Saving Money on a Small Income
Saving money is hard work at the best of times. It is even harder when you are on a small income. It can actually feel like it is impossible but this is not actually the case. You might have to get a little creative to save money but there are things you can do. If it is something that you really want then you will find a way to save it. This is what I found when I started saving towards my dream. I had never been very good at saving before but all of a sudden I was squirreling money away like there was no tomorrow!
I am a single mum, and I work part-time. My income is somewhat limited and this has meant that to be able to save I have needed to work hard and make some significant changes to my financial mindset. I won’t lie. It was hard at the beginning but as I began saving money and seeing the savings grow it became addictive and got a lot easier. Now it is a habit and it can become the same for you,
How can you save money when you don’t have a lot?
There are a lot of things you can do to help you with saving money, even on a tiny budget. Most of them are really simple and you won’t even notice that you are doing them! The old saying that ‘every penny helps’ is certainly true. Here are some things you can do to start saving money today:
- Start a penny jar – The old saying ‘Look after the pennies and the pounds look after themselves’ is true. By saving all the small change it can add up to a significant amount over the course of the year if you don’t touch it.
- Go through your direct debits – Most people will have the odd direct debit leaving their account for something they don’t use anymore. This could be a subscription to something or an unused gym membership. Cancel these and put that money into your savings.
- Haggle with your service providers – Have you ever threatened to leave a company? I do it all the time. It saves me a fortune. Sky are notorious for this. I threaten to leave them whenever I am out of contract and my bill miraculously goes down! I did the same with my insurance company. They matched the renewal quote a budget company gave me. Vodafone also do the same when I say that I can leave them and move elsewhere! It doesn’t pay to be loyal!
- Sell your junk
- Check your tax code
- Set up a separate bills account
- Consider getting premium bonds