Although saving money on a low income may be more difficult than putting aside savings when you're earning at least an average income, it's still an important thing to do. By cutting costs in some areas, you can have more to save and then have money when you need it in case of an emergency. One quick and easy way to automatically save money is to use online plugins like Wikibuy that help you find the best deals. You can also save money if you just commit to setting aside a small, but set amount from each paycheck.
The first thing to decide is what your savings will be used for. You can save toward a particular item you want or need, but you should also have emergency savings in mind. You may need to have separate goals that you save for. Remember that, when you save money on a low income, you are doing it not to deprive yourself further, but to empower yourself in the long run.
If you really find that you don't have much extra money to put aside, remember that even a small amount of savings is better than none. Plus, you may be able to find an area where you can trim some money and put it into savings. Remember that money spent on meals out — even fast food lunches — may easily add up and may better be put into a small savings fund. If you limit yourself to one meal out per week and put the money you would have spent aside, you may be very surprised how much savings you have in a few months time. If you think about how much money you can have long term if you forgo some things in the short term, it can help you keep your commitment to save.
If you think of having a budget and sticking to it as a way of making the best use of your small income for your future goals rather than seeing a budget as what you can't have, you're likely to maximize your savings. Having a budget that includes how much you need to save each paycheck can keep you on track. Just be realistic with the amounts. Give yourself some treats, but don't live beyond your means. When you save money on a low income, even a few dollars a week, you’re managing the money you do have for your own benefit.
