7/24/2018

Saving money on low income


Living on a low income isn’t easy. Wondering how your pay will fund essential household outgoings, such as food and heating, can put a serious strain on you and your family.

If you’re struggling to make ends meet, it can be difficult to see a way out. In order to make your money stretch as far as possible, you are going to have to use all of the tricks in the book.

Save money by writing a meal plan before you head to the shops

One of the best money-saving tips when it comes to food shopping is to make a list and stick to it.

Go one step further and plan what you and your family will eat over the week ahead. Write down what you will have for breakfast, lunch, and dinner. Use the internet to find cheap recipe ideas. There are many bloggers out there showing you how to make cheap meals for your family.

When you arrive at the shops, you will know exactly what you want and hopefully not be tempted by offers or items that you do not really need.

Check you are not paying too much for gas and electric

Use comparison sites like uswitch.com to ensure that you are not paying over the odds for your energy.

The same goes for your broadband and mobile phone. Do an audit of how many minutes/texts you use per month. Could you switch to a cheaper package?

If the signal in your area is limited, check which other mobile phone providers use your carrier’s network and find out if they have a cheaper package than your current one. Asda, for example, ‘piggybacks’ on EE’s network.

Living on a low income: are you getting the help you’re entitled to?

If you aren’t earning very much, you may be entitled to receive some help.

Check if you are entitled to any benefits.

Do you really need a car?

Maintaining cars can be costly. For many of us, it is necessary to have a car to get ourselves to work and our children at school.

However, if you live in an area with good public transport links, utilizing these can end up being much cheaper than ensuring, maintaining and running a car.

One man claims to have saved £3,400 by saying goodbye to his motor.

Could you rent out a room in your home?

If you have a spare room, you could consider renting it out to earn some extra cash. Websites such as Airbnb make it really easy to do this.

If you are not lucky enough to be able to do this, consider whether you could cut the costs of your rent or mortgage by moving to a different area or into a smaller home.

Save money by using vouchers

A good way to save money on the weekly shop is to find money-off vouchers to use at the supermarket. These can often be discovered in magazines, newspapers and even a supermarket’s own magazines/flyers.

You may be able to save money on a low income

It may seem impossible but with a few money saving tips, it may be possible for you to save money, even when you are living on a budget.

Putting money aside (if you can) is a good way to protect yourself against getting into debt in the future.

If possible, put aside the money you save through, for example, sourcing a cheaper electricity provider.

Cut your outgoings with our money saving tips

Decreasing what you spend is generally more straightforward than increasing what you earn.

Plan ahead and make a meal plan and a shopping list so you won’t be tempted to overspend at the supermarket.

Rake through your monthly bills and check that you are not paying more than you need to.

Finally, consider whether you could cut back on transport costs by selling your car.

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