Are you facing big expenses and determined to learn how to save money fast on a low income? If so, you’re in the right place!
I am going to give you 10 tips that will help you save money quickly on a fixed or low income. If your income is not the issue, but your savings are suffering, these tips will also work for you.
In 2013 my husband (then fiance) and I scrambled to save money for some fast approaching deadlines. Our upcoming wedding, a down payment on our house, school loans and my brand new car weighed on our shoulders.
But guess what?! We did quickly save money and pay off all these things within our first year of marriage. The total debt we paid off in 2013 – 2014 was more than $30,000!
It’s amazing what a little frugal planning can do when you determine to save money fast.
Let’s talk about the ways you can learn how you can save money fast on a low income, and be on your way to a debt free life!
I’ve also previously shared how to save money each month – at least $350!
Disclosure: some of the links below are affiliate links. This means that if you click on a link and decide to make a purchase, at no extra cost to you, I will earn a commission.
10 Tips to Save Money Fast
It’s important to first consider your mindset when planning to save money.
What is more important to you? Short term pleasures (the here and now)? Or long term financial security having everything you need?
To me, the answer is obvious. But many forget to consider the ramifications of having a short term mindset.
Think of it this way. Where will you be in 10, 30 or 50 years? What will you have saved in this amount of time?
We’re here to talk about how to save money fast, but to do so, we still need to discuss our future selves.
So with a long term mindset, let’s dive right into a short term plan to save money fast!
Create a Budget
Let’s talk about the obvious, first. How many times have you heard that budgeting goes hand in hand with saving money?
Probably all the times.
If you do not know exactly what is coming into and leaving your accounts, then you cannot know where to save!
For my family budget I use a mobile app called Mint. Intuit (creator of TurboTax and QuickBooks) established Mint to record and categorize transactions.
Mint is free, easy to use, and accurate. Each month I get updates reminding me when we are nearing our family budget limits.
I’m embarrassed to say that the very first month using Mint I learned that we spent $700 that month on food alone. For two adults and one small child, yikes!
Thankfully it was not a trend but it was definitely an eye opener!
For my business finances I use Google Sheets’ budgeting templates. Google has free monthly and annual budget templates that you can download.
Having a budget has been a lifesaver when it comes to saving money fast! We’ve pinpointed plenty of purchases that we can weed out to save more.
Commit to Give Up One Thing
Budgeting is only half of the uphill battle. After creating and reviewing your budget, commit to give up one luxury each month.
Ideas of expenses to eliminate could include your Netflix subscription, Amazon Prime account, Cable or dining expenses.
Consider choosing an unnecessary expense from your budget that you spend the most on. Put this exact amount aside into savings. This will help you save money fast!
Earn Credit Card Rewards
Earning credit card rewards is my ultimate favorite way to save extra money each month.
If you have little or no credit card debt, then consider opening a credit card for the rewards!
Each year for the last three years my husband, son and I have gone on a free vacation down South.
We’ve always payed off our credit card balance each month to avoid interest charges.
This card’s opening bonus gave us enough points to stay 9 nights in a nice Marriott hotel last year!
We all need a vacation whether we can afford it or not. With credit card rewards, money saved on a much needed vacation is money saved!
Transfer Your Credit Card Balance
If you have credit card debt and you’re paying outrageous interest, then stop!
Consider transferring your balance to a new credit card if possible.
My husband and I love our Chase credit card that has a 12 month 0% APR introduction rate. This card gives you a full year to pay off your balance before charging interest!
The card does come with an $85 yearly charge, but Chase waives it the first year. You also receive a yearly free night stay in any Marriott hotel, plus the points you earn each year, plus the opening bonus (if you use my link to sign up).
Paying off credit card debt is hard so make sure to stay on top of it before interest rates kick in!
Invest Your Pennies
Acorns is an investment app that allows you to round your purchases up to the nearest dollar and invest the increase.
Investing extra pennies (or quarters) into an interest bearing account is a simple! You won’t even notice the difference.
If you mainly use cash for purchases, you can place all one and five dollar bills into savings.
My husband has done this for three years now and we don’t even notice the “missing” cash. Our savings from this alone has added up!
I recommend depositing the cash into an interest bearing account. The extra interest income, however small, is passive income!
Refinance Your Loans
Did you know that a refinance of school, home or vehicles loans could save you thousands?
If you have a loan, then you know all too well the reality of interest rates.
Review your rates and research your refinance options with LendKey.
A minuscule decrease in interest rates can change your monthly payment. This puts more money in your pocket each month and helps you to save extra bucks quickly!
Even a lowered interest rate with the same monthly payment will save money (long term savings).
Request Partial Refunds on Recent Purchases
Retailers often refund partial payments on an item when there is a price drop. But most online shoppers forget to take advantage of this fact and request a refund.
I like to use Paribus to check for price changes on my recent purchases. It will scan your email and locate digital receipts.
Paribus will then contact the retailer on your behalf to request a partial refund.
If you shop online often, I highly recommend this company! Otherwise you could be wasting hundreds of dollars per year.
Pick Up Some Extra Hours At Work
If you’re in a hurry to save cash, consider working extra hours at your day job.
Most employers pay overtime when the hours are available. Even if overtime is not offered, reach out to your bosses to see if they can use the extra help.
It might surprise you to find that they have extra work for you. At the very least, it will look great that you were willing to work more!
Work a Side Gig
Many who are trying to save money fast will pick up some side gigs or start a side hustle.
You can also try Fiverr! There are tons of services you could offer here. Pick something that you enjoy and you’re good at.
Start pocketing extra money fast by mixing and matching these ideas at the same time!
Start a Blog
Bloggers make decent incomes selling products, services, affiliate products or earning ad revenues. If you have an interest in writing and enjoy networking and marketing, then starting a blog might be for you.
Many bloggers make a decent monthly income depending on the time and effort put into their blog.
There you have it. I’ve given you 10 ideas of how to save money fast on a low income. The real question is, will you try them?!
Let me know in the comments if you know of other ways to save money fast on a low income!