7 Ways To Save A Lot Of Money On A Low Income!

Today I'm going to share 7 ways to save more money regardless of your income. In today's economy, the cost of living has gone up drastically. It's becoming crucial that you are more frugal with your money. Most people would think if you're making more money you have more opportunity to save a little bit more but it really matters what you do with the money that you're making even. If you have a lower income and are smart with your money your savings can go a long way.

TIP #1: WRITTEN BUDGET

Write down all of your expenses. It's important to know where your money is going, and I feel like a lot of the time we don't realize how much money we're spending in certain categories. So something I like to do is take my monthly income and put it on a piece of paper. I see what my typical bills are for the month and lay that all out and see how much leftover I have. If I'm spending too much money on food, clothing, activities, trips stuff like that. It's important to track where your money's going.This is going to allow you to be able to cut back in certain categories, and then you can start to set a monthly budget depending on your income. This is going to be the key way to save money every single month

TIP #2: CARRY CASH

With everything becoming digital a lot of people don't see a need to have cash on them because they can just use credit cards. When you swipe your credit card you're more likely to make irrational mindless purchases that begin to add up. This can get you into credit card debt which is something that we want to try to avoid. If you use cash you're more likely to spend less money because you actually see how much money you have, and you're having to give it away as opposed to a credit card. I find it easier to just swipe my card and not realize how much money I’m spending and how much it is all adding up. Another little tip is to try carrying larger bills like a fifty dollar bill or a hundred because research shows that you're less likely to want to split that bill so you will think carefully before you make irrational purchases. Of course, you don't want to carry tons of cash with you constantly so it’s a good idea to carry a set amount for the day and. If I know I'm going to go somewhere where I'm going to spend a little bit of money I always like to have cash on me so that I can decide beforehand how much cash I’m willing to spend. It really helps with not overspending.

TIP #3: WAIT WAIT WAIT

Wait until the end of the month to make larger purchases. All sales reps have a quota to meet per month. A lot of times if they didn't meet that requirement by the end of the month you're more likely to get a bigger discount because that sales rep wants to reach their certain quota. This works well if you're purchasing a car. Of course, it doesn't work all the time, but this is just a little tip to keep in mind if you do have to make a larger purchase.

TIP #4: MONEY JAR

Start a money jar. Every single time that I come home or by the end of the week I like to empty my pockets, my purses, and my car of all the excess change and put it in the jar. Over time it will really start to add up and you can put that away to your savings.

TIP #5: JUST SAY NO

This one is simple but it's just regularly telling yourself no. For example, simply passing on things that are in the checkout line. Stores know that they can entice people to purchase something if they're standing in a long line and begin to look around. So it's important to really tell yourself no that you don't need it before you go and make these impulse purchases.

TIP #6: NO SPEND SUNDAY

Try to have no spend Sunday or pick one day out of the week to go the whole day without spending money. This can actually be a little bit more difficult than you think. Especially if you're just starting to learn how to save you may not realize how much you spend in a day and how much things add up. So try having days where you don't spend any money at all. So you don't get that coffee in the morning or you don't purchase food out once in a while. I also like to do things called no spend months which is a lot more difficult but it's really great for saving. What I would do in this month is spend no extra money other than my bills required.

TIP #7: BROWSING HISTORY

You need to clear your browsing history because online companies actually follow how many times have you been searching something. When you get on Facebook or Instagram the picture of the product you have been looking at is there. Another little tip is to check out as a guest instead of signing into an account when you are buying something online because a lot of the times new customers usually get lower prices.

The possibilities are endless you could do anything you want as long as you set your mind to it and you put the time and the effort in. I really think that if you start implementing even a few of these tips you're going to notice money adding up. I hope this post was useful and feel free to share it with your friends. If you would like to receive more tips and tricks to gaining financial freedom subscribe to my email list below.

Until next time,

XOXO Lauren