Money Saving Tips for People With a Low Income

Source: http://newcenturyida.blogspot.com/2012/12/money-saving-tips-for-people-with-low.html

Have an emergency fund and three months’ worth of income in a savings account just in case.

Avoid scams that rip off the poor: used car leasing, rent-to-own, banks, payday lenders, and buy here, pay here car lots.

Save save save! Save as much as you can, whenever you can. Shop on clearance, don’t impulse buy, and create a budget. Shop at the Goodwill or the thrift store instead of paying full price for clothing. Use coupons and if you go out to eat, choose the special instead of ordering off the menu. Know what your money is going to each month!

If you don’t need it, don’t buy it.

When you start to think that this person or that person has it all when they are young, stop and ask yourself:

Would I be willing to live like no one else now so I can live like no one else later? The money you are saving will help you live a better life in the long run.

One of the biggest things you can do is to automatically deposit money into your savings every time you get paid. If you aren’t able to set that up through your bank, check out your accounts online and move money over to your savings on the day you know you are getting paid.

Try not to eat out. Although shopping at the grocery store seems like it costs more initially, it is much cheaper than eating out. You are paying about $3.00 or less per meal eating at home compared to $5-10 eating out.

Don’t live above your means. This is really easy to do in today’s world. While friends are buying new cars, eating out for every meal, and spending lots of money on rent and clothes, it can be hard not to fall into the same trap. Everyone has a different budget and just because someone else buys it, doesn’t mean you should.