Saving Money When You Have Low Income.

First thing first, money is a necessary evil.

What is a life without money. Nobody gives a damn shit if you are poor without money.

For me, saving money for my future is essential because in my old age who knows where I will be and till I am alive I don't want to depend on others.

That doesn't mean I am going to save a lot of money for my children and their offspring. I would love them to earn for themselves.

In my lifetime, I have seen so many people fighting for their inheritance. I want to save the time for my descendants to fight among themselves.

And, what's is the use of saving a lot of money. After all, you can't take it after your death.

So how do you save more money when you’re making minimum wage?

How can you reach your financial goals on a low income?

When it comes to finances, it’s important to not only think about the now but also the future. Even if you’re earning a minimum wage, you can still save little by little.?

Well by nature I’m a spender. But as I have become older I have realized the value in saving money. There is a strength and security in having money available due to unforeseen circumstances. I have realized it’s best to not always buy something just because you can.

For example, I’ve paid off all my credit cards so if there is something more expensive I want I now have to save for it. I’ve learned it’s not smart to go in debt for experience s I can’t afford.

I’ve been in debt for a majority of my life and always thought that was just the way it was. I now realize, It’s okay to say no and I’ve learned it’s better to not always do what other people think is normal.

You don’t have to have a credit card and a mountain of debt to be normal. Sometimes I realize the benefit of the thing I thought I wanted is not worth the cost and sacrifice needed to get the item. I think sometimes we buy things without thinking about the cost and sacrifice it takes to get them.

So yes sometimes when I’m invited to join friends for eating out or going on a trip I don’t always accept. It’s okay I don’t always say no, I do like to eat out and travel. I just do it less often because I’ve learned it’s more enjoyable to do it debt free.

Disclaimer: The information on this POST is not intended or implied to be a substitute for professional advice. The opinions expressed within this article are the personal opinions of the author. All content, including text, graphics, images and information, contained on or available through this article is for general information purposes / educational purposes only, and to ensure discussion or debate.

Thank you ...As a person who likes to spend it is hard to not buy something - l love shopping and finding deals, but sometimes I feel the best sales are the ones I decide not to buy (100% off sale)

An effective tool I use is I avoid making the purchase right away and revisit the idea later. I also talk to others and do research on my options which in the end puts me in a better position to make a better purchase.

I’ve learned that I can save money buy purchasing used items including clothing. I’ve actually now enjoy getting a good deal - I feel great wearing a pair of jeans that I paid $10 for in a thrift store compared to the same item for $60 at a store.

So I’m wearing a shirt I paid $7 for that everyone else paid $40 from the department store. I love the fact that I drive around in a car that once sold for $39,000 and I bought it used for $17,000 with only 8,000 miles on it. So it’s like new but I saved $22000 that is something to truly enjoy.

Do you want to add word or two.....?

There is a point to saving, when you don’t owe money to others you actually enjoy your life more than having things that put you in debt. Some debts are good such as a mortgage on a house because over the course of time a house can appreciate in value so you can get the enjoyment and benefit of its use over time.

In order to start saving more, you have to tackle your debt head-on. Specifically high interest rate from personal loans, or credit cards, because they force you to pay outrageous fees and interest charges.

When paying off debt, you need an attainable, yet challenging plan to pay it off. Start by prioritizing your debt so you’re paying off the ones with the highest interest first.

Then, as you go forward, avoid accumulating any more high-interest debt, especially credit cards.

To save more, you have to take control of how much you spend. Choose the categories you want to indulge in and keep the rest of your budget as lean as possible. You’ll have to make sacrifices but it’s not impossible.

Your comments ...........?

Just learn to spend in moderation. For instance; cut back on how often you dine out. You can still enjoy a nice meal at a restaurant, just not multiple times a week.

If you can’t cut costs anymore than you already have, consider diversifying your income by starting a side hustle to earn extra money. Aside from your full-time job, you can get a job on the side to provide another income source.

Many side hustles can be done right from your own home in your spare time. Think about what you’re good at doing, what kind of hobbies can earn money, or what you already enjoy that can be turned into a side job.

If you have cut your spending to the bone and are still having trouble making ends meet, then it’s time to consider other sources of income. That could mean asking for overtime at work, starting a side hustle, selling off some of your possessions, or looking for more lucrative work.

If you want to live within your means, you need to be mindful of your income and spending. Otherwise, it’s impossible to get off the cycle of living from one paycheck to the next.

If you are looking to implement one of the rules, consider your current savings rate and what your goals are. If you are on track to get a raise this year — or a one-time bonus, like a tax refund — calculate how much you could save under each of the three formulas. Consider what it would take to save the highest percentage.