Saving Money With A Low Source Of Income It's Challenging, But it's achievable
As we all know that savings are paramount in human life, and this will help you in financial emergencies. This is the most important aspect of savings.
Health emergencies can show up at any time, your savings will help you to cater for yourself.
In addition to a health emergency, you might also need to address some other crucial things at a particular time and run out of money.
This recently occurred to me at the beginning of February, when Nigeria's naira currency was extremely scarce.
This stops work activities at my place of work because it's a construction firm.
I was out of money, although I had some savings in my bank account. Because our local bank occasionally experienced network troubles, I transferred the savings to two different accounts.
After doing this for two days, the bank started experiencing problems, but I wasn't affected because I had relocated the money to a more secure location.
Having these savings got me through this challenging moment. I would have been completely stranded if I hadn't saved.
How Can You Save With A Low Income
Though this is so challenging because I have experienced it before. And in this hard economy in our country, a lot of people find it difficult to save.
People just find a way to live by sorting out their daily needs and hustling for the next day. The majority lacks a saving culture, because of low income.
My savings culture was encouraged when I worked with a company 5 years ago. There was one casual worker that was earning a low amount of money. This man has three children and was doing well, he didn't use to borrow money before payout day.
I was so surprised when the man bought a motorcycle, he told me that he will be using it as a side hustle during weekends.
I asked him, if maybe he has another source of living, and he replied no. Then he said he has been saving for the motorcycle for the past year.
I gained some knowledge from what he shared with me, his savings tips and so on.
I tried some of his tips and I was able to develop some savings techniques.
Few Saving Techniques With Low Income
Weekly or monthly Savings:If you used to get your wage payments on a weekly or monthly basis. Save at least 10% of your income as soon as you start receiving payouts.
There is no minimum sum of money that cannot be saved.
At the end of the year, it will add up to a bigger sum. If you earn daily or own a business, you should also save every day or every week.
The issue that many people face is that they believe that 10% of their income is too small to be saved, or that numerous bills need to be paid. However, if you exert some self-control, you will save at least 10%.
However, you can stay above 10% if you are buoyant.
Create Savings Account: This needs to be separate from your business or salary account. Open it only to save money. I have been doing this for a few years now.
Don't open internet banking for the account or collect debit cards.
I didn't have a debit card for my savings account and didn't know the account number offhand.
To avoid being tempted to touch it, I chose not to save it on my phone. I only wrote it in my diary. This has been assisting my saving culture.
Reduce Food Expenditure: If you typically eat at restaurants and other eating establishments, your money will be devoured by this quickly.
However, develop cooking skills and purchase fresh food ingredients at home.
You can save some money by cooking for yourself.
You can only occasionally eat at restaurants when you have extra money or are travelling.
Avoid destructive behaviours such as gambling, smoking, and clubbing. It is challenging for those who engage in these poor habits to save money.
These habits will also cause damage to your life.
There are numerous ways to save money, but I can only list a few that have proven effective for me.
Don't starve yourself; instead, take care of your health by eating healthy meals. Your finances will be seriously affected if you get sick.
Live within your means as well, don't forget that.
I'm hoping that this will be useful to someone.
Thank You For Reading
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Savings is a thing of sacrifice and it's a thing everyone should try out.
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I am not at all good in saving, tried so many times but always failed, inflation level is worst, last week of the month is always tough to survive and whatever we have saved in the start of the month needs to be used in those dark days lol Saving is an art and skill which everyone is not capable of, I am saying this because I myself is one of the example who cannot save but I know it is not impossible. Thanks for your tips, will try again to work on it, your blog motivates me again to have some savings 😎
I think you have saved the little you can because it helps you in the mast week of the month. Assuming you didn't save at all, it will be tough.
It's always difficult to save in a harsh economy, and if someone earns a low income, we can still try a little saving to help in dark days.
Thank you for stopping by and I appreciate your kind words
little saving is must and needed in these days, I don't think about it much though maybe because I am still not feeling the weight of responsibility on my shoulders but talking to my friends, I realise how life is getting tough day by day and we need to save and invest somewhere in order to have extra income.
After savings, the investment will follow. I think side hustles it's also more important. I will write another article soon about having side hustles.
One work it's not enough to sustain life.
yeah thats 100% true, and this increase in prices also increasing street crimes well thats the another topic..............
You are right bro