Saving money is not impossible, even if you think you don’t have enough or under a pile of debt. But the question is, how do you start?
How do you save more money when you are making minimum wage? How can you reach your financial goals on a low income? Saving money does not have to be difficult. Anyone can accomplish it with proper planning and discipline. Instead of putting it off until you reach certain milestones like a salary raise, make saving a priority every day to secure your financial future.
But if your salary at the moment is not enough to cover bills and expenses, consider expanding your income by starting a side hustle to earn extra. You don’t need to tire yourself, and you can do this in your spare time and at home. Here are a few ways and things that will help you double your income and save money for the future.
Little can go a long way
Even with a minimum wage, you can still save little by little, or you can even make your money work for you, and here are a few on how:
- Open a high-yield savings account. A typical savings account offers an interest rate of around 0.01%, and a checking account is a digital equivalent of putting your money under the mattress. However, high-yield checking and saving offer interest rates that exceed 1% — 100 times what you’d get otherwise.
- Build a passive income stream. This method requires an investment up front, whether, of your time or money, it can lead to huge payoffs later. Investments or silent partnerships in businesses are the most common forms of growing your money. It can also be anything from making YouTube videos to using affiliate marketing on your blog.
Choose credit cards with rewards you can use. If you have to choose a card with rewards appropriate for your lifestyle, you can save on every dollar you spend.
Change your mindset
Budget is the most important part of planning to save. You’re liable to slide back into bad money habits if you don’t change your day-to-day spending philosophy. These money-saving tips can help you replace negative spending behaviors with positive ones.
- Don’t play the comparison game. Stop keeping up with anyone else. Let your budget alone guide your spending and saving habits.
- Try to curb emotional spending. Avoid the temptation to buy yourself a treat when you’re upset. When these feelings arise, redirect them toward other positive behaviors that don’t require spending money, such as calling a friend or exercising.
- Delay gratification. When you have the urge to buy impulsively, evaluate whether you need or only want the item. If you determine that you need it, wait for one day before buying it to see whether the item in question still appeals to you.
- Don’t buy according to trends. Instead, get what is meaningful to you rather than the highest-priced fad item; you’ll be more discerning about your spending, which can save you more money every day.
If you need help to beef up your portfolio, browse through the kinds of money-saving products below and see what fits your budget so you can start your journey towards financial wellness.