How to save money on minimum wage – 12 Saving tips

By | November 9, 2022

How to save money on minimum wage – 12 Saving tips

saving money is the crucial aspect of  living in this Society you need to save  for rainy days medical emergencies  retirement I could go on and on it may  feel stressful and futile to try and  save when you’re making next to nothing  but don’t be dissuaded there are small  steps you can take to build a  respectable savings account so follow  along to learn more also if you’re  interested you can download my free  savings and budgeting guide which also  contains a bunch of useful savings tips  now let’s get into it

12 Saving tips

1. High interest debts

number one tackle  High interest debts first before you  start thinking about saving your money  you must first consider eliminating  debts that will slow you down towards  your goal I’m specifically talking about  high interest loans including your  credit cards your personal loans if  you’re thinking just how in the world am  I going to start paying off so many  debts and be done in time to start  saving well it’s easy just start by  paying off the costlier debts and work  towards the smaller ones in other words  prior prioritize your payments you’ll be  amazed at how relieved you’ll be once  you’ve paid off all your debts since you  won’t be worrying about both trying to  save and paying off loans

2. Cut down your bigger expenses

cut down your bigger expenses heard  of the phrase living below your means  well it’s a fantastic motto to live by  many times the biggest expenses are the  ones we don’t even think twice about  think of rent for example if you can  afford to move to a cheaper place I’d  encourage you to do so you may even have  to give up your Independence for some  time and move in with flatmates assess  all of your expenses and cut back in  areas that you don’t really need to be  spending as much on

3. Take advantage  of free money

take advantage  of free money did you know that  low-income families are exempt from  paying earned income tax the IRS reports  that when you’ve earned income tax it’ll  act as a refund to your taxes what does  this mean it means you’ll have more of  your salary to take home on a good day  you can expect a couple extra thousand  dollars to come your way a good place to  start is choosing the right 401k and all  you need to do is check and see if your  employer will match your donation up to  a specific proportion if they do reap  the benefits and save up all that extra  money into your retirement fund now I  know you might be tempted to use use  that money to buy a brand new TV or the  latest iPhone but don’t be tempted the  whole point of this is to save and  that’s exactly what this extra money is  for I mean think of the awful buyer’s  remorse you’ll be suffering with once  you get your new Gadget all the while  having an empty savings fund yikes

4.  Start a side hustle

nobody in this day  and age is going to be financially free  with just their nine to five alone that  is unless they’re like a CEO or  something but even then you need to  start a side hustle to supplement your  full-time job and the fun thing is that  it can be very easy let’s say you’re a  fantastic cook you can start selling  your food and make some extra cash you  can take it a step further and start  teaching cooking classes the great thing  with both these ideas is they can be  done from the comfort of your own home  and just like that you’ve got some extra  cash handy while your money from the  nine to five pays for your day-to-day  expenses use this side job money to save  and even invest 

5. Start a budget

okay I’m going to get  straight to the point with this one  follow the 50 30 20 rule fifty percent  of your money should go towards your  Necessities rent groceries Etc thirty  percent for your wants and twenty  percent into your savings the one major  tip I’ll give you is to properly  identify where your thirty percent is  going to don’t just mindlessly spend it  away create a wish list and organize it  from what I want the most to ma if I  don’t get it I’ll still be okay save up  towards whatever is at the top of the  list and buy it this way you’ll cherish  and value it more 

6. Avoid Bank fees

putting our money in  the bank has been considered one of the  best ways to cut down on impulsive  spending because the money isn’t  available the moment it’s needed  unfortunately something we weren’t told  is that Banks also come with a few  disadvantages Banks typically charge a  fee based on the type of transaction the  larger the amount the more the fee  Additionally the needed minimum balance  must be kept at all times to avoid  having to pay extra fees with your  hard-earned money candidly speaking it  does seem unfair if you already have an  account don’t spend more than you have  to you can also sign up for a direct  deposit because it’s always free when  your money is banked in automatically  another alternative is opening multiple  accounts at your bank 

7. Stay healthy medical insurance

or any  medical fees for that matter are  expensive Health really is wealth and  you need to make sure you’re taking care  of yours all the time taking care of  your health ranges from modifying your  diet to cutting out alcohol and smoking  your mental and physical health is your  biggest asset so take care of it to the  fullest of your ability

8. Follow the  money

the dream area to live would be a  place with low rental costs but High  minimum wage we’ve already talked about  moving into a place with lower rent and  splitting the rent amongst flatmates now  you want to also make sure the new area  you’re moving to has a higher minimum  wage rate than your previous area  striking the right balance is key  alternatively you can get a good house  with a good mortgage you can choose to  rent out the unused space and use the  money to pay for the mortgage

9. Don’t  expand your family

let’s cut to the  chase kids are expensive raising a  family comes with a lot of  responsibility and you need to properly  think about those before you start one  of your own this not only means holding  back on having children until you can  financially afford them but also taking  your time and picking a partner who’s  financially literate and responsible 

10. Swallow your pride

we all need help  the biggest lie of this Society is that  of the self-made man I’m willing to bet  all my limbs that someone who labels  themselves as such has gotten a ton of  help during their Journey you deserve  help as well obviously financial help is  the main aim but even going to your  local food bank is enough don’t worry  about looking weak because you need  support don’t give in to the myths of  society and allow yourself to be helped  as needed

11. Avoid automobiles

aside  from helping the environment you’re also  doing wonders for your wallet by  ditching the car and opting for public  transport instead from gas money to  regular maintenance owning a car is  scarily costly you can also kick start  your health journey by getting a bike  instead or walking around town if  possible 12. Get a change jar

how many times have  you noticed a few extra dollars and then  decided to waste it away on something  useless I know I have and I’ve done it  multiple times instead of impulsively  spending your money get a clear jar and  put in your extra pennies and notes into  it over time your jar will fill up now  you can do one of two things save or  spend it on something from your  aforementioned wish list no prizes for  guessing which one I’ll tell you to do  it may seem daunting and stressful to  try and save while making minimum wage  and this is where self-reflection and  adequate financial literacy comes in  take your time build these practices and  use your money wisely  slow and steady wins the race so don’t  feel pressured into having to save your  money straight away tackle each issue  one by one and before you know it you’ll  have a hefty balance in your savings  account well folks

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