How to save money if you are poor (8 simple ways)

They say that the most difficult thing about saving money is to start doing it, but once you decide to set the goal of saving to meet a personal or professional goal or have support that will save you in crisis situations, you just have to take the step, the rest comes naturally.

If you are reading this it is because you are asking yourself the question of how to save money if you are poor, and yes, you have come to the right place.

Here we will share a list of infallible tips to develop your own method to save money if you are poor, even if you earn little, whatever the goal.

Take note!

How to save money if you’re poor and a spender – 8 tips

how to save money if you are poor

(1. Use tools to control your expenses

At this point, you will know that in the digital age we live in, there are applications for all kinds of activities, including to help you save money, which leads us to the first tip: use them.

Read also : How to start coconut oil production business 2021

Organizing and controlling your expenses will give you a perspective on how much money you spend from your income, what are your strengths and weaknesses when it comes to saving, in which areas you are allocating most of your money and where you should do better management.

At first it may seem tedious forcing you to record every movement, income or expense, but it is the only way to really get control and an overview of your money.

As the mobile is an element that always accompanies us, you can choose to download in it applications such as MoneyPro or Wally + to manage your finances from anywhere. Although you are more classic, you can use the traditional spreadsheet in Excel or keep an expense agenda.

(2. Cut expenses based on your priorities

At first glance it does not seem like it, but throughout our lives we may have periods where we drag a series of expenses that are generated without even being a priority.

The best advice is to pay attention to that account that you pay monthly in a streaming service that you don’t really use frequently, the meetings that you only attend for social commitment or the clothes that you buy and then are forgotten in the closet.

At the end of the day, if you don’t prioritize, you will be filled with “micro-expenses” that sabotage your intention to save money .

See more : what business can I start with 100k in Nigeria 2021? – best 15 to start now

Start to focus your mind on your priorities, only then can you notice what is left over and get it out of your life instead of letting it occupy one more expense on the account.

(3. Establish a monthly budget for each area of ​​your life

how to save money if you are poor

Household expenses such as rent and services, social expenses, leisure, public transport and mobile fees, etc … All these are expenses that correspond to different areas of your life, however, to save, it is best to divide them and allocate a specific amount of money to each.

Start with the easy part and set aside the money that corresponds to fixed expenses, such as rent, to always attend them up to date.

Later you can evaluate, according to the amount of income you generate month by month, what is the most responsible and convenient amount of money that you can allocate to other more flexible expenses, such as social outings, hobbies and of course, the sum of money what do you want to save.

(4. Define a savings goal and what your goal is

The brain works best when it performs activities around a specific goal; if you decide to save money you will realize the reality of this advert.

It is not enough to just have the idea of saving money floating in your head, but to specifically define a main reason and a limit. The feeling that you are moving forward will fill you with the momentum you need to achieve the goal you have set for yourself, as opposed to saving and saving money without ever seeing the end.

(5. Save money even if you don’t have much

Living life with the constant reminder that you are chained to pay something in installments is not good when we want to save money.

Although at the beginning everything can look very attractive, later you will notice that things bought on credit cost more money.

Whenever you have the opportunity, be patient and hope to have all the money available to buy the item you want, without resorting to credits.

(6. Don’t go out without lists

how to save money if you are poor

Has it happened to you that you go out to buy one or more specific items and return home with a cart full of things that you initially did not plan to buy?

Well, if you want to know how to save money, it is best that you live by this question as a rule: if I did not go out in order to buy this, why did you take it?

A good idea to break this habit is to leave home with a clear and concise shopping list of the items you plan to buy or the limit of money you are allowed to spend during your time away; the same before buying online. Your most thrifty life will be guaranteed.

See more : sales site – new creative ways to start increasing sales online today

Obviously, you can always leave a margin for whatever you want along the way. By having this margin stipulated, you will not spend more than necessary.

(7. Treat savings as one more expense

There are expenses that are not negotiable, they are there and there is no rational way to decide to eliminate them, for example, you never say “I am not going to pay for the apartment” or “I am not going to pay for the electricity”, but you do it even if it represents a great value.

This same dynamic occurs when you look at the act of saving money as one more expense for which you are responsible to live your life the way you want, the problem is many times we fall into being very permissive or flexible with our savings and sabotage the self-discipline that it takes to be a truly thrifty person.

If you have already made the decision to save money, stay firm and create the habit of setting aside a sum of money periodically, as one more indisputable obligation that exists in your life.

(8. Save in a special account

When you have been saving for a long time and it seems that you are lucky enough to have some extra money, the temptation to spend a little here and a little there is not exempt from appearing, that is why we recommend saving money using a special and unique account for this end.

The idea is that, despite simultaneously keeping control of the money that you have saved, for example, in some savings management application, do not mix your savings with your common money, separate it to the point that the next time you remember that it is there , either in order to use it for its initial purpose.

Now yes! Now that you have your answer to how to save money if you are poor, it’s time to start your own savings method. As you will see, there is no science or magic behind it, but there is a lot of self-discipline.

Do you take on the challenge?

You may also like:

How to start a sawmill business in any country

Top 8 strategies on how to retain customers

How to start mini importation in Nigeria 2021

Inbound marketing : discover everything you need to know about attraction marketing

Leave a Reply

How to save money when you are broke

How to save money when you are broke (10 practical steps)

how to save money on one income

Proven ways on how to save money on one income