how to start saving when your income is low - new lune

How To Start Saving When Your Income Is Low.

If there is something I always say when it comes to finance is the fact that it’s easier to earn money than to save it. Some people find saving money extremely easy whilst others find it very difficult. You have to take into consideration so many different things when it comes to saving such as your income, expenditure, etc.

In general, I think it’s good to be aware of how much money is coming in and how much money is going out. You should really know what you’re spending your money on and what you can eliminate. In today’s post, I wanted to share with you some tips to save money when your income is low. As always, if you are interested – keep on reading!

S’il y a quelque chose que je dis toujours en matière de financement, c’est le fait qu’il est plus facile de gagner de l’argent que de l’épargner. Certaines personnes trouvent qu’il est extrêmement facile d’économiser de l’argent tandis que d’autres le trouvent très difficile. Vous devez prendre en compte tant de choses différentes en matière d’épargne comme vos revenus, vos dépenses, etc.

En général, je pense qu’il est bon de savoir combien d’argent entre et combien d’argent sort. Vous devez vraiment savoir à quoi vous dépensez votre argent et ce que vous pouvez éliminer. Dans le billet d’aujourd’hui, je souhaitais partager avec vous quelques conseils pour économiser de l’argent lorsque vos revenus sont faibles. Comme toujours, si vous êtes intéressé, continuez à lire!

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CREATE A REALISTIC BUDGET

I personally think it’s very important to create a realistic budget and tackle your high interest debt if you have any. Make sure that all your expenses are covered and after check the amount of money you are left with. It doesn’t matter if it’s only a pound/dollar, put that amount aside!

This is something you already know but be realistic with your savings, don’t expect to save a lot of money if you don’t put aside a lot of money. The goal here is to save money and not to save a huge amount. Have automatic savings if you can or just put away whatever you can. Put away money as much as you can!

Personnellement, je pense qu’il est très important de créer un budget réaliste et de s’attaquer à votre dette à taux élevé si vous en avez. Assurez-vous que toutes vos dépenses sont couvertes et après vérifiez le montant d’argent qui vous reste. Peu importe que ce ne soit qu’une livre / dollar, mettez ce montant de côté!

C’est quelque chose que vous connaissez déjà, mais soyez réaliste avec vos économies, ne vous attendez pas à économiser beaucoup d’argent si vous ne mettez pas beaucoup d’argent de côté. Le but ici est d’économiser de l’argent et non pas d’économiser énormément. Faites des économies automatiques si vous le pouvez ou mettez tout ce que vous pouvez. Mettez de côté autant que vous le pouvez!

Related: Top 5 Wedding Budget Tips

 

BE MINDFUL OF MISCELLANEOUS EXPENSES

You need to extra mindful about your miscellaneous spending and check what you can cut back on. Apart from the main expenses/essentials, if you find that you are spending money on things that aren’t really necessary or on things that you don’t use it regularly then it’s time to ask yourself if those expenses are really necessary or needed.

Vous devez être très attentif à vos dépenses diverses et vérifier ce que vous pouvez réduire. Outre les principales dépenses / éléments essentiels, si vous constatez que vous dépensez de l’argent pour des choses qui ne sont pas vraiment nécessaires ou pour des choses que vous ne l’utilisez pas régulièrement, il est temps de vous demander si ces dépenses sont vraiment nécessaires.

Related: 5 Important Money-Saving Tips

 

READ HELPFUL RESOURCES

Last but not least, reading helpful resources will definitely help you get organised financially whether it’s blogs, podcasts, books, etc. I’ve learnt so many things by simply watching YouTube videos so take advantage of the resources that are available online!

Enfin, la lecture de ressources utiles vous aidera certainement à vous organiser financièrement, qu’il s’agisse de blogs, de podcasts, de livres, etc. J’ai appris tellement de choses en regardant simplement des vidéos YouTube, alors profitez des ressources disponibles en ligne!

Related: 5 Goals You Shouldn’t Overstress About In Your Twenties.


Thank you so much for reading! – xo N

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  1. Very solid, succinct advice, New Lune. I’ve managed to sock away a decent retirement nest egg since 2016 just by keeping a strict budget, maxing out retirement contributions, and hustling side gigs. It takes a lot of work, patience, and discipline, but it’s worth it.

    Managing and reducing those reoccurring expenses is particularly useful. Reducing your cell phone bill, for example, from $50 to $20 a month yields another $360 annually that can be applied towards savings or an emergency fund. Cutting out a Starbucks run a few times a week, or packing a lunch instead of eating out every day, also results in significant savings over the course of a year.

    Thank you for this post!

  2. For those who have a very hard time cutting out Starbucks or eliminating coffee runs completely, my advice is to buy what’s on sale. I don’t shop at Starbucks but Costco sells the chai drink mix (Starbucks brand btw) so you can make it yourself at home for the fraction of the cost. I think they also sell the hibiscus lemonade one and a couple others.

    I haven’t cut out my Steeped Teas from Tim Hortons but I learned how to score free drinks through their promotions, rewards program, and Swagbucks gift cards (mainly by completing surveys). I’ve made over $110 in gift cards thanks to Swagbucks! That’s $110 that I didn’t have to spend out of pocket. Also, I’m not that active on that site now that I’m working and have a full time job contract. It’s the small things that add up – and cutting back on expenses while still enjoying these small things will help budgeting/saving not feel like punishment.

  3. These are great tips! I have a hard time cutting back on unnecessary spending sometimes, but the more you do it, the easier it gets. It’s like you eventually forget life without said thing, like buying candy at the theater.

    http://bloomingsuitcase.com

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