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6-Aug
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Save money – Belongings

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If you can learn how to save money on a low income, you will be able to quickly build up a financial buffer that will help protect you from debt.

Savings are important for everyone. If you can save money on a low income, you will have the security of cash to fall back on in the event of an emergency instead of relying on quick loans to save the day.

You should hopefully be able to pay less for the things you do buy, by making payments in full up-front rather than paying on credit and incurring interest.

1. Sell some belongings

Mark a day in your calendar for a big spring clean. Go through every room of your house and be brutal.

Think about what you should throw/ give away and what items are in good enough condition to sell.

You might be surprised what people are looking to buy.

Selling your old belongings, including things that you haven’t used in years could add some extra coins to your piggy bank.

2. Buy second hand

As well as selling your used items, buy what others are selling second-hand.

You can buy almost anything second hand from home appliances and furniture to clothes, bikes, and toys.

Websites like eBay and Gumtree are great websites to discover amazing bargains.

Buying second-hand means you will be able to indulge your spending habit more frequently and you should still have spare money to set aside for a rainy day.

3. Downgrade your technology

The latest smartphone is a luxury, not a necessity.

You do not necessarily need the fastest PC or laptop, especially for essential tasks.

Whilst a large flat-screen TV is a fantastic addition to the home, it is not something that you absolutely need.

If you are serious about saving money on a low income, downgrading your technology can keep costs down.

Think how much you might save if you had an old flip phone with no need for an inclusive data contract.

You can also sell your high-value gadgets, putting the money that you receive towards clearing debt or building your savings.

If you are in need of quick cash for personal expenses, apply for a small loan with My Cash Online today.

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*Disclaimer & Example: For our Small Loans of $2,000 or less, an APR (Annual Percentage Rate) doesn't apply. These loans are fee-based only with a term between 62 and 180 days, and so the APR is 0%. The establishment fee is 20% of the amount borrowed and the monthly fee is 4% of the amount borrowed. Representative example: a loan of $1,000 repaid over 3 months equates to a total amount payable of $1,320 comprised of $1,000 principal (amount borrowed), $200 establishment fee and $120 in monthly fees. The maximum comparison rate on loans between $300 and $2000 is 199.43%.
For our Medium Loans between $2,100 and $5,000, with a term between 2 months and 12 months, the maximum Annual Percentage Rate (APR) is 48% (Comparison rate 65.6597% p.a.) and there is a $400 Establishment Fee. A Medium Loan of $3,000 borrowed over 1 year would equate to a total amount payable of $4,289 (including a $400 establishment fee).

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR %). The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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