Each of us has a different income level, so there are no one-size-fits-all saving tips. If a person has enough salary to meet all his basic needs, and at the same time he has some part of the amount left for unplanned expenses or entertainment, saving money is quite simple. It’s another matter if your earnings are below average, and you can hardly cover all the necessary costs.
The ability to save money is not fun or a challenge to oneself, but one of a person’s needs to have a financial cushion just in case. Go to the doctor, buy medicine, ensure yourself a comfortable life after a sudden dismissal, or rush to your family in another city – when you do not have the amount set aside in advance, for this you borrow money from friends or take out a bank loan.
Many articles on how to save money are replete with the same tips that are not applicable if you earn a little less than average. So that you do not allow yourself to be misled, we have collected a few recommendations that you should not follow.
Defer a certain percentage of salary
One of the most common saving tips is to save 10-15% of your salary every month. But most people forget that such savings are possible only if the level of income allows a person to meet basic needs and even spend money on unnecessary purchases.
Suppose your salary is enough for you, and almost all of it is spent on travel, food, utility bills, renting an apartment, etc. In that case, even a harmless 10% becomes an unaffordable amount because this greatly affects the quality of life. In this case, it is better to form a financial safety cushion unscheduled – to save money from bonuses, gifts, part-time jobs, and other income in a separate account.
Do not use credit cards
Of course, when you can wait for a little and accumulate the necessary amount, it is better to refuse to use a credit card. But there are situations when you need a purchase urgently, and neither you nor your loved ones have free money at all.
In this case, the choice is obvious – you will have to spend the bank’s money. The main thing is controlling your expenses and using credit card funds only for the most necessary expenses.
Buying things and groceries in bulk
Many people buy stock items in whole packs or special orders in bulk so that the purchase will come out a little cheaper for them. This is a worthwhile move for those who have the money to spare and can afford to go over budget this month to spend less next month.
But if your income is below average, there will most likely be no money for such large purchases. Therefore, it is better to buy everything as needed and not stuff the refrigerator or cabinet with one thing to the limit, sitting all month without a livelihood.
Do not buy branded products
Of course, when you want to buy yourself, for example, winter shoes, you can purchase boots for 3 thousand, or buy a thing at a higher price, paying 3 times more for it. Having bought a cheaper thing, you may save some money, but not for long: it is unlikely these shoes pass at least a season without falling apart. With branded boots, things are different: their quality will allow you to wear them for more than one year.
When it comes to clothes, it’s better to overpay and get something that you’re guaranteed to carry for several years. So, you will save yourself from the need to buy new clothes, thereby saving a lot constantly.
Unsubscribe from promotions and mailings of stores
This advice is quite common: a person who unsubscribes from store mailings will have a much lower chance of spending their money on something that they do not need. But we must not forget about the advantages of mailing: promotions, promotional codes, and discount coupons.
If you are on a tight budget, you can hardly afford to spend the “extra money” on an impulse purchase. But if you see a message about a price reduction for a necessary item that was not available to you at its full cost, you can save a lot by purchasing a quality product.
Do not use the services of specialists
It is doubtful advice if only because very few people can fix the faucet themselves, paste the wallpaper, or understand what happened to household appliances. Even if one of your working hours is cheaper than the specialist you need to call, it is more profitable to use his services.
First, it will take you much longer to figure out the problem and its solution. Secondly, you are not immune from a mistake, which, quite possibly, will require even more serious intervention, money, and time. And thirdly, not every house has special equipment, and buying it at one time is not the best investment.
Search for the cheapest products
A deliberately failed idea – to look for the cheapest product, whatever it is – clothing, equipment, building materials, etc. Such savings will not be justified since the quality of cheap goods, to put it mildly, leaves much to be desired.
It is much wiser to choose something from the middle price segment and rely on the manufacturer’s brand and customer reviews.
Buy groceries online
Now there are many services for the delivery of groceries from supermarkets. It is convenient, fast, and on top of that, the likelihood that you will throw unnecessary goods into the basket is greatly reduced. But there is also a minus: when every money counts, you don’t want to trust the weighing and selection of goods to someone else.
The total cost of your order may increase due to overweight or paid delivery. So, if you want to use such services, you need to be extremely careful and always indicate that any replacement of missing products must be agreed with you.
Don’t trust sales and discounts
Many people advise less trust in all kinds of sales, Black Friday, and other marketing ploys. Often, things during such discounts cost even more than during normal times, and a person does not manage to save, but, on the contrary, only goes broke.
But if your income is below average, sales are a great opportunity to buy quality items at a low price. Before the season of discounts, the main thing is to take a closer look at the goods you are interested in to understand which of them have really lost in price and which, on the contrary, have only grown.
Invest in education
The advice is this: the more you invest in education, the faster your salary grows, and you get the opportunity to change your profession to a more prestigious and highly paid one. If you spent money on training, consider that you will receive several times more money back in the future.
It works, of course, but if you don’t have free money, you shouldn’t take loans or borrow from family and friends. Try to find some free courses or masterclasses for a start – there are a lot of them on the Internet. Moreover, the main thing in training is not a certificate or a big name of the teacher, but the knowledge and skills acquired.