If you are on a limited income or a fixed income you might be trying everything to save money but it is just not working. You might not think that it is possible but with some hard work and smart thinking you can find yourself with a healthy savings account to save for an emergency or to do with whatever you feel like doing. This article will give you money saving tips to save money on a limited income.
The cost you pay for housing is probably the largest cost you will have every month. Whether it is a mortgage or rent that you are paying you can help to save money by obtaining a roommate. This will help you to cut the cost in half and you can also do this with the utility bills. Your roommate will pay half to help you save even more money.
Second Hand Stores
When you have to make a purchase it is a wise choice to go shop at a thrift store. You can find almost anything there from furniture to clothing to cooking utensils. These types of stores are becoming more popular and you can save money while shopping or quality items.
Do Not Follow The Crowd
When you are out with your friends you do not have to spend money like they are. They may not have the same income amount as you and they may be able to afford to spend more than you. Spending money just because your friends are does not make sense and might put you into more of a money crunch that you need at the moment.
Get A Second Job
If you are really looking to save some money you can get a second job. Of course this will only work if you have the time to work two jobs. But if you do you can save the paychecks from that job to put towards your savings account. You will find that the money will add up quickly.
It is not necessary to drive a brand new automobile. A car that you purchase second hand will be much less expensive and you will also find that the car insurance will be less expensive as well. Another form of transportation that will save you money as well is using public transportation such as the train or a bus.
When you are trying to save money it is important to have a budget and stick to it. Include in the budget all of your monthly expenses including amounts for food and entertainment. Once the budget is in place you should stick to it. This will help you keep track of your money and decide where you need to cut costs.
Eat At Home
No one realizes how much he or she spends on food and coffee until they sit and add it all up. By packing your lunch and taking it to work with you and making your coffee at home rather than buying that $5 cup of coffee on your way to work you can find yourself saving plenty of money throughout the month.
Simple And Cheap Entertainment
When you are looking for something to do you do not have to go to the movies or to the bars to have fun. These activities can be expensive. Instead try walking, hiking, biking or even picking up a hobby such as quilting or reading. These are all activities that cost little or no money. You can then put the money you would normally be spending into the savings account.
Many people think that if you have a limited income that it is impossible to save money. However if you follow the tips above and some others that are not listed you will find yourself on the road to a healthy savings account.