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How to Save Money on a Low Income: 7 Simple Suggestions
Tom Hartford, Senior Editor
May 22nd, 2020
Affected by COVID-19? Here are a few resources to help during this unprecedented situation.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to aid individuals and businesses impacted by the COVID-19 pandemic. This bill is the largest of its kind in U.S. history.
Individuals will receive tax credits in the form of a check or direct deposit. No action is required to receive this benefit. This includes $1,200 per adult and $500 per child to individual filers earning less than $75,000 annually, along with other stipulations. Track your Stimulus Check here.
This CARES Act also includes expanded unemployment benefits. Requirements now include self-employed, independent contractors, gig economy workers, and more. To apply, contact your state unemployment office. Find their contact information on the U.S. Department of Labor website.
At this time, mortgage lenders and servicers can provide payment deferral of up to 180 days on federally backed loans. If needed, contact your mortgage provider to discuss deferring mortgage payments.
If you cannot pay rent, talk with your housing provider, as you may be protected under the CARES Act. Read more about COVID rent relief here.
Not making loads of cash? You’re not alone. But that’s no reason why you can’t stash away some extra money here and there. With a little work and some creativity, you can get your personal finances in better shape than ever and put a little something in your savings account.
Building up your rainy-day fund takes patience and perseverance. But it’ll pay off in the long run. Ready to find out how you can save money on a low income?
If you want to save money with low income, you may be bummed out to find this takes time. But hey, no one said saving money was easy. If you want to stow away some extra cash so your savings account won’t be in the red at the end of the month, you’ve got to start out with a budget.
Thankfully, there are countless budgeting tools at your fingertips. Whether you decide to go with paper and pen, a computer program, or a free app for budgeting, creating a budget will set you on the road to financial freedom.
How? A budget will stop you from overspending.
If you want to get serious about your budget, you have to know exactly how much money is coming in and how much is going out. Write down where every single dollar you earn goes. Then, ask whether each expense is necessary. If not, cut it out. Find more fresh springtime budget tips here.
2. Find Cheaper Alternatives to the Products and Services You Spend the Most On
This is where the rubber meets the road. Because when items can’t be removed from your budget, you may need to modify what those items look like.
How? Perhaps you can trade in that brand-new SUV for an older model that has a lower monthly payment or no payment at all. Or, if you live close to work, sell your car and use public transportation. Then, try transferring your cell service to a month-to-month plan that costs less. Have you called your internet provider and ask for a lower price? If they don’t offer it, go elsewhere.
These are little steps, but they can make a huge difference. Yet, these small steps may be a little painful at first. But it will be worth it. Give them a shot, and any pain you feel will be diminished when you see your savings account begin to grow.
3. Buy Store Brand and Shop Online for Better Deals
Buying generic (store brand) at the grocery store, is a great way to cut your bills and add to your bottom line. Today, almost everything you need has a store brand alternative, whether looking for a box of cereal, pair of socks, or hair straightener.
Also, watch your spending habits when shopping at big-box stores. While you do have to visit the grocery store for some items, you can save a good amount of money by shopping around online for many items. Because retailers know that online shoppers are only a click away from buying from a competitor, they constantly update their prices to encourage buying.
So, when you need notebooks for back-to-school or toilet paper, hop online and see if you can get a better price than in-store. Just remember your budget and account for shipping costs so you don’t overspend.
4. Negotiate Lower Rates on Recurring Bills
If utility bills are stretching you beyond your capacity, you may be eligible for lower payments. With a quick call to your service providers, you may be able to negotiate your monthly payments. Because they prefer to not lose you as a customer (by being unable to pay for services), they may work with you to reduce your bill.
The same is true for other recurring bills, such as cell phone service or gym membership. However, unless you’re locked into a long-term contract with a gym, it’s a good idea to cancel your membership and work out at home until you can afford the monthly payment.
And if you want to save on utilities today, be careful to turn off lights when not in use, don’t run water unnecessarily, and make the temperature in your house as uncomfortable as you can tolerate.
5. Get a Part-Time Job, Freelance, or Gig Work
If you’re just barely making ends meet with your current income, you don’t have to throw up your hands in desperation. Instead, find a way to make money with a side hustle. Start mowing yards, cleaning homes, babysitting, or sitting with the elderly. Work it hard enough and you may even find a new passion that offers better pay than your current job. Here is a helpful list of same-day pay jobs.
Want to do something that gives instant payouts? Some online survey platforms offer payment. Or, consider participating in research studies. However, be sure to calculate how much each of these pays per hour. If you can make better money doing something else, do that instead.
6. Refinance or Consolidate Loans or Other Debt You Have
When you don’t have a lot of money in your account or none at all, refinancing or consolidating can make a huge difference. Even if refinancing increases your overall loan amount, it can often save you tens of thousands of dollars over the lifetime of the loan. It can also lower your monthly payment, which means more in your pocket right now.
And instead of letting that credit card debt continue piling up, consolidate all your credit cards into a single payment. This way, you’re dealing with just one interest rate and can cut down on all your debt at one time. If you already have a card with an exceptionally low interest rate, try consolidating all other credit card debt to that card.
7. Get Cash Fast With a Loan from Check Into Cash
When life moves faster than your bank account, you’ve got options. If you struggle to save cash and your savings account isn’t getting you far enough, a short-term loan can get you out of a jam.
Whether you’re facing a $50 or $1,500 emergency, Check Into Cash has a personalized loan product that can help improve your situation and get you on the fast track to meeting your financial goals.
With a simple application process, funds are in your hand immediately if you apply in-store and transferred to your checking account within one business day if you apply online.
So, use these tips outlined above to save, save, save money on a low income. But, when the savings run out, run to Check Into Cash. We’re always here to help.
Interested in an Installment Loan?
Need more money? What if we could offer a larger lump sum, with more time to pay it back and smaller monthly payments? Depending on your area, you may be eligible for an Installment Loan from Check Into Cash.
Can’t Afford Rent? Here’s How to Get an Emergency Loan Tom Hartford, Senior Editor June 17th, 2020 Affected by COVID-19? Here are a few resources to help during this unprecedented...
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