Saving money can be difficult to say the least. When I wanted to save, I always wanted to put a big chunk of money in my savings. Due to my adult financial situation, those moments when I had a big chunk of money were infrequent. If you make a low amonut of money, here are some tips on how to save on a budget. In case of an emergency, it is best to save at least 5,000 dollars.
Put a Small Amount in Savings
Time passes so quickly and before you know it, 5 years have passed and you still have nothing in your savings. If you make a low income try putting 5 dollars, 10, dollars, or 20 dollars per paycheck into your savings consistently. This will add up gradually overtime. It is a small amount, but it is better than not saving anything at all year after year.
Track Your Spending
Adding up all of your bills is necessary so that you know how much is coming out of your account every month. Take a look at your bank statements and see where your money going. Ask yourself: “Is there anything that I can cut out of my monthly outcome?” Create a budget by writing out every single bill and what time of the month the bill comes out.
Then figure out how much you want to spend on food, tolietries, etc. For food and tolietries, etc, try using cash instead of a debit card. Seeing the money physically may help you stick to your budget better than constantly swiping your debit card.
Increase Your Income
You can get another job specifically to save money. The money from this job will only go into your savings account. You could also consider getting a higher paying full-time job. Research and apply, apply, apply. Remember that you have to apply for 50 to 100 jobs or more to get new employment. Indeed.com is an amazing resource for applying for jobs.
I have had so many jobs in my adult life and it takes several applications and interviews to gain employment. Research, research, research. Think outside of the box! There were jobs available that I had never even thought of applying for such as ushering at Jazz at Lincoln Center or catering at a temp agency. Consider side hustles like network marketing, blogging, teaching online, creating a youtube channel, working at a store or restaurant on weekends only.
Best Job Search Site: https://www.indeed.com/
https://bydominiqueduarte.com/the-best-ways-to-find-a-job/
Conclusion
You can save money! I believe in you! Put away a small amount in your savings per paycheck, track your monthly spending, consider increasing your income by getting a higher paying full-time job or getting a side hustle specifically for savings.
Saving has been a journey for me for sure. However, when your savings account increases, your stress can decrease. Emergencies happen and you want to be prepared financially when those moments come up in your life. Be Prepared!
Hope this helps,
Dominique Duarte
How do you save money? Comment below!