Money Management Tips You Can Follow With A Low Income
If you have a low income, implementing money management strategies may seem impossible. But the truth is that anyone can start saving towards their dreams, including those who often live from paycheck to paycheck. Keep reading to discover the simple and practical tips to help you experience financial freedom.
5 Money Management Tips To Follow With A Low-Income
1. Save What You Can
If you have a low income, it is difficult to follow the famous 50/30/20 budgeting rule that tells you to save at least 20% of your income.
In reality, saving as a practice does not depend on how much you earn. And if you set aside even a tiny amount regularly.
You can start by saving $50 or even $20 per week and then gradually move to more significant sums as you get used to the process.
2. Save First, Spend Later
Every time you get paid, set aside the sum you plan on saving and do everything else. If you leave holding for the last minute, the chances are high that you will spend everything you have received.
So, instead of setting aside only what is left of your paycheck, deposit a certain sum toward savings and adjust your budget accordingly.
3. Lower Your Expenses
No matter how low you think your expenses are, they can become even lower if you take a minute to review them properly. Here are a few things that you might want to consider:
- Meal planning (you’ll stop wasting food and spending on eating out)
- Looking for free ways to have fun (have a game night, go for a hike, visit a free event in your city, and so on)
- Learning how to mend your clothes and fix your appliances
- Switching to a no-annual-fee card and a cheaper cell phone plan
- Taking advantage of off-peak hours (the times when electricity prices are cheaper)
4. Eliminate Bad Habits
You might be spending nearly $5,000 annually if you’re used to smoking one pack of cigarettes daily. Quitting such a bad habit will help you save a fortune and achieve several mental and physical health benefits. The latter, by the way, might end up saving you thousands of bucks in the future as a cardiovascular disease can cost you over $23,000 per decade.
On average, Americans spend over $580 on alcohol per year and around $300 on impulse purchases per month, so getting rid of these habits would make you a little more prosperous.
5. Take Advantage of Freebies, Coupons, and Deals
- Local beauty schools can do plenty of procedures for free
- Combine coupons with cashback rewards apps (like Ibotta, for example)
- Compare and match prices
- Try out new items at Trader Joe’s with their hassle-free return policy
When Should You Consider A Title Loan?
If you have a low income, establishing a big enough reserve fund might take you a few years. And unfortunately, an emergency expense can easily mess up your savings plan.
However, applying for a title loan might help you stick to your newly acquired habits. Get the money you need to take care of your urgent expenses, include the loan payments in your budget, and continue your money-saving journey.
How Can Tennessee Title Loans, Inc. Help?
If you live in the Volunteer State and need fast cash, look no further. Tennessee Title Loans, Inc. can offer up to $2,500 with a title loan, and you can get your hands on the money as soon as the following bank business day or, in some cases, the same day.
We are ready to consider all credit situations and types of income.
Furthermore, the friendly store representatives are committed to providing you with the best customer service possible. So, you can rest assured that you will be treated with the respect you deserve from start to finish.
By the way, you wouldn’t even have to drive to the store to apply – a verification agent can come to a location of your choice to inspect the vehicle and determine the amount you qualify for.
Submit Your Inquiry Right Now!
If you have a low income, you might find it extremely challenging to deal with financial emergencies, even if you have been following various money management tips. Thankfully, some lenders are ready to assist those in a difficult life situation.
With Tennessee Title Loan, Inc., you might qualify for up to $2,500 in only 30 minutes! Ready to get started? Then, you can submit an inquiry form and get on the phone with a staff member.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.