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Tips on how to save on a low income

Tips on how to save on a low income

Learn how to save on your low income as this will teach you how to work within your budget by cutting off extra expenses and applying the principle of using money wisely.

My first paying job offered me R3 000 and I was fortunate enough that i had no added responsibilities but my debts. Although I was earning very little money, I managed my pay cheque in a manner that it would sustain me throughout the month. Although it was difficult, I kept my priorities straight and was able to save. Here are a few tips on how to save on a low income:

Always tackle your high interest debt first. Debts such as personal loans or credit cards have high interest rates and failure to pay monthly instalments can result in the interest peaking even higher. When my salary reflected in my bank account, my first payment would go towards my personal loan, to ensure that it was paid every month. Cut down on your biggest expenses. Although having access to the internet has become a priority for me because of the nature of my work, I realized that I wouldn’t be able to maintain my Wi-Fi router anymore so I had to cancel the contract plan by paying it in full and making alternative plans for connection. I was fortunate enough that my local library has free Wi-Fi and is a walking distance from my house, so I opted to work from the library, instead of home.

Lastly, always try to make extra income on the side. Being well known at church made it easier for me to run my side hustle. I saw a gap in the market and started selling blankets and facial cloths to the leaders of the church for occasions. This saw me make a profit of approximately R2 000, which I saved a portion of, and used the rest to restock.