Are you an impulsive buyer? Do you spend a lot and find it extremely difficult to control the urge to spend money or buy things you don’t exactly need at that money? Don’t worry, you are not alone. You simply need to know the 30 day rule to save money. Believe me its works and it will help you as well to save money.
So, what is it?
The 30 Day Rule to Save Money?
- You want to buy something you are seeing online/at the store.
- Give yourselves 30 days
- Promise to come back after 30 days.
- If you still have the need or urge to buy in these 30 days, go ahead and buy.
It is as simple as that.
It’s an expensive world these days. The more you earn, the more are your expenses. It gets difficult to make both ends meet.
If you happen to be in the low income bracket, you will definitely face problems.
The only way is to try and save money – as much as you want!
How to Save Money on a Low Income
If your income is low, don’t worry, you can still save money and buy a house. Let’s check some of the most practical and effective ways to save money on a low income for a home!
Create a Budget:
This is the first step! You need to have financial goals and will not be able save without a budget!
Start by tracking your income and expenses to create a budget.
You can begin by listing all your sources of income. You should then categorize your expenses, including fixed costs (rent, utilities) and variable costs (groceries, entertainment). Thus, when you prepare this, you will know where you are spending more and where you need to curtail. This will definitely help you to save money.
Prioritize Your Spending:
You might be salaried or have a business income. As you get your money in hand spend on the priorities first.
Focus on covering essential expenses first, such as housing, utilities, and groceries. Once you are done with the priorities, you can trim unnecessary costs like eating out, subscription services, or impulse purchases.
Is Your Housing Cost High?
If possible, consider moving to a more affordable living situation, whether that’s finding a roommate, downsizing, or relocating to a cheaper area.
You can also compromise on the size of your property, if you do not need so much extra space.
Cut Down Utility Usage:
This is something that is might be easier to do. It won’t make much of a difference in your lifestyle, but it will help to save money.
Be mindful of your energy and water consumption. Turn off lights, unplug devices, and consider energy-efficient bulbs and appliances to lower utility bills.
Cook at Home:
How many times do you order out?
If you are amongst those who loves to eat out or order food more than three times in a week, you can certainly change this habit and save money.
Preparing meals at home is usually cheaper than eating out. Plan your meals, buy in bulk, and look for sales or discounts when grocery shopping.
Reduce Your Transportation Costs:
There are many locations where the cost of public transportation is quite high.
If you are stuck in such a location, start looking for ways to reduce your transportation costs.
If you can, use public transportation or carpool to save on gas and transportation costs.
Minimize Debt:
If you have debt, focus on paying it off as quickly as possible. High-interest debts, like credit card debt, can quickly accumulate and make saving difficult.
Shop Smart:
If you are amongst those who finds it extremely difficult to stay away from shopping, the only solution is to be smart.
Find great deals, offers and sales. Every store and brand offers great discounts during some time of the year. Look for sales, use coupons, and buy generic brands to save money on everyday items.
Build an Emergency Fund:
A fund that will come to your rescue when you are in trouble. Contribute some amount at the end of every month towards your emergency fund. It will slowly accumulate into a large amount.
Even on a low income, aim to set aside a small amount each month into an emergency fund. Having some money saved for unexpected expenses can prevent you from going into debt.
Must read: Save Money for Retirement
Explore Government Assistance Programs:
You have to keep a watch on what programs are offered by the government.
Check if you qualify for any government assistance programs, such as food stamps, housing subsidies, or utility assistance.
Increase Your Income:
This is the best way to bring in money and create a fund to build your house. Look for opportunities to earn extra income, such as freelancing, part-time work, or selling items you no longer need.
There are several websites these days that offer an opportunity for side-income. But be careful that you do not get entrapped in the wrong one.
Limit Entertainment Costs:
Do not feel sad about this, because it is your short term arrangement. Find free or low-cost ways to have fun and relax, such as borrowing books from the library, exploring local parks, or attending community events.
Cut Cable and Subscriptions:
So, this is something you can do away with. Most of us have subscriptions to things that we hardly make use of. You might be paying for cable TV but you hardly have time to watch anything.
Consider canceling cable TV and any subscription services you don’t use frequently.
Negotiate Bills:
There is no harm in trying to negotiate. Contact your service providers to negotiate better rates for your internet, phone, or other services.
DIY and Repairs:
Do you know that you can save a great deal of money if you can carry out some repairs and DIY tasks ? Learn basic repair and maintenance skills to avoid hiring professionals for tasks you can handle yourself.
So, go ahead and begin from now right away. If you are planning to save money every minute delayed is money lost!
