6 Ways to Save Money on a Low Income That You Can Use Daily

6 Ways to Save Money on a Low Income That You Can Use Daily

Posted on November 2, 2022

We appreciate that it can be difficult to save money on a low income but the importance of having emergency savings cannot be overstated. That’s why we put together some actionable tips to try to you save.

We asked our Dundas auto loans team to identify ways you can save money on a tight budget. We hope they help!

Know where you are

We start the way we always do by referring to our household budget. It’s a vital tool in managing finance whether you’re handling debt or trying to save for a vacation. Everyone should use one, which is why we go on about them so much.

Update all your income, outgoings and debts so you have a complete picture of your current situation.

Save with someone

If you have a partner, involve them in the saving. This serves two purposes. One, telling someone else you’re saving makes you more likely to do it, otherwise you risk failing in their eyes.

Two, they could help save too, potentially doubling the amount you could save.

Either way, getting someone else involved is an effective way to help save money on a low income.

Never go grocery shopping hungry

This is advice we share a lot. Have a snack or protein drink before going grocery shopping to avoid impulse buys. This prevents hunger driving decisions and should help you stuck to your shopping list.

You do use a shopping list, don’t you? That’s another essential. Create a list throughout the week of all the things you need and take it with you. Stick to the list to further help reduce impulse buys and put all the money you save into your savings pot.

Cancel unused subscriptions

One useful thing about having a complete household budget is you can quickly identify any subscriptions or other outgoings you can cut.

They could include gym subscriptions you don’t use, cable or streaming services, food delivery services or any outgoing that you’re not getting full value from.

Consider non-branded foods

Some of us buy brand food because we think it’s higher quality than unbranded food. That’s true in some cases but it isn’t true for all. Some factories that make branded food also make unbranded food too and just use different packaging or a different spice or herb blend.

Experiment with unbranded foods. Some you’ll like and some you won’t but every one you switch will help save you money.

Make your own coffee and lunch

This is another common tip on how to save money on a low income we like to share as we personally have used this to save up to $1,500 per year. No more buying coffee or lunch with your gas or buying lunch at work.

Make it yourself at home and take it to work with you. You’ll spend more in groceries but will save so much more. You’ll also have complete control over what goes into your lunch and could improve your health too!

When you’ve saved enough for a down payment on an auto loan, come visit our team.

We will use all our skill and experience to deliver the lowest possible Dundas auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.

Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles!