That show you exactly how to do just that. Yet people are still searching how to save money. Even I’ve made several YouTube articles on the topic of how to save money and the feedback. I’ve gotten is well.
Everybody can’t do that or well. I don’t make that much money, so I can’t save or my favorite well, I know how to save money, but I don’t make a lot of money. So therefore I can’t save – and this is what this article is about – how to save money with low income. I’m about to blow your mind and I’m going to show you exactly how to save money on a low style keep reading. So the reason I’m able to make this article with confidence is because I have been there: I’ve had a low salary.
I’ve had close to minimum wage, and I know what it’s like to be like that, but I never let the mindset of oh, I don’t make it enough. Stop me from saving, because I’ve always had a goal and that’s what I want to encourage everybody. Reading this be able to do right now is to have a goal right when I graduated from college, my goal was to not have to depend on a single family member for anything, so I had to start thinking ahead.
I thought how would a couple thousand dollars of my savings account help me after graduating now keep in mind when I say minimum wage, I’m not talking about the traditional $ 7.25, I’m talking about whatever the lowest tier person in your workplace or company makes. Then it could be 15 dollars an hour that could be $ 14, an hour twelve dollars an hour. For me it was 875 dollars an hour. You know what I’m saying.
That is what I also mean by minimum wage. So, as I mentioned before, my primary goal after graduating from college was to not have to move back in with my parents and not to rely on any family member for any type of financial stability whatsoever. And of course, I didn’t really started getting serious about my after graduation fund until my senior year of college, where I earned my first job of a student research assistant earning $ 10 per hour and in the offseason like any holiday breaks.
I would work at a local grocery store, stocking groceries, making $ 8.75 an hour. So obviously that’s not crazy money right, so I had to plan ahead. So the first thing I did was: I had to keep my bills low, so obviously most college students have roommates. I had three of them. There were four less than a townhouse. We each paid four hundred thirty-five dollars per month. So, honestly, we just split and renting utilities and utilities was no more than $ 28 per month for each of us, because we didn’t stay in the house like that cuz we were crazy college students, don’t like any and everywhere doing this.
I was able to leverage the cost of living which, by the way, I was on the East Coast at this time and the East Coast significantly cheaper than the West Coast, where I live now. To put it into perspective for thirty-five times, four is still less than what I pay for right now for my single bedroom apartment. Yes, we’re talking about a four people: bedroom townhouse cost less than a one-bedroom apartment.
Just to give you an example! So so, if you can leverage the cost of living on wherever you live on top of this the summer prior to coming back to school senior year, I worked at an internship which paid me about $ 20 an hour, and that was full-time, but most of it Honestly went towards rent because at the time I wanted to see what it was like to live on my own and not have to rely on anybody financially, and I figured that $ 20.
An hour with an $ 1,100 rent by myself would be suffice and it was, but I could have saved a lot more about what a distance martyr and got a roommate, but we’re not going to go there. But that was the first lesson I learned was to have roommates. As I was learning this harsh lesson. I also learned to just put as much money away as possible, so basically a ramen, noodles and pop-tarts all day went to work.
You know a chicken pot pie, TV, dinners and stuff like that, and I really just acted like I was broke when I wasn’t and I put as much money away as possible, because that was where my goal formed. That initially was when I was at home. Thinking to myself huh, I should probably start putting money away for graduation, so I’m not broken asking mom and dad for any kind of money that I can possibly get.
I don’t want to be that guy, I’m not that guy. You know what I’m saying so something else I did outside of just putting money away. I also made sure that my car that cost that six thousand dollars was fully paid off so that I knew that I would have to worry about any car payments after graduating. So I just really kept a low overhead. At the time my family insisted on continuing to pay my cell phone bill, so I let them do it and I was like well.
I guess this gives me a chance to put some more money away. So after I graduated, I know give me that cell phone bill – you know I’m saying so, that’s just what I really wanted to think – and I was really in the mindset of my family – will never buy me anything for school about books, nothing. I don’t care what it is, I’m going to pay for it myself to not books like computers, not nothing. I bought everything with my own money.
I just let them continue to pay my phone bill and my health insurance and bats was it, and it was easy to do because I was already under their health insurance plans, so I just made it that much easier. On top of the whole car thing, my roommates and I we all had cars, so we just took turns driving cars, but we really refrain from driving as much as possible. Actually we just took the bus to him from campus to him from work.
Whenever we could. We did it, but any other time we need to go the grocery store or something that didn’t necessarily have as much bussing ability. We just went ahead and drove there, but we took the turns doing so and that saved us a lot of money on gas as well. Also in regards to keeping bills low, I didn’t pay for Netflix, I didn’t pay for Hulu. I didn’t pay for Amazon. I didn’t get any unnecessary streaming services that I didn’t need, because I needed to focus on school anyways.
So those are other things that kept me ahead of the game because it’s like all my friends had Netflix and Hulu, and all these and all these other things. But it’s like do you need that, though, and this unnecessary cost at the time now, once you get a job and you get stable and you have good income coming in yeah, that’s when it’s time to reward yourself and spend money on stuff to relax. In my opinion, if you haven’t reached their financial goals, yet you should not be spending money on completely unnecessary things.
You know what I mean alright, so next I had to learn how to save money on groceries. Yes, groceries. I did not eat out at all. All I did was grocery, shopped and cooked all the time, maybe on a few special occasions. Maybe if I was going on a date or something that was the only time I would really eat out and even then I would not spend that much money. I wouldn’t go over $ 25 per person whenever I would eat out, because I had a goal to reach when my roommates and I would go to the grocery store.
We wouldn’t spend over 70 bucks each time because again we were smart with that. We got dry foods, we got canned foods, we got oatmeal rice, vegetables, frozen foods, eggs, chicken, basic stuff, sandwich meat like peanut butter and jelly. We ate peanut butter and jelly sandwiches like there was no tomorrow, because we had a certain goal and we we were technically broke college kids right, so we couldn’t really afford to do much more than that anyways, but just having that discipline is step number one.
So being able to put some money away, despite whatever your wages are alright, so this is definitely a mindset shift in itself. Don’t let the amount of money you make per hour affects your attitude about your ability to save money, because if you do that’s the end of it right there you’re going to say why don’t we make eight dollars an hour only make ten dollars an hour. I only make $ 15 an hour. How am I supposed to save money when you start thinking like that? It starts to making sense to you and you start to bitterly doing things that hinder you from saving the very money that you want to save.
So here’s something I want to give you, I want to give you some mindset, real, quick, listen up. As I said before, I was a student research assistant in college, making $ 10 an hour. That was a great job. I got to control my hours. I got to work from home. I got to work wherever I wanted to honestly and I could maxed out my hours, which the max hours you can possibly work at the time was 26 hours couldn’t work any more than that, but I max it out every single time, so I really took the Opportunity that I was given I’d have to work that many hours, but I did and keep in mind.
I was doing extracurricular stuff and I was doing school, but I made sure I put as many hours and as possible it works. I could make the most money possible and put 110 % into my work just by having this attitude and really going all in on what I could possibly go. All-In on I was able to pretty much Bank every single paycheck that I got, which was no more than about $ 200, but that adds up quick when you’re, just banking, all of it.
So I was able to put away an easy $ 1,000 just off of that and keep in mind you’re wondering how would I pay for my rent, how I paid for everything else well, like I said during my internship, I put away a lot of money, but On top of that grants and scholarships pretty much covered my entire last year of college, it only had to spend like $ 1,000 in in student loans to cover my final year in college.
So with that said anything else I had which was the money I got for my internship as well as money that I saved up from my student researcher job. I was able to put away a good amount of money with both of those put together. It was about three to four thousand dollars give or take by the end of the year, and this basically came off the motivation of I want to help my family out. I don’t want them to feel like they’re, always stretched to financially support me like I want to be able to financially support them and guess what now I’m able to do that because of the ideologies that I mentioned in the beginning and because of the mindset and In the methods that I mentioned the beginning, such as keeping bills, low and saving money on food, those are the top two things that people’s money goes to.
So if you just cut those two costs, you’d be able to save a lot more money that way than if you didn’t this one’s a game. Changer leverage your extra money for your future, not for your once before your future. Here’s what I mean so typically around March or so everyone gets a tax return. Whenever you file your taxes right most people see that money. It could be a grand, it could be 2 grand 3 grand.
There could be a few hundred dollars where every fall and that margin when people see that they’re, like oh man, I’m out to get a new pair of shoes, I’m about to get a new car, even I’m about the displayers. That is the wrong way to think. In most of my articles regarding saving, that’s all about how most Americans can’t afford a $ 1,000 emergency, yet a lot of Americans over $ 1,000 on their tax refund and you’re telling me you can’t put some of that $ 1,000 towards your $ 1,000 emergency fund.
You got to spend all of it, you see what I’m saying so so that’s the mindset you want to have whatever extra money I give that I wasn’t initially expecting where there is a whether it’s the bonus that work a raise that work, tax refund or more Recently, the stimulus package that everyone who makes under $ 75,000 is going to get $ 1200 to themselves, not on taxable. What are you going to do with that money? You can either do two things that actually makes financial sense.
You can save it or you can invest it. Investing is not always guaranteed. So if you’re on a low income and you’re having trouble saving money, I would recommend banking that 1,200, if you don’t absolutely need it for other things. I know a lot of families are natively impacted by this pandemic, whether it’s financially or just stress, based either way. People are impacted by it, so I get that if you have to use that whole stimulus package to cover bills or overhead or whatever the case is, but if you’re one of those few people who still has work who still has income coming in.
I challenge you to bank that 1,200 because you don’t need to just mindlessly, spend it once again. Another game-changer use your current situation as motivation. So if you’re not happy with the amount of money you’re making, if you’re not happy with the fact that you have to rely on others financially like I once was, and if you’re just overall I’m happy figure out a way to increase your income figure out a Way to use your current situation as motivation to propel yourself or whether that’s reaching all your savings goals or whether that’s making it to where you increase your income.
So it’s easier to sustain your saving goals and just keep your habits on track. Usually, it’s not the money you make us, then why don’t you keep and you keep the money that you keep based off of the habits that you have your spending habits. So all you have to do is control you. You can show your finances and you can control your life. That’s why my whole motto on this blog is control. You control your finances, control your life.
They all go together. They all have to coincide in order for you to be successful. You know a lot of us just kind currents will ball and allow our reality to just consume us, but you do not have to accept your reality. You can change it. Anyone happen overnight, but if you’re one of those people who makes a very low wage and you live by yourself, you can change that. You can move in with roommates literally it’s not that hard or even you can move in with your parents or whatever the case is.
You have options, we’re just not always taking those options, because maybe we feel ashamed or maybe we feel like we’re, not good enough or maybe we feel like. We don’t have that social status. But let me tell you something: I’m not in the business of impressing people that I don’t even know or care about. Quite frankly, I’m in the business of controlling myself. So I can reach my financial goals and I really challenge anybody.
Reading this article to have the same exact mentality, around money and because of stuff like this, we’ll be able to do stuff like build an emergency fund, which I have another article about that, if you want to click up here and check it out, it’s a great Article and shows how I was able to save over ten thousand dollars in just under a year, and it can be done by anybody there’s nothing special about what I do.
There’s nothing that there was no rocket science. There was no rocket science behind what I did. All I did was had a mindset, discipline and I just executed – and I didn’t do a whole lot of rabbit, hauling down the internet on how to save more, how to say it more. Like sure I read a few articles, but after that I just execute, so I want you guys to do the same thing, so you can reach your goals. Thank you.
So much for reading this article guys I’m Reggie Bryant. This blog is all about personal growth and personal finance so that you can control you, control your finances and control your life. Thank you so much for reading and I hope you got value out of this article check out my other articles and if you liked this article hit the like button and please hit subscribe. If you want to see more, thank you so much for reading
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