We know that saving money even earning little is not an easy task. However, with a little discipline, planning, and finance knowledge, even low-income earners can save a buck. For this, understanding about financial education can help you.
Want to know how to save even without having a lot of money? We separate x tips for you who earn little to save and keep your financial health up to date, check it out below!
1. List how much you earn and how much you spend
The first step to saving is not to be afraid of values. So start listing how much you earn per month and also how much you spend. First list fixed expenses such as rent, electricity, water and other monthly fees and then realize how much you spend on the supermarket per month, for example.
2. Review priorities
Once you know the amount of your expenses, maybe you realize that the account is not closing. When you spend everything you earn or more than you earn, debts can arise. So review your priorities. Three weekly orders of takeout is really necessary? Or else, have a little coffee at the bakery every day?
You shouldn’t deprive yourself of non-essentials, but try to cut back on them. For example, instead of ordering takeout three times a week, you could order once or twice a week. Try to cook more at home, make your own coffee, among other habits. Thus, you will notice a significant difference at the end of the month.
3. Create a savings goal
Once you know the real value of your bills and cut expenses, you can create a monthly savings goal. You can start by saving 10% of your monthly amount or save all the money you used to spend on non-essential purchases. In the first few months you don’t need to set a fixed amount, adapt to what fits in your pocket.
4. Anticipate financial emergencies
If you live on rent, you should know that when moving, you need to paint the property and make small adjustments. So how about making a little savings for when the time comes for this expense? Use some of the money saved for possible financial emergencies. That way, when something unexpected happens, you’ll be able to pay for it and won’t go into debt.
5. Pay bills before due date
It may sound silly, but a lot of people fail to pay their bills on the due date because they forget about the deadline. A good tip is to change the due date of your bills to the same day. Thus, you pay all at once and none is for later. Also, when you pay them all at the same time, there is no risk of falling into temptation and spending the amount on other things.
6. Have a minimalist lifestyle
Do you really need all the items you have in your house right now? We live in a consumerist society that encourages us to buy more and more. So do the exercise of reflecting more before buying new items. In addition, you can also get rid of things that are just gathering dust. So, separate and sell what you no longer use and practice conscious consumption every day.
7. Don’t go to the supermarket without a shopping list
Going to the supermarket without a list can lead to a hole in your safe at the end of the month. With the plethora of items available, we can get distracted and forget what we really need. So, take a few minutes before going shopping, write down what is missing from your home and plan your purchases. Also, don’t always go to the same supermarket, take note and compare prices for future purchases.
Thus, in addition to saving, you avoid waste. After all, Pak is one of the countries that wastes the most food in the world, so stop being part of that statistic. Also, avoid going to the market hungry, so you avoid falling into temptation and buying items that will be wasted later.
8. Seek alternative sources of income
If even following all these tips, it’s still difficult to save, you can look for alternative sources of income. You can look for freelance jobs to supplement your income or sell something handmade. So see what you know how to do and invest in those talents to get some extra money.
9. Buy second-hand items or repair
Is your washing machine broken? Before buying a new one, you can request a quote to see if it’s worth repairing or buy a used one. Again, because we live in a consumerist society, we believe that only what is new is of quality, but this is a myth.
In addition, you can also go to that neighborhood bazaar when you need clothes and other items. You will realize how it is possible to buy quality items and also save money that way.
10. Do it yourself
Some services do not need to be outsourced. If you want to paint a wall in your house, renovate a piece of furniture or fix something, you can learn from tutorials on the internet. Nowadays there is a lot of information so that you can learn, have autonomy and save your sacred money. So before paying someone to do it, see the possibility of doing it!