and found out how good a week later when a friend from work said she paid about $3,000 more for a car with more miles, eek!
9. Cancel Subscriptions & then Subscribe : Evaluate your subscriptions and cancel any that you don’t use or need. Consider also subscribing to some services that can save you money like Netflix ($7-$23) or Hulu ($7.99) a month vs going out to the movies ($20-$50) for 1 movie 1 visit.
10. Use Public Transportation: If possible, use public transportation or carpool (with a co-worker or neighbor) to save on transportation costs. Walk or bike if possible for short trips instead of driving to save on gas and transportation expenses and get a little workout. Even 20 minutes a day outside is said to reduce your stress levels.
11. Reduce Utility Usage: Lower your energy and water usage to reduce utility bills.
12. Unplug Electronics: Turn off and unplug electronics when not in use to save on electricity costs.
13. Lower Thermostat: Lowering your thermostat by a few degrees in winter and raising it in summer can save on heating and cooling costs. Pay attention when raising and lower the thermostat to only do it a couple degrees at a time, this save on cost.
14. DIY Projects: Learn to do simple repairs and maintenance tasks yourself to save on labor costs. Youtube can be your best friend when it comes to this.
15. Shop Secondhand: Purchase clothing, furniture, and other items secondhand to save money. Facebook marketplace can be a great resource for this, a lot of times you can get stuff for free. For kids clothes and shoes I always buy gently used, keep in mind they grow out of sizes every year, or if your going to buy new spend a little extra money but only buy 1-2 pairs of shoes a year. My favorite store is Once Upon a Time I always check there before shopping anywhere else.
16. Borrow or Rent: Borrow or rent items that you only need temporarily instead of buying them. The library is my favorite place for this you can borrow books, movies, and other materials instead of buying them.
17. Cancel Gym Membership: Exercise at home or outdoors instead of paying for a gym membership.
18. Limit Entertainment Expenses: Find free or low-cost entertainment options such as parks, museums, and community events. Also check out Groupon for deals on activities around town
19. DIY Gifts: Make homemade gifts for special occasions instead of buying expensive items. I always find a big winner at Christmas is the chocolate covered peanut butter ritz. My friends beg for them and they are really easy to make.
20. Negotiate Bills: Negotiate with service providers to lower your bills, such as cable, internet, and phone services. You might even have to switch services providers to get a better deal.
21. Use Cashback Apps: Use cashback apps or rewards programs to earn money back on purchases. Most places now how rewards and discount programs. I mentioned before Swagbucks that take from different stores but there is usually a loyalty program for each store. We used to use the Papa Johns one and we were able to get many pizzas for free.
22. Grow Your Own Food: Start a small garden to grow your own fruits and vegetables. Things like herbs and tomatoes are some of the easiest to start with.
23. Reduce Alcohol and Tobacco: Cut back on alcohol and tobacco products to save money. Cutting back is great for your health especially for the tobacco products. When purchasing alcohol try to find a warehouse where they sell in bulk for a cheaper price or when there is a sale stock up on your favorites. Also try price comparing the smaller size vs the bigger sizes you there is a pretty big price difference.
24. Pack Lunches: Bring your own lunch to work or school instead of buying meals, use a Meal Planner guide to help you plan lunches so you don’t get bored.
25. Avoid Impulse Purchases: Avoid making impulse purchases by sticking to your shopping list and waiting to buy purchases over $100 for 24-48 hours to give yourself time to think about whether it is worth it to spend the money.
Track Your Progress: Monitor your savings progress regularly to stay motivated and make adjustments as needed. Try the Savings Challenge to keep track of your hard work and don’t forget to reward yourself even small progress can add up quickly.
Implementing these strategies along with starting with your Budget Binder can help you save money and improve your financial situation, even on a low income. if you monitor yourself you will be pleasantly surprised at how much you can really save. I’m proud of you for starting your financial journey!