How To Save on a Tight Budget

Getting by on a low budget can be tough. Here are our top tips on saving money on a low income. Note that this blog and this article may contain affiliate links and adds. See our disclosure policy.

Do a budget: when you don’t have that much coming in, it is important to know what you have. Creating a budget will tell you how much you earn and how you are spending your money.

Open an online savings account. High Yield Savings Accounts are designed to help you grow your savings. They offer a much higher interest than a traditional, basic account.

They are also convenient because you can easily transfer money from your checking account to take advantage of the higher.

Another advantage of creating an online savings account is that you earn more money and save even more through compounding interest. See our article on how to grow your savings faster for more information.

Save automatically: One easy way to save money even if you are on a low income is to save automatically. It can be as little as $20 every pay period.

Simply ask your bank transfer money each month from your checking account to your high interest savings account. You can even ask your employer if they can send some of your paycheck to your high interest savings account.


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Save all loose changes: get an empty jar and put your loose change into it. When it’s full, deposit the money into your high interest online savings account. That can add up to over $200 a year.

Track your expenses: it ‘s a good idea to keep track of your expenses so you don’t live beyond your means. Learn how to cut back on your spending.

Have an emergency fund to avoid taking out loans for unexpected expenses: An emergency fund is money you put somewhere in case something unexpected happens, for example, a car that needs a major repair, if you are suddenly sick, or if you need to fix your home.

Having an emergency fund means that you won’t have to take out loans.

If you follow the above tips, you can manage well on a low income. Looking for more saving tips? Here are some additional tips on savings and reducing debt.

See also our infographic on savingsThis saving infographic shows how successful people save their money. Knowing how to save your money will help you achieve financial independence.

 

 

 


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