How to Save Money with Low Income (Even WITH Minimum Wage)

You’re about to learn exactly how to save money with low income. People often figure “I already know how to save money fast, I just don’t make enough money”. BUT I’m about to blow your mind and show you how to save money on a low salary.

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So, I’ve been there: one minute you realize you’re only making minimum wage or you’re just making a low salary. When I made this realization, I started thinking about the future. No excuses, no limitations, just the future and what it could look like if I got ahead financially. This way of thinking taught me how to save money as a teenager. After this video, you’ll rethink what is possible and you’ll stop thinking it’s impossible to save money on minimum wage.

When I say minimum wage, I’m not just talking about the traditional $7.25. I’m talking about the lowest wage that your employer pays the lowest position in your company- which may be $15 an hour; which is still pretty low.

Money Saving Tips and tricks:
First:

Keep Bills LOW
First things first, when I was in college, my goal was to graduate WITHOUT having to move back in with my parents. That said, I waited until my senior year to actually start getting SERIOUS saving for my “after graduation fund” which was basically what I needed to become financially independent.
So: grants and scholarships paid for majority of my rent and I was sure to pay all my rent at once so I didn’t have to worry about it for the remainder of my time at school.

This was especially easy because I had 3 roommates, so they split the cost of rent and utilities. This made it MUCH easier for me to save money and plan.

On top of this, during the summer prior to coming back my senior year, I worked hard to make sure my $6,000 car was paid in full that way I wouldn’t have to worry about car payments.

Second:
Learn how to save money on groceries
That’s right: here’s how to save money on groceries: don’t grocery shop super often- I went about once a month and spent a solid $70 or lower per trip. If you have canned foods and/or dry foods such as vegetables, rice, noodles, etc. you can stretch that food out for a while. Most people can literally go without grocery shopping for more than a month. On top of that, I cooked everything, all the time. I was not about to let eating out be a detriment to my financial future, instead, I just budgeted for eating out and it was fine. When I did eat out, I was sure not to go overboard which I considered anything OVER $25 to be overboard.

Third:
Don’t use your low income as an excuse not to save money.
Look, I was in college, technically broke, If it weren’t for my grants, scholarships, and about $1k in college loans, and money I saved up from my internship on top od the $10 an hour I made at my job, I would’ve had to financially depend on my parents.
Because of the money saving tips I used in the beginning, I was practically able to bank the paychecks I got from my job (as a student researcher).

That said-
Fourth:
Leverage any EXTRA money you get throughout the year to benefit your future.
For a lot of people it’s tax return- I know it was for me. It was also the money I earned from a previous internship. In a lot of cases this new stimulus package that was recently approved is a great example. A lot of folks will get $1,200 if they make $75,000 or under. Most people make $50k or under so if you’re still working and haven’t been financially impacted by this pandemic, this money is going to be extra for you. Be smart with it and see what you can do to leverage it. In fact couples will receive $2,400 so long as their combined income does not exceed $150,000. Moreover, they’ll get $500 per kid under 17 years old.
Take this as something you can leverage and DO NOT think of it as extra spending money, that is extremely unwise financially ESPECIALLY if you’re already living on a low income.

Fifth:
Use your current situation as motivation. I still had family members paying my phone bill, paying for my health insurance, and I get it, a lot of college students are having family members pay for certain expenses, but I just couldn’t continue to accept that reality. So, I used that as motivation to never have to depend on anyone again and as cliché as that may sound, the motivation behind that gave me the drive to do everything I could to make sure I could take care of myself financially.