How to Save Money When You Don’t Earn Much – Budgeting Tips
Saving money is hard when you don’t earn much money, but you can achieve your financial goals even if you earn less than $40,000 a year! These budgeting tips will help you save money and maybe even create financial abundance…
Here’s one of my favorite ways to save money, from a writer:
“I feel good about taking things to Goodwill and actually, I do like shopping at Goodwill,” says April Foiles. “It’s so cheap that it feels like a library where I am just checking things out for awhile, until I decide to take them back.”
This is a small step that will help you reach big financial goals! Not only can you re-donate your clothes if you tire of them, you also don’t have to worry about staining or ruining them because they weren’t expensive. For some great financial advice, read 10,001 Ways to Live Large on a Small Budget
How to Save Money When You Don’t Earn Much – Budgeting Tips
1. Cut the TV or internet cable cord. Eliminating cable TV can easily save $50 a month. In a downturn, that is enough to fill the gas tank, pay the electric bill or buy groceries. Instead of watching TV, save money by renting movies from the library. Focus on building an emergency fund, not buying stuff you don’t need.
2. Get basic phone service. Eliminate the bells and whistles – texting, data service, ringtones, music, voice mail, caller ID – from home and cell phone services to save $20 to $100 per month. If you can, keep one cell phone only for emergencies and share it among family members. Choose a pay-as-you-go plan to save more. To save money, keep only one home phone line.
3. Skip the Internet. If you don’t require Internet service at home, you may be able to eliminate your connection and use the free service at work, a library, or café. In addition, the average American is online about 26 hours per month. Cutting out aimless surfing isn’t just a great budgeting tip, it could free up hours for other activities!
4. Get to know the library better. The public library is no dusty repository of boring tomes — today, it is full of books as well as magazines, cookbooks, movies, graphic novels, TV shows, fitness DVDs, music and more. If the local library does not carry something you need, ask about interlibrary loan (ILL) to borrow materials from a library elsewhere.
5. Buy used clothes, furniture, and other items. Many items — from clothing to ski boots to books to furniture — are available used. Check thrift stores, sites like eBay or Craigslist, or yard sales. Often, gently used goods sell for as little as 10 percent of the original retail value. To achieve your financial goals, shop before you buy something so you can compare prices, take advantage of coupons and discount days, and bargain where possible to get the best deals.
6. Barter your skills, goods, and services. Evaluate what skills you have that might be valuable to others and trade instead of paying someone. Can you sew curtains for a handy repair person who can help fix your washing machine? Will a neighbor babysit if you watch her house and pet while she goes on vacation? Thinking creatively and working with your neighbors is a great way to save money when you don’t earn much money.
7. Buy groceries and other items in bulk. Bulk buying might cost more at the outset, but over time it will save you big bucks (as long as you buy only items you truly need). Purchase bulk volumes at a warehouse club or even with a “case discount” at a local retailer. Check prices on Amazon.com – customers can save as much as 15 percent by subscribing for a frequent purchase, such as toilet paper, to be shipped on a regular basis. Before you buy, however, compare prices on a per-ounce or per-square-foot basis to be sure you’re saving money — not just buying more of a product. If you’re into natural foods, read 14 Money Saving Tips for Organic Food.
8. Think before you replace something. To save money when you don’t earn much, always keep your budgeting tips in mind! For instance, if an appliance, accessory or other household item breaks, refrain from immediately replacing it. Will your hair look fine without a new flat iron? You could save $30 (and some time). Can the vacuum cleaner be repaired? A new band or gear could help you avoid a $100 purchase. This tips for saving money will also reduce the garbage you throw out.
9. Work extra hours to earn more money. Spread the word that you are willing to work, whether babysitting, shoveling snow, running errands or doing pet pick-up. If you have time for a job, try holiday retail or parking cars, which offer tips for extra cash. Or look into mystery shopping, making crafts to sell online or other quick jobs you can do at home.
If you have any questions or thoughts on these budgeting tips for saving money when you don’t earn much, please comment below…and, if you want to achieve your financial goals, you might be interested in reading 4 Tips for Using Credit Cards Without Going Into Debt.
Bills.com is a free one-stop portal where consumers can educate themselves about complex personal finance issues, including credit cards, debt relief assistance, insurance, mortgages and other loans.
Do you have a poor credit report? Sky Blue Credit Repair is an awesome program that helps with credit repair, including credit bureau disputes, debt validation, and comprehensive counseling services. This program is ideal for anyone interested in real and lasting credit improvement.
Comment by Melanie on 28 November 2008:
Great tips! Great points about really looking and what you need or use. And taking advantage of free resources!