A penny saved is a penny earned, which is an age-old belief that has been followed for generations by people from various walks of life. While it is believed that people who have a surplus of income are the ones that can save the easiest, in reality, saving money is important for everyone, especially those who have a low income.
If you are wondering how to save money fast on a low income, the answer is a 5 points checklist that is easy to follow once you have disciplined yourself to stick to your plan. Continue reading to know more about the best way to save money with low income without compromising on essential goods and services.
Oh SNAP, That Really Works!
Supplemental Nutrition Assistance Program also known commonly as food stamps, can be used by low-income households to purchase edibles such as groceries, dairy products, fish, meats, poultry, and even many types of cereals. To be eligible to use food stamps and the SNAP scheme, as a single person you should not have an income that exceeds the net amount of $1,064 a year. Similarly, a household of 4 must have a net income of less than $2,184 a year and a household of 6 members should not have a net income that exceeds $2,930 annually.
To enrol in the SNAP initiative, all you need to do is visit your local SNAP centre or enrol online on the state website. You will have to go through both an interview as well as provide relevant information to process the application. When approved you will get a maximum quota allotted, the quota as of now is a maximum amount of $782 for a 4-person household.
Additionally, buying products in a wholesale quantity when there are sales is also a good rule to follow. The rule of buying products in large and wholesale quantities is applicable only to non-perishable items such as tissue papers, socks, clothing, and other daily-use items that do not spoil easily in a few months.
Shine Bright But Shine Right!
An easy way to be frugal efficiently is to use energy-saving gadgets such as LED bulbs instead of CFL bulbs. As a general rule, incandescent bulbs consume maximum energy, followed by CFL bulbs that save 30% at maximum, and finally, energy star LED bulbs that can save up to 75% of energy and subsequently give you a much lower electricity bill. More importantly, LED bulbs can last up to 25 times longer if maintained well which directly reduces the cost of replacement bulbs. LED bulbs are also a lot brighter than CFL bulbs and an 8 to 12 watts bulb can light up a whole room!
Switching off fans, lights, and other gadgets when not in use can save you a pretty penny as well as reduce your carbon footprint significantly. Additionally, using other energy-saving devices such as refrigerators, clothes washers with inbuilt dryers, and dishwashers is a smart move in your favor.
A Carrot A Day Can Keep The Repo Man Away!
A simple way to be frugal and save money fast on low-income is to cut back on take-out food and dining out. A budget is important for food items as well, for instance, if you like fine dining, then learning to cook may seem easier than done, but it’s worth the effort. If cooking isn’t your strong suit, then logging on to YouTube and searching for easy recipes might help you out. Just as you have made a plan to stick to your budget, consider practising until your cooking is perfect.
While having frozen dinners at least twice to thrice is a feasible alternative solution, adding a salad to your diet can help you get your fibre quota for the day as well as fill you up without empty carbohydrate calories. Carrots have high fibre content, keep your blood sugar levels under control, and can be easily eaten raw or boiled, steamed, and cooked! Find out 5 vegetables that you like and have them on a rotational basis. Remember that organic and farm-grown vegetables cost more than vegetables bought from the produce aisles at supermarkets.
A Drop Of Water Saved Is A Crop Fertilized and Nourished!
Yet another way to be frugal easily is by saving water while showering, cooking, and cleaning. This is especially useful if you get a separate water bill. Just by switching off the taps while you are not actively using them while cooking, brushing your teeth, showering, and shaving your beard, you can save up to 15% a month on water bills.
If you have an aquarium then using the water from your aquarium to water your plants is a great way to save on both water as well as natural fertilizers. Starting a small organic vegetable garden can also help you eat healthy while saving some money for a rainy day. You can also look into rainwater harvesting for gardens by asking your building supervisor about this possibility.
Don’t Break the Bank, Tip Your Hat In Thanks!
If you tend to splurge periodically while ordering a pizza, dining out, and celebrating with friends, then use apps to split the bill between your friends. An instance of a useful app that can help you keep tabs and track payments, split bills and collect money online is Splitwise.
Additionally, the minimum tip rule of 15 to 20% without exceeding it by a maximum of 5% on special occasions can help you save a few extra pennies. A heartfelt smile, a genuine thank you, or a customized thank you note to the servers with a small tip can make their day! Being creative is free, and it also shows that you care enough to go the extra mile.
Time Is Money, Start Now and Save Money Fast On Low Income
While each of these methods can work brilliantly to help you save up to 30% a month on your current expenses, it is crucial to make a budget and stick to it. It can be tough to make big cutbacks instantly but starting small and beginning right away is the best way to go. Irrespective of the fact if you are a student who wants to save with low income or a working professional who wants a nest egg for retirement, remember to be consistent until it becomes a habit. If possible, set aside $10 a day in an emergency jar for a rainy day. You can also keep aside any extra money you save in a separate jar by following these easy-to-follow frugal living tips.
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