How To Save Big Money On A Small Income

Glitter Oxfords. You know you want them - but you can DIY them at home for much less.

Photo by steffypeeageayemm, used with Creative Commons License.

If you think there is no way you can save big money on your meager income, think again.

If you put your mind to it and prioritize saving money, you’ll definitely earn enough for vacation, new bag, latest version of the iPhone, or pretty much anything else you can think of.  Although you may be making a small amount, it’s easier than you think to save quite a bit.

So what’s the trick? Here are some tips:

Allot a budget for your savings.

Even 5-10% of your income does wonders in increasing your savings. You can actually sign up for a savings plan in your bank or in your office so that 5-10% of your income will go directly to your savings. Just make sure you’re not losing money by saving money. Budget it in your overall total so that you’re not taking away from your other essentials.

Get rid of some of your credit cards.

Your goal here is to reduce your spending. So make sure you remove temptations by closing your unnecessary credit cards. Even if you’re not using them, they can still end up costing you in the long run.

DIY

Doing it yourself can be fun – and a frugal way to still get the things you want.

Have you been eyeing that pair of glitter oxfords? Why not make your own glitter oxfords using inexpensive materials and an old pair of oxfords? Check your closet for some clothes that you can revamp or restyle. Better yet, organize your closet. You’ll never know what treasure is buried in there. Make your own dinner instead of ordering takeout. Make your own coffee as well and invest in a good coffee maker instead of buying one from the café every day. There are plenty of things you can do yourself. You just have to be creative.

Clean and maintain your appliances and car.

A hefty amount of a person’s income is usually spent on repairs. Maintaining your appliances, gadgets and automobile can reduce chances of breakage. You can save a lot on repair costs while also extending the life of the things that end up costing the most to replace.

Take advantage of coupons.

There are lots of online coupon sites today that you can use to get discounts on common goods. Before doing your grocery run, download coupons or cut out some from magazines or your local paper. Shopping online? Check online coupon sites and communities for codes you can use to save a little extra, or at least get free shipping. Couponing is a great way to save, no matter what your income level.

You’ll be surprised of how much you can save with the help of these tips. Have another one to share? Leave a comment!

About the Author: Amy Fountain is a financial analyst who blogs about different personal finance concerns.  She spends much of her time handling her Home Décor Art and Tabletop Fountains websites.

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About Frugal Freida

Frugal Freida is the archetypical New Frugality visitor - savvy, smart, social and aiming to help share her tips with the world.

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Just to add, you can also take advantage of free services available online like sending an online fax.