Save Money on a Low Income With Simple, Realistic Mindset Shifts.
you can save money on a low income but I ain’t here to just be your cheerleader and say you got this because that ain’t helping I’m here to be your coach and show you how you can save money on a low income just call me coach L Augustine sorry I do not have a coaching hat I just have a hiking ad I could get a coaching hat but I am a Frugal minimalist ladies and gentlemen but in this video I want to show you eight realistic ways that you can save money on a low income so let’s begin one take your broke ass home I believe that some of the best financial wisdom is in music and we can make a positive impact in our finances if we don’t just listen but we listen to what the music is telling us.
And I think that one of the best pieces of financial wisdom was said by an artist named Ludacris alongside his lady Fergie where he said if you ain’t got no money take your broke ass home now there are many people who have trouble saving but when you look at their financial situation they’re spending all this money they don’t have on things they don’t need and I get it you want to be a player and make it rain at the dance club pop some bottles and feed your shoe fetish but most of y’all ain’t got enough letters to support your shoe finish and y’all need to do yourself a favor stop spending all this money you don’t got work on getting yourself in a better financial position and if you ain’t got no money take your broke ass home two treat saving like a bill I crack myself up ladies and gentlemen take your broke ass home I might not be the smartest personal finance YouTuber but I am the silliest one but let’s just be real the competition isn’t that fierce but anyways let’s talk about something a little bit more serious although take your broke ass home is something that’s serious a lot of saving money is just mindset.
Make Saving a Priority and Control Your Spending.
If you make saving a priority you’ll get it done for example we all have bills to pay each month like our rent our phone bill and our health care and we managed to come up with the money every month to pay for these bills because we know we have to we prioritize these expenses and a great way to get yourself to save money is to treat saving as if it were a bill where you have a specific amount of money that you dedicate to savings each month and just like all your other bills you pay it off each month when you prioritize saving living in your life you find ways to make it happen just like you find ways to pay off your other bills three see how sporadic your spending is and make it predictable we don’t have tons of control over how much money we make but we do have a lot of control over how much money we spend and in order to save consistently it’s important to make your spending very predictable because when you can predict how much money you spend each month it’s much easier to manage your money and set aside money in order to save.
So this is what you need to do track every single expense that you make down to the penny and at the end of the month determine how much money you are spending each month and do that for three months and see how consistent your spending habits are because maybe in July your spending was four thousand dollars and in August your spending was five thousand dollars and in September your spending was three thousand dollars and if your spending is like that where it’s not consistent each month you should analyze why it’s not consistent maybe August was more expensive than September because you ate out more and you bought more and when you figure out what’s making your spinning vary so much from month to month try to make your spinning more consistent where you can predict how much you spend each month.
Analyze Spending to Make It Predictable and Cut Unnecessary Costs.
When you make your spinning habits consistent where you can predict how much money you’re spending each month it’s much easier to manage your money and it’s much easier to be able to determine a specific amount of money to set aside each month to save four analyze and cut entertainment expenses now to expand on this topic of making your spending more predictable let’s talk about different expenses that you should analyze to lower how much money you’re spending and allow you to save more money now we all have a monthly entertainment expenses that we pay for every single month and so you should write down every single expense that you have with entertainment for example maybe you have Netflix Disney plus YouTube premium cable TV in a new subscription and once you have them all written down analyze each expense and determine which ones are bringing you value and which ones aren’t and cut out the ones that aren’t bringing you value I think that most people spend ten to twenty dollars at least 10 to 20 a month on subscriptions that they don’t even use and if you just take a moment to write down all your subscriptions to determine which ones don’t bring you value it’s a very easy way to save money five analyze service expenses.
Find cheaper alternatives another easy way to lower your expenses and save money that can make a big impact on your finances is to focus on these service expenses that we spend money on every single month and just like your entertainment expenses take a moment to write them down and these are things like your internet bill your cell phone bill your gym membership or Amazon Prime oftentimes if you just take a moment and do some research you can find cheaper alternatives for all these services for example to lower your internet bill just switch to a lower megabits per second to lower your cell phone bill switch to a budget cell phone provider to lower your gym membership switch to a cheaper gym and just forego certain Services if you take a few hours and write down all these monthly services that you pay for do some research to find cheaper alternatives you can easily save a lot of money 6. Analyze and lower Transportation expenses. According to AAA, the average American spends ten thousand seven hundred.
Lower Transportation Costs and Avoid Extra Gas-Station Spending.
Twenty eight dollars a year on their car and this expense is kind of a big deal and so you should take the time to write down how much money you’re spending a month on gas insurance payments in maintenance and you should really analyze these expenses and see if you could lower them or find cheaper alternatives for example you can use the Gasbuddy app to find cheaper gas and save 20 cents a gallon or compare insurance companies to see if there’s a lower plan or get a cheaper car if your payment’s too high or bite the bullet and get a more reliable car to avoid so many maintenance fees if you take the time to really analyze how much you’re spending on transportation.
Find ways to lower this expense you can easily save hundreds or thousands of dollars a year seven only get gas at the gas station one of my guilty pleasures ladies and gentlemen is gas station taquitos in maybe two to three times a year I physically walk into a gas station and get some taquitos when I’m filling up my gas but 99 of the time I only get gas at the gas station but so many people are regulars to their local gas station and they’re constantly getting Slurpees candy and hot dogs inside the gas station and although these things don’t cost that much if you do it regularly it can add up to hundreds of dollars throughout the year let me just make this clear there’s nothing you need inside of a gas station you just need gas at the gas station.
Cut Gas-Station Treats and Live a Simple “1999” Lifestyle.
So many people end up spending so much money because they get in the habit of buying themselves these little treats in the gas station but if you can cut out this unnecessary gas station spending you can save so much money throughout the year eight Live Like It’s 1999 a little behind the scenes with El Augustine information about 90 of my audience was born before the year in 1999. and what that basically means is that ninety percent of you guys remember the good old days where most people would leave their house to shop entertainment was simple and pizza joints were the only restaurants that delivered back in the day people spent a lot less because we didn’t have all these fancy things like online shopping or food delivery or stimulation overload and if you remember life before all this stuff I don’t think it’s too controversial I think that we can all agree that life was a little bit better without all this stuff things weren’t perfect back then but there was a hell of a lot less Temptations in life. And I think that if you can acknowledge that these things of spending more money don’t make our lives better and hurt us financially, you can focus on living a simpler life like we did in 1999, and you could save a lot of money, and those are my eight ways to save money on a low income.