The easiest way to save money? Spend less! Living with just the basics is a powerful way to grow your savings and crush your debt.
When you approach it the right way, living frugally can feel incredibly rewarding.
We’ve gathered simple tips to help you save, cut unnecessary costs, and stick to your budget. Plus, we’ve included a few hacks to help you handle the mental side of spending less.
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1. Find Ease – Live Within Your Means
Living within your means doesn’t have to be hard. It’s about spending less than you earn and making smart choices with your money.
Focus on what you really need, avoid unnecessary expenses, and prioritize saving. Once you get the hang of it, you’ll find that managing your finances feels a lot less stressful."
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3. Use the Cash Envelope System
The envelope system is a game changer for your finances. It helps you control spending, stay on budget, and avoid debt.
Start by dividing your take-home pay into different spending categories like rent, utilities, groceries, and entertainment. Label an envelope for each category and put the cash you’ve set aside for that expense into the corresponding envelope.
When you need to pay for something in a specific category, just take the money from that envelope. The key is that once an envelope is empty, you stop spending in that category until the next month when you refill it.
This system keeps you accountable and helps you manage your money better!
Related reading: 10 Simple Ways to Stick to Your Budget and Make Every Dollar Count
4. Get Out of Debt
Build Savings or Pay Down Debt?
The most important thing is to have an emergency fund. Aim to save $1,000 as quickly as possible to cover unexpected expenses. Without this cushion, surprise costs can lead you to take on more debt.
Once you have that $1,000 saved, shift your focus to paying down debt. It’s tough to save when you’re losing money to interest, so tackling your debt should be a priority.
Consider using the debt snowball strategy. Start by paying off your smallest debt first. Once that’s cleared, you’ll have extra money to tackle the next smallest debt. Keep going until you’re debt-free.
After you’re free of debt and no longer paying interest, you can return to building your savings. You’ll be amazed at how quickly your money can grow without the burden of debt holding you back.
5. Understanding Your Spending
Spending can be divided into two categories: necessary spending and leisurely spending. Necessary expenses are just that—you have to spend the money.
But leisurely spending is where you can make adjustments.
To keep your leisure spending under control, give yourself an allowance. Set a budget of $X per month and spend it however you like.
Pro Tip: Let your allowance roll over! If you don’t spend all your allowance by the end of the month, add the leftover money to next month’s budget. This way, you can save up for bigger purchases without feeling restricted.
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6. Go for Free Entertainment
Play cards, take a stroll in your local park, go for a hike, or explore books, audiobooks, music, and movies at your local library.
If you haven’t been to your local library for some time, we highly suggest you check it out.
With so many free options available, diving into books and audiobooks is a fantastic way to fill your time.
It’s an amazing opportunity to enjoy endless entertainment without spending a dime!
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7. Consider Downsizing for Better Savings
If you’re living on the bare minimum and still struggling to save, your expenses might be too high for your income. It could be time to consider downsizing.
Can you sell a car? Move into a smaller home? Relocate to a more affordable city?
Don’t hesitate to make a big change! Reducing your expenses can open up every financial door. With every paycheck, you’re growing your wealth. Remember, you can always upgrade in the future!
8. Boost Your Savings by Selling Unused Items
Consider selling your belongings to reach your savings goals more quickly. Listing items on Facebook Marketplace can bring in a nice chunk of cash, and you can do it in your free time.
Take a moment to look around your home and make a list of items you could sell. Check prices on Amazon to help set your prices, and feel free to use their descriptions for your online listings.
Plus, decluttering not only helps your wallet but also makes your home cleaner, more functional, and more spacious. We highly recommend trying decluttering as a strategy to grow your savings faster!
9. Stay Curious and Keep Growing
It’s fantastic that you’re exploring ways to save money on a low income. Stay curious and keep looking for opportunities to grow. Can you increase your income at work? Start a part-time business? Identify another expense to cut? Find a more cost-effective way to complete a task?
Remember, our challenges are often our best teachers. Keep an open mind, embrace the obstacles, and you’ll find yourself on the other side, grateful for the experience.
You might like – 6 Best-Paid Side Hustle Jobs To Work from Home
10. Stay Focused on the Journey
When it comes to savings goals, it can be emotionally challenging to wish they were already achieved.
Instead of fixating on the finish line, focus on the process. You’ve created a solid plan to keep your income above your expenses, so let your savings goals develop naturally.
Fill your days with productivity when it's time to work, but also allow yourself time to rest and recharge. Prioritize getting enough sleep instead of scrolling through social media late into the night.
Building a substantial savings takes time, so practice patience. Expect surprise expenses and setbacks along the way. But remember, with a plan to maintain your income over expenses, you are always moving forward.
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