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.
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.
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