Best Tips for Living Cheap and Saving Money on a Low Income (low budget tips for personal growth and development)

Press pause on your interest payment while you tackle your credit card debt.

A balance transfer card can offer 0% interest for 12-18 months (your actual interest rate depends on your credit score).

Check out Credit Land to find a Balance Transfer Card perfect for you.

Each month, Credit Land analyzes the best balance transfer cards with the most competitive no- to low-introductory interest rates.

With an interest rate holiday, you can pay down your debt extremely fast–all of your money will pay down your principal!

5. Use an Allowance

Spending can be split into two categories – necessary spending and leisurely spending.

If the expense is necessary, then it is what it is. You got to spend the money.

it is our leisurely spending that can be managed.

To keep leisurely spending in check, give yourself an allowance. Set a budget for $X/month and spend that money however you’d like.

Pro Tip: Let your allowance money rollover. Meaning, if you have unspent money at the end of the month, add it to next month’s budget. That way you can save for a bigger purchases.

6. Use Free Apps

There are a few apps and services that offer free money. Here are some of our favorite cash back apps and services (they are all free to use):

• Capital One Shopping: Even when you’re living on next to nothing, you still got to buy stuff online. The free Capital One Shopping browser extension is a great way to save money. Capital One Shopping finds valid coupon codes at check out, and it price-checks other online retailers to help you find a lower price. You can also earn free gift cards with loyalty credits. Get the Capital One Shopping browser today.
• Insurify: Insurify is a free service that compares insurance rates across the top home and auto insurance providers. Input your policy information, and Insurify will scan for similar policies at better rates than you’re getting.

• Scott’s Cheap Flights: Find the best deals on flights coming out of your airpot. Just tell Scott where you want to go. When a deal pops up, an email will be sent to your inbox (deals range from 40%-90% on average). Sign up for Scott’s Cheap Flights to grab your free 14 day trial (and save 20% on a one-year membership with promo code BUDGET20.)

• Dosh: If you want to put cash-back rewards on autopilot, then Dosh is the app you want. Link your credit and debit cards, and you automatically earn cash-back rewards at participating retailers. It truly is that easy. Download the free Dosh app and watch the cash dash in.

• Upside: Use the Upside app is earn free cash back at the gas station. You can redeem your money via PayPal, direct deposit, or gift card. Use the promo code AFF20 to grab a 20 cents-per-gallon sign-up bonus. Download the free Upside app.

• Rakuten: When you shop online, the free Rakuten browser extension automatically alerts you to cash-back and coupon-saving opportunities. Get the free Rakuten browser extension

7. Downsize

If you’re living on the bare minimum and you’re still struggling to build your savings, your expenses may be too great for your income. You may want to consider downsizing.

Can you sell a car? Can you move into a smaller home? Can you move to a less expensive city?

Don’t be afraid to make a big move!

Getting income over expenses opens every financial door. Your wealth is growing with every paycheck! Know that you can upgrade down the line.

8. Try Living on Nothing

If you’re not interested in budgeting or if you want to build your savings as quickly as possible, try living on nothing.

Living on nothing means spending the absolute minimum. There is no eating out. There is no allowance budget. There is no leisurely spending.

Since there is no leisurely spending, you actually don’t need to budget with this strategy. Just don’t spend money.

We definitely recommend a budget over living on the bare minimum, but we don’t slight this strategy. If you’re in the headspace that nothing is going to stop you from achieving your money goal and you want it done as soon as possible, living on nothing works.

9. Declutter To Sell

Consider selling your stuff to reach your savings goal faster. Listing items on FB marketplace can bring in a decent amount of cash, and it can be done in your free time.

Take a look around your house and start making a list of items you could potentially sell. Look up those items on Amazon to help yourself set a price. You can also use Amazon’s description for your online listing.

Not to mention, decluttering makes your home cleaner, more functional, and spacious.

We highly suggest you try decluttering as a means to grow your savings faster.

10. Stay Curious

It’s great that you looked up an article on how to save money on a low income. Stay curious. Keep looking for another avenue for growth.

Can you increase your income at work? Can you start a part-time business? Is there another expense you can cut? Is there a more cost effective way to complete a task?

Our problems are our biggest teachers. Keep an open mind, face the challenge, and you will find yourself on the other side grateful for the experience.

11. Stay Steady

When it comes to savings goals, it’s emotionally challenging to wish they were complete.

Try to stop looking towards the finish line. You’ve already created a plan to keep income over expenses. Let your savings goals happen on their own.

All you can do is fill your day. Be productive when it is time to be productive. Give yourself time to rest and recuperate. Make it a point to get enough sleep (rather than scrolling social media late into the night).

Building a sizable savings takes time, so try to be patient. There will be surprise expenses. There will be setbacks. But when you have a plan to keep income over expenses, you are moving forward.