How To Save Money Fast On A Low Income
Are you wondering how to save money fast on a low income? The notion that you need an emergency fund that can comfortably cover 3 to 6 months’ worth of your expenses is becoming more and more popular these days. The Covid-19 pandemic gave this already popular trend a big boost.
However, there is one problem: most Americans are living paycheck to paycheck. They would like to save more money, but alas – by the end of the month there’s nothing left of their paycheck to save. And, even if people who seem to have a comparatively high income have trouble saving, then it might be even more difficult for those with low income, right?
Not so fast! A large part of spending happens due to lack of money management skills, not so much due to the amount. Learning how to manage money, you’ll learn how to save money fast on a low income.
Here’s what you should do:
Save Money Fast on A Low Income
1. Set Up a Budget
You will hardly find a recommendation list out there about money-saving that skips budgeting. And for a good reason!
Budget is the ultimate money-management tool. If you learn how to budget and stick to it – you’ll gain control of your money.
But, you need to be smart about it, you need to devise a budget that you can stick to, but will stop you from overspending. For this, you need to take a careful look at your bank statements, figure out where most of your money is going – and then slash the spending, thus, learning how to save money fast on a low income.
2. Savings First, Expenses After
Save a certain percentage of your income – and budget with only what’s left with. You don’t need to make the savings percentage big from the get-go (start with 5% or 10% - whatever you’re comfortable with).
You need to do this so that learning how to save money fast on a low budget becomes a habit. The savings category should be a fixed expense in your budget that you can’t skip no matter what – you should treat it as you treat rent and utilities.
3. Cut What You Can, Renegotiate What You Can’t
Be mindful of your expenses and how to save money fast on a low income, when setting up a budget. Do you really need to be spending the money you’re spending? How many subscription services, memberships, premium apps are among your monthly bills?
Even if they’re making your life more comfortable, if you could do without them – then they should be cut. If there are cheaper or free alternatives – then go with those.
If the bills cannot be cut – find out if they can be negotiated. Some (like car insurance) almost always can be. There are even apps that help you do this (try Trim or Truebill).
4. Try to Make Saving Fun
The internet is full of multiple “no spend” and “savings” challenges. Make saving money a game or a challenge – it will make you feel accomplished and rewarded if you can fulfill it, and even if you can’t – there’s likely chance you will still have some saved cash on your hands by the end of it.
Say, try saving extra 5 bucks every week. Or try to do 15 no spend days a month (days when you don’t spend a dime). Or switch to using cash instead of cards – and put all coins you get in a jar, instead of spending them.
Use your imagination: if something feels exciting, then it will likely help.
5. Know When to Spend
While savings should be a priority, and learning how to save money fast on a low income is essential, there are some exceptions – and you should know when they come knocking around. If your car’s ignition system is acting faulty, your sewer system is acting up, or there’s anything else you need professional help with – then you should get that professional help, even if it means spending extra money.
This is because these types of problems aren’t going to go away on their own – if you postpone dealing with them, or (worse!) try to deal with them on your own, they will likely exacerbate and cost you more in the future.
These are financial emergencies – and they need to be dealt with ASAP. In fact, this is when you’re allowed to accumulate extra debt: if you don’t have money and need it quick, payday loans are a good solution.
Why payday loans?
Payday loans are an easy way to get payday loan money fast, especially when you are trying to find out how to save money fast on a low income. Typically, the entire approval process lasts somewhere between 30 and 45 minutes. The lenders accommodate all kinds of income and they won’t be paying attention to your credit – so you can qualify even if your credit score is bad or outright non-existent.
How do I take out a payday loan?
You can easily apply for payday loans online by going to the Cash Cow in Louisiana website and filling out the online request form on the website. Then all you need to do is wait for a call from the store representative who’ll walk you through the process step by step.
To apply for the loan, you’ll need:
- Your government-issued ID (you must be at least 18)
- Your most recent pay stub
- A blank check from an active checking account in your name
If approved – you’ll get the money the same day.
Learning how to save money fast on a low income is not always easy, but if you take advantage of the tips above or emergency payday loan cash that is available at Cash Cow in Louisiana, then you may have what you need to get your finances back on track.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.