10 Creative Ways to Save Money On A Low Income
One of the biggest stressors and causes for anxiety these days is finances and saving money seems to be getting more difficult. It seems that no matter how much money we make, it’s hard to find ways to save money on a low income.
Though not everyone reading this is considered low income to the government, these creative ways to save money on a low income will help your financial situation get stronger!
Every situation is very different whether you have 2 jobs, have 0 or 4 children, or are single, struggling with saving money or falling into hard times can happen to anyone.
This post is to give you a light at the end of the tunnel and remind you that with the proper strategies, you can find real ways to save money on a low income.
As we get into it, I want to let you know that I am not a financial professional by any means! What I do have is experience. My husband and I became debt free by following the tips you will read below.
We’ve been through times of extreme struggle and we’ve been through times where saving money didn’t feel possible but in both of these situations, we ended up flourishing and coming out on the other side.
These ways to save money on a low income have the potential to provide you financial relief and start building overall better money habits!
Before we get into it, bookmark these reads for later:
Diclosure: some of the links on this post are affiliate or referral links in which I earn a small commission or bonus for your using my link at no additional cost to you!
This post is all about ways to save money on a low income budget!
10 Creative Ways to Save Money on a Low Income
1. Track Your Money (a.k.a. BUDGET!)
You see this obvious tip everywhere because it’s extremely important if you are trying to save money, especially on a low income.
Understanding where your money is going is the foundation to saving money because if it’s not going into your savings account, where is it going?
There are so many great budgeting methods available and there are a lot of free options as well.
You can choose from resources like YNAB or Every Dollar or simply use a spending journal and track your expenses.
Let me tell you, it’s much harder to spend the money when you know you have to own up to it later. You’ll start to hate feeling that gut wrenching feeling and change your ways.
Identifying where change needs to happen is the beginning step you need to take to feel financial stability
2. Audit Your Monthly and Yearly Subscriptions
From streaming services to gyms to games, subscription services have almost gotten out of hand!
It seems like everything you want to buy nowadays is through a subscription and honestly, it’s a great business move because a lot of people forget about the subscription and end up continuing to pay for months or even years before they realize what’s going on!
Though I haven’t used this service, if you think you have too many subscriptions and it might be overwhelming, tools like Rocket Money can help you cancel you unused subscriptions.
By using a service to do it, it can take the pressure off you and help you get back to saving money on a low income!
3. Cook at Home More Often (with Low-Cost Ingredients)
This is probably a budget line that gets people in trouble with money and truthfully, it’s my family’s biggest expense outside of necessities!
Start learning how to cook from scratch rather than eating out so frequently. This doesn’t mean you can never eat out again. But it does mean you need to be honest with your current situation and get a better grip of your finances before you continue spending money at restaurants and fast food chains.
Ingredients like rice, beans, pasta, and in-season veggies/fruits are still very affordable foods and can be used in so many ways!
Downloading apps like Flipp can help you shop the ads for deals and add coupons to your loyalty cards directly to help you save more money on groceries and household essentials.
Just to keep it into perspective, the amount you are spending for one meal at Chick-Fil-A could be the same it would cost to make 2-4 meals at home!
4. Try Thrifting or Buying Secondhand
This might be one of my favorite tips on this entire post! Shopping at thrift stores, consignment shops, and Facebook marketplace are a great way to save money on things you are looking for!
I’ve found amazing, high quality products at local thrift stores and yard sales from name brand yoga pants to home decor and kitchen appliances!
I’ve found LuluLemon leggings for $2 and my KitchenAid mixer was only $75 – I snagged that from Facebook Marketplace 6 years ago and it still works perfectly!
Just because something has been gently used doesn’t take away the value it still has. These prices are truly a fraction of what a retail store will cost you.
For perspective on the LuluLemon leggings alone, I probably saved close to $70!
Take a look at the next tip to see how thrifting can actually make you money and not just save you money!
5. Start a Side Hustle (with Minimal Investment)
Starting a business will cost you money. Now there are always cheaper ways around this, but overall if you want something to be successful, it will likely cost you something up front.
But a side hustle can be a great way to make some cash without investing a ton of money into it.
Here are a few side hustles that I have done myself and you can try as well to make some quick cash:
- Reselling- As I mentioned above, thrifting can actually make you money. I own a reselling business that allows me to make some cash when I find quality products at my local thrift store. Those LuluLemon leggings I mentioned? I was able to resell them for $50, making a huge profit and still giving the customer a great deal on leggings as well.
- Dog sitting- Apps like Rover can help you earn cash by walking or watching someone else’s pets.
- Doordash- Though this will cost you some gas money, this can be a quick way to earn some cash to put into your savings account or supplement your current income!
- Babysitting- Parents are always looking for a new babysitter they trust. If you are someone who is great with kids, this could be a great option!
- Other options you could try- Selling crafts, freelancing, or offering cleaning services.
- Get a part time job- Though this might not be everyone’s first choice, sometimes it can be the difference you need and remember, it’s only temporary! A year of your life working a part time job could have lasting benefits for you and your family!
Remember, these side hustles don’t have to turn into your full time job but can be a great short term time investment to make your financial situation healthier.
6. Try more DIY Solutions
DIY is a great way to save money! Things like cleaning supplies, home repairs, and even Christmas gifts can all be done at home, more affordably!
By reusing things you already have, you can significantly cut costs and as a bonus, DIY solutions can be far more rewarding.
Before running out and spending money on a new gift or service, try using Google to see if it’s something you can do yourself.
Yes, this takes extra time but you’ll find it more rewarding in the end!
7. Use Cash-Back Apps and Earn Rewards While Spending
I’ve tried so many cash back apps throughout the years and there is only one that I continually use and love and that is Fetch Rewards.
If you use my Fetch Rewards code 25QFN and link, you’ll get points as soon as you sign up (the amount can change depending on promotions they run but at the time of writing this, you can get 2K points! I also get points when you use my code).
To use Fetch, you just scan recipes of things you are already buying and get points that you can use to redeem for gift cards to places like Amazon or Wal-Mart. A new feature they recently added is that you can use the app to make purchases and get even more points back!
There are other options like Ibotta, Rakuten or Honey that might work for you as well!
These savings might seem small but over time they can add up over time if you utilize them properly.
Other options like grocery store loyalty programs and apps can provide you with additional discounts on products you are already buying.
8. Try a No-Spend Challenge
A no-spend challenge is a great way to save money on a low income! For a no-spend challenge, you decide on a list of items that fall under “necessary spending” and choose a length of time you want the no-spend challenge to last.
I’ve done no-spend challenges as short as just one weekend and as long as a month. You could even do a whole year!
I do recommend starting out with just a day or weekend to get used to the challenge at first. It can be a huge shock to your lifestyle and the last thing we want is for you to binge when it’s over (speaking from experience!).
Remember to make sure your “necessary spending” is truly necessary!
The benefits from a no-spend challenge spread beyond your savings account. They teach you to learn how to enjoy what you have and not feel the need to make new purchases. I’ll get into this more on number 10!
9. Sell Unused Items
Decluttering items you no longer use or need can be a great way to earn extra cash and free up space in your home!
Financially this can obviously give your some quick cash if you are trying to save money on a low income but it can also help you simplify your home which can help reduce stress and anxiety as well!
Depending on the severity of your situation, this could mean selling designer bags or furniture you don’t need in this season of life.
Remember that this tip can absolutely be temporary! Earning cash from something you don’t need right now can help you get financially healthy quicker and in the future you can budget and afford nice things again!
Utilizing apps like Facebook Marketplace, Ebay, OfferUp, and Poshmark can help you sell these items with ease! If you are hoping to get these sold quickly, I recommend looking up best practices on Youtube or Google to help your items get seen quickly.
10. Embrace the Underconsumption Core Movement
There are Facebook groups you can join like buy-nothing groups or buy, sell, trade groups that can allow you to trade unwanted items for wanted items with people in your local area! Bartering is definitely a lost skill in today’s society but can still be absolutely beneficial!
Try to approach your new budgeting lifestyle as a lifestyle change and learn to love the things you have rather than continuing to strive for things you don’t.
Possessions aren’t what bring people joy in the long run. It might feel great to get an expensive gift in the moment but that’s nothing compared to the stress that the financial implications can bring after.
Conclusion
If you are looking to save money on a low income, remember it is absolutely achievable with time, creativity, and intentionality.
As a reminder, I am not a financial professional and none of this is financial advice rather ideas that can try to help improve your situation and they helped improve mine!
Remember to celebrate the small wins along the way and be gentle with yourself. It might be a few months or even a year before you see real results. Keep going and don’t give up on your financial future!
Are there any tips you would add to this list? Comment below!
