Actually, the best and easiest way to have good savings and investments is to just increase your income and have very low spending… like earn like a rich and spend like broke… But while many people spend their entire life earning more money, but it is important to know that without learning the art of spending they will never be able to create a financial balance for their future and their families.
Actually, everyone needs to save and invest money for their good future but the process of starting is a little bit overwhelming. Everybody knows money plays a very important role in our lives. Money is not just a thing that is needed for a good life, it’s also needed for dying peacefully. Nowadays financial planning for any individual is very important for a good life. Actually, in financial planning it doesn’t matter how much money you make, the important is how much money you save and invest.
And for saving you need to manage your expenses, and expense management is like getting the right value for every dollar you spent and choosing the right payment mode at the right time. If you get these two things clearly you can start your saving and invest with very ease and comfort. But if you are on a low income and on a tight budget, it can be a little hard (but not impossible) to save up and invest. But there are tons of ways to save money even on a tight budget and on a low income.
- 1. Pay yourself first
- 2. Build an emergency fund
- 3. Make a hard budget
- 4. Reduce using debit or credit card
- 5. Set price alerts
- 6. Install coupon apps
- 7. Always carry a water bottle
- 8. Join some good online shopping forums
- 9. Use good trip planning apps
- 10. Book the ticket in advance
- 11. Always get free shipping
- 12. Look for expiry dates
- 13. Carry some loose money
- 14. Save electricity
- 15. Solar electricity
- 16. Use a good payment app
- 17. Packing food
- 18. Festival sales
- 19. Learn basic skills
- 20. Carpooling
- 21. Public transports
- 22. Downloaded movies
- 23. Low phone bills
- 24. Fix yourself
- 25. Be clean and organized
1. Pay yourself first
This is the first step to save some money from your income. Just take a calculated part (can be 20%-25% depends) of your income and keep it in a savings account or on an investment account. And then spend on other necessary things. And think like this is the all money you got as your income.
2. Build an emergency fund
While saving some money for the investment you should really consider saving some money for an emergency fund. Because no one knows about the future, who knows what happened in the future. So you should save a little amount of money each month for an emergency fund.
3. Make a hard budget
This is one of the most important tricks for your savings. Each and every month you should make a hard budget for all of your monthly expenses. So you can track your monthly expense, that how much money you make and how much you spend. Just make a good plan and stick to the plan anyhow. Cause a person with a good budget will have control over his finances.
4. Reduce using debit or credit card
Trying to avoid using debit or credit cards while shopping. Because then while doing the shopping you don’t think much about money. And with a credit card, you can try to overspend your budget.
5. Set price alerts
If you shop mostly online, then you should know some online shipping sites have some features where you can compare different prices as well as set some price limits for the products you’re interested in. Or you can use third-party apps and some browser extensions for this.
6. Install coupon apps
While doing online shopping first download some good coupon apps for a great deal on your interesting product. You will get a lot of coupons for salons, electric appliances, restaurants, and many more.
7. Always carry a water bottle
Always try to carry a water bottle for reducing unusual spending. You can save a lot of money carrying a water bottle, because most fast-food restaurants have a water option on their menu and the water price is very expensive as water. Just carry water then you will not need to purchase a water bottle.
8. Join some good online shopping forums
There are some good forum sites that show daily shopping deals and offers. And on the forums, you can get some feedback about the product you are interested to buy. Then you’ll get to know about any good-to-be true products.
9. Use good trip planning apps
By doing this you can get a clear view of those places you want to visit. And you can get some good offers using a good trip planning apps. And before going to any place get some tips from someone who has been there for some time. And also read some blogs and watch some YouTube videos about the place for better understanding.
10. Book the ticket in advance
This can be a good way to save some money while traveling. If you book any flight or train 2-3 months in advance you can get some discount offers. Cause flights are cheaper when it’s booked more than 1 month in advance, as compare to last-minute or some last hours. But remember the cancellation charges are high for most discounted advance booking than the last minute booking.
11. Always get free shipping
This could be a big bonus point for you. Remember getting free shipping is a bonus itself. While shopping every dollar is saved can be a great achievement. While doing online shopping always check the shipping is free or at a certain cost. Sometimes some websites show a lower product price but a higher shipping charge.
Before doing shopping online always make a list of products that you need and then buy only when your purchase amount cross the free shipping criteria, or if not, wait for some days for needing another product or ask your friends if they need to buy something, then purchase the products together.
12. Look for expiry dates
Before buying products in large quantities always check for the expiry date, cause if the expiry date is for just one or two months and you’re buying a lot then the products can get waste and you’ll lose a lot of money. So always check for the expiry dates before buying otherwise don’t buy if the expiry date is soon.
13. Carry some loose money
Whenever you go shopping always carry loose money with you, this can be another reason you’re losing money. Actually, storekeepers are very intelligent if you don’t have change to buy any product they will ask you to buy another product or they will give you chocolate. And by doing this they are saving and also gaining a lot of money you can’t imagine. But from now you carry loose money to save some money.
14. Save electricity
This is a very good way to save some bucks. There are lots of ways you can save money saving electricity. Like you can turn off the unnecessary lights and use natural light, taking a shorter shower.
15. Solar electricity
This is the real way you can save a lot of money on your electricity bill and you can contribute something to our planet. And using solar energy you’ll arguably save a lot of money, cause solar panel generate their own power using sunlight and it’s the cheapest electricity you can have. And with this, you can save thousands of dollars every year.
16. Use a good payment app
By using a good payment app you can save a lot of money cause some payment apps gives you cashback on every payment. So you can absolutely save some good money.
17. Packing food
If you’re eating outside every day in your office days for lunch, then you should stop doing this and pack and bring your own food to your office. Because by doing this you can save a lot of money. And you’ll stay healthy by eating homemade foods. And also if you’re going on a road trip then also you can bring your packing food.
18. Festival sales
If you need to buy clothes but that are not urgent you can wait sometimes for a festival. Because in every festival all the online shopping websites have some festival sale and you can get many products at a fairly cheaper price.
19. Learn basic skills
This can be very helpful for saving some money. Like you can learn some basic cooking, washing clothes, stitching, etc. By learning these things you can cook by yourself and wash your clothes by yourself and also stitch by yourself. So you will not waste your money on laundry, ironing, or stitching, and also you will develop some discipline of doing your things on yourself.
If you live near anyone you work with you, then you both might share the vehicle to work, so that both of you guys will save some money.
21. Public transports
This is another way to saving transport costs you can travel by public transports instead of cabs. By that, you can save some a good amount of money to invest in different things.
22. Downloaded movies
You can watch movies online or download them, by doing this you’ll save the theater ticket, transport cost, eating cost, drinking cost, and much more. But if you just watch a movie online or downloaded, then you can see that movie at a very little cost, and also in your home comfort and with eating home food and you can watch with your whole family and friends without spending on extra tickets.
23. Low phone bills
You can lower your phone bills by talking less on phone, or you can message if the call is not urgent. Also there are lots of phone plans that you can choose to limit your phone bills.
24. Fix yourself
You can fix basic home appliances, your basic mobile problems, and lots of things using social media. Online especially on YouTube, you’ll find all the needed tutorials for free. If you want to fix your PC then instead of going to an expensive repair shop just use google to find a reliable solution. Sometimes PC got some very little problems that can be solved with a simple defragmenter or a simple virus cleaning. Then if the problem doesn’t get solved then you can go to a repair shop.
25. Be clean and organized
Keep yourself and your surroundings clean, to save yourself from big medical bills. Keep all the things on their right places so that you will save money doing this, like if you don’t find the thing on it’s right place you’ll think it’s have ended, so you’ll purchase another one.
Hopefully the tips mentioned above will definitely help you to save a good amount of money and you can invest all the savings to invest in some good investment plans. Optimistically, after reading all the tips, you’ll save a lot of money. You need to use these tricks to achieve this kind of savings and investments. You can also make some notes with these tricks, so you’ll never forget these tricks. If you follow all the instructions and do all the things properly, then you don’t have to worry about your finances in your future.