How to save money if I earn little

Despite the hectic lifestyle of big cities, the truth is that sometimes families have serious problems making ends meet. The economic crises that we have to live through and the precariousness of large cities make the situation increasingly difficult. That is why we have had to adapt and today there are many tricks and ingenious ways to save a little money even if the rent is not enough for everything expected.

Set a budget

This means listing your monthly income and expenses and making sure that your expenses do not exceed your income. It’s a good idea to categorize your expenses, such as housing, food, transportation, entertainment, etc.

Once you have a clear idea of ​​your expenses, you can allocate a specific amount of money for each category. In this way, you can control your expenses and make sure that you are not spending money on things that are not necessary. In addition, it will allow you to identify areas where you can save money and make changes to improve your finances.

Avoid impulsive spending

Another tip is to avoid the temptation to buy unnecessary things and instead focus on the purchases you really need. It’s also a good idea to set a spending limit for each purchase, to make sure you don’t go overboard and end up spending more than you planned.

Shop smart

The third way to save money is to compare prices and look for deals before you make a purchase. This means researching and comparing different options before you buy something, to make sure you’re paying the best possible price. This includes comparing prices at different stores online and in person and looking for coupons, discounts, and promotions.

It’s also a good idea to wait for sales and sales seasons to buy big-ticket items like electronics or clothing. In this way, you can save a large amount of money on your purchases.

Reduce food expenses

Reducing food expenses is an effective way to save money in the monthly budget. This does not mean in any case that we have to lower the quality or quantity of food and nutrients that we need but to get them in an intelligent way that will make your pocket win. Some of these tricks are:

  • Plan your meals.
  • Buy food in large quantities and take advantage of the prices.
  • Prepare your own food and save raw materials.
  • Buy seasonal foods.
  • Avoid processed foods.
  • Use coupons and discounts from supermarkets.

Save on utilities

There are basic necessities for life that, no matter how much we want to save, are essential for day to day. However, without ever dispensing with the basics, we can always have strategies to limit the budget. Some of these tricks can be:

  • Control your consumption: Reducing the consumption of public services, such as water, electricity, and gas, can help you reduce your bills.
  • Compare Rates: Utility rates can vary between providers, so it’s important to compare rates before making a decision. Consider cheaper options if possible.
  • Get discounts: Many companies offer discounts to their customers who use public services responsibly and efficiently.
  • Install energy-efficient devices: Installing energy-efficient devices, such as LED light bulbs, smart thermostats, and high-efficiency water heaters, can help you reduce energy use and therefore save on your bills.

Use efficient means of transportation

It seems like something that people overlook, but the truth is that we are in constant movement both for work and for leisure and all this has a cost in our pocket. Every kilometer traveled by car translates into gasoline, insurance, and maintenance, which in the long run can be a great expense.

So the best thing you can do is walk, get a bike, or use public transportation instead of driving a car. This will not only save you money on gas, but it’s also better for the environment and your health.

Reduce entertainment expenses

Look for free or low-cost activities, like going to the park, reading a book, or watching movies at home instead of going to the movies. You can also consider doing group activities with friends, which will allow you to enjoy each other’s company and save money at the same time. You don’t have to go to the movies every week or pay a ticket for a show or entertainment. The truth is that there are many free activities that you can do alone, with your family, partner, or friends, and that can help you save money while having fun.

Save with automatic transfers

The eighth way to save money is to set up an automatic transfer from your bank account to a savings account. This means that a small amount of money will be automatically transferred from your checking account to your savings account each month. This will help you save money without even realizing it, and in the long run, you will have a significant amount of savings that you can use to finance your goals and objectives.

Also, it’s a good idea to choose a savings account that offers a competitive interest rate, as this means your savings will grow over time. You can talk to your bank or compare different options online to find the best savings account for you.

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