How To Save Money On Low Income (Money Saving Tips)
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- Опубликовано: 26 июл 2024
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These are some ways i saved $25,000 by 22 while earning a low income.
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What tips helped you save money on low income ?
Keep up to date on bill payment days etc to avoid late fees/penalties. If you have the money somewhere, and miss the payment out of another account because you didn’t keep up to date, you’ve basically burned this money.
Paying yourself first. This has helped me to save over 10k a year :)
A mantra: Take care of your pennies and the dollars will take care of themselves.
What has helped me save money, is using the utilities at certain times, to save water I need to use it early before 10 AM or at night after 8 PM. The same with electricity I have to avoid using it during peak hours, for doing so I also get discounts. 😊
There are two mindset shifts I'm using right now: When I'm considering an impulsive/less necessary purchase, to ask myself, "Would I rather just have cash?" (because if I don't spend it, I'll still have it to my name) As obvious as it sounds, it's a tangible way for me to imagine adding to my own wealth and abundance if I don't spend every time an impulse hits. The other refocus: to ask myself: "What am I doing today to improve my finances?" to give purpose to choices like packing my lunch and taking public transit. And of course, giving myself grace for the days that I regret my spending choices.
Thank you for the encouragement Gabe!
Everyone’s been preaching investing lately as a source of passive income but with a 70 hour weekly jobs and limited knowledge of financial instruments, how can I actually stay on top of things, I see every RUclips video saying BUY BUY! But when and how do I sell for profit at the right time?
I agree! That's why it is advisable that you have to invest while you still have a regular job or earning a regular income, and do it constantly. You still need to have something that will keep you going even if you're investing. Good financial planning and money allocation is the key.
The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with a consultant helped me stay afloat in the market and grow my portfolio to about 65% since January, even though I know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.
please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?
She goes by ‘Carol Vivian Constable’’ I suggest you look her up. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did
Thank you! I entered her full name into my browser, and her website came out on top. I filled her form and i hope she gets back to me soon.
Live the Life Nobody wants for 5 years to live a life Nobody can for 50 years. This Sentence keeps me on Track :)
Amazing quote
Love it! Thank you!
What if you die within these 5 years? 😁
How arrogant of us to think we have time.
@@mugsnat6860 so why would you do anything for your future instead of partying and "living your life" all day
I had a big awesome career which demanded working ~ 60 hrs/wk. I did it because I loved what I did. So I paid people to clean my house, landscaping, beauty services, food services, eating out etc. Than I retired…. and with the guidance of great videos like yours Gabe, I have now taken back all the things I paid others for, and I’m loving it. Yay!
May I ask, what was your career?
I too retired, but still hate to clean 🤣
I'm a truck driver so I worked 70 hour weeks, but I also lived in my truck.
I just rented a place and realized that having that place is actually saving me money eventhough it would look like an extra expense.
I own my truck and have to pay for my fuel so in order to keep my truck cool in the summer I have to idle it at up to a gallon of fuel an hour.
That's 5 nights of atleast 10 hours that I sleep cool and 2 days of possibly a full day of idling.
That's atleast 98hours at 4 to 5 dollars a gallon of fuel...I mean atleast $400 a week of money I was spending without even being aware of it because that's just what you do in trucking.
Well my rent for a nice 3 bedroom house is $1250 and I have a run that I can be home most days. My electric bill is $70.
I am now cooking meals at home and freezing them to take on the truck with me.
I could easily spend $40 a day on overpriced truckstop junk but instead I buy bulk food and cook it and portion it.
So much healthier also.
So, I thought living in my truck was saving me money just cause I didn't have bills, but I was paying more for it in fuel and my emotional and mental and physical health.
It pays to reexamine your situation every once in a while.
Life goalz
I’ve been working the same job for 23 years. I no longer enjoy my job so my main motivation to leave sooner is to pay my house off in five years! Another year and a half to go.
I never thought saving $1k a month was possible. but in 2020 i paid off 20k in debt after getting a side hustle and cutting expenses. now, i budget and have temporary still cut off expenses that I do not count as a necessity and I CAN save $500/mo. Starting next month will be the first time I will be able to save $1k a month and I feel so accomplished and proud of myself. I have less worries especially when emergency items come up which have (vet hospital bills and car deductible). Love watching your channel to keep me on track. :)
Working a job you hate may have been a motivator for YOU, but for others it is a motivation sucker. What motivates me is doing what I can to KEEP myself from having to work a job I hate. Might want to consider that angle as well, but thank you for your good tips and advice.
I feel the same! The idea of going back to a boss helps me to give it my all into my small business and make it succeed!
Agree! Working a job you hate, especially for long periods, just makes you a miserable person to be around and possibly depressed. 😢
You can’t avoid working hard in life. Every business is going to want to get the most out of their employees.
yea but the pay really don’t b worth the trouble sumtimes..that’s all i care about
It really is the little things that add up. People often argue over the latte factor, however, there are many ways to save $1 daily but only a few opportunities to save a $1000 quickly.
And that my dear is truth
"Dont do what others do and expect the same outcome" that keeps me going
The biggest thing for me is cooking most of my meals. Not only is it more healthy, but the savings are huge.
Yes
We subletted while in Chicago with the permission of our landlord and this was an awesome financial move for us. It was hard living with someone else at times (plus our three kids) but we’re so glad we did it to get ourselves ahead. The person really needed a place too so he was very grateful.
I haven't worked a 9-5 in 2 years. I started side hustles and passive income to where I had multiple streams of income. By the grace of God, it's been 2 years of me waking up and doing whatever I want while making money in my sleep. Time freedom...its everything.
Hi! If you don't mind me asking, what kind of passive income were you successful with?
@@amandaga5 hello! Investing....particularly index funds. Those pay for my monthly expenses. I also write low content books that are published on Amazon KDP. Those are a couple.
We save so much money by having 1 income, too. Family of 4. I homeschool and manage the house. He work full time. Buy used when you can.
Lazy. Get a job and pay your half. No free rides.
Success seems to be connected with action. Successful people keep moving. They make Mistake but they don’t quit... As the economic crisis keep rising, we literally need to have different streams of income. The crypto and stock market has plenty opportunities to earn a decent Payouts with the right skills and proper Understanding of how the market works.
Yeah you're absolutely right..... Lots of people are still making massive profits from the stock and crypto market, all you really need is some relevant information and some professional advice. It is totally inappropriate for investors to stand by as they take dips during significant market diclinism
@@KaylaAvery-co5gm A good investment requires experience and knowledge to carry out a successful operation. Professionally, it is recommended to trade with experienced brokers, who can help you increase your profits while helping you learn the trade
Well I invest with a top trader Investor Ashton Edwards you might have heard of him.. I can correctly say he's the best top trader in the world, an investment advisor as his diversification skills are great, I say this because i see that in his results as my portfolio grows by averages of 25% to 35% on a weekly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what he place and not just on some particular industries of my choosing. He gave me that financial freedom I needed
@@KaylaAvery-co5gm Honestly I really need help with learning how to trade. Seeing my portfolio low makes me very sad. Please do you mind sharing any means of reaching out to him easily?
@@filippeabreu4984 Investor Ashton Edwards. He's well researched. Just look him up on the internet, you'll find his personal website
Being super poor sucks...I'm working 12 hours a day and saving like crazy to invest but on the downside, you will skip so much, and feel like you're not living, you're surviving :(
I've been there. praying for you, wholeheartedly.
Working for 12 hrs made me stressed out, gain weight & spend so much on food just to comfort me.
Instead I changed companies, less time to work. I am now in a happier job environment.
Maybe my salary is " lower" but I just sleep instead of eating so much.
No need to spend so much because of stress.
@@dianaverano7878 omg! That's exactly what's happening to me. I'm stress eating all the time and I don't have a free minute to go to the gym :/. Seriously thinking about quitting.
@@jpch8814 that is true. We go for the food to comfort us.
Resign only when you found a company that provides you work-life balance, 8 hrs work.or less, the better.
Nobody will be creative to think about other " side hustle" on 12 hrs work.
We all need that quiet time, to be creative. When I left my first job, I grew as a person.
Had more time selling my crochet work in 2020. Had more time to date people.
Now organizing family farm matters for 2nd business & thinking of possible 3rd business.
Crochet business is small but not bankrupt. I enjoy every minute of it.
@@dianaverano7878 Amazing to hear this! so motivating. Best of luck with your business. Your words are speaking to my soul. I am always working, not dating, and not taking care of myself. My job is soul-sucking.
I work in a office building and I am more than grateful for the people that clean our space. Cleaning in general is highly underrated, it keeps us healthy and also sane. Thank you for all your cleaning hours.
I know what you mean when it felt fruitless to you and I am glad you do what you do, but I still want to thank you because the hours you put in matter to me. Your boss should have seen it, too, but we all know that most capitalist bosses won't.
Also, knowing how to efficiently and systematically clean is never a bad skill.
That being said, thank you for this video as well. 😊
“Happines doesn’t come from a store” I will keep this reminder. Thanks!
I need to keep this in mind also 😖😫. often times I get home with my blinders off and say "I really didn't need this".
I guess he hasn't been to Sephora 😂
Yes!! I just started working at McDonald’s and I love my job but I was looking for ways to Dave my money on such a low income! Thank you for this video!!!
Cooking at home and making enough for leftovers and bringing my lunch.
I store stuff at the store if I need it I know where it is. Thanks Gabe listening to you is improving my happiness and wealth
I've been with Mint Mobile for a few months now and I love it.
Same they have been great
Before advising people to sublet, maybe remind them to make sure it wouldn't put them in violation of their lease. And remind them that some people might not pay in a timely manner.
On the anticipation of getting something - whenever I feel the need to *buy* something new, I'll go to the library and check something out for free
Having 8 kids makes saving a little tougher but not impossible. From the time we started getting out of debt until we were officially out of debt was 6 years! Not a quick journey for us. You just have to go slow but stay focused! So many sacrifices. It was incredibly hard but it feels so good! Looking back I am so proud Of our family for that time. Stick with it. You will be so proud of yourself.
that's impossible....having 8 kids is not only ridiculous but yall get huge tax benefits for each kid too.
@@Tambrose0405 Tax benefits do not offset costs of rearing child.
LOL 8 kids. You guys need a new hobby
Wow. That sounds awful
And you birthed all 8 kids wow
Nothing ever changes if nothing ever changes. It has been my motto for a while now.
Renting out space when you are renting a space is a violation of the lease agreement. All adult tenants need to be on the lease. And what if the other occupants cause damages to the property? That would make the initial renter responsible.
Where I live you can put people on or off the lease easily.
Depends on the lease agreement... I did this throughout college and my landlord actually kept this model even after I moved out. He preferred it because his house was never without tenants and he was able to charge more. So yeah it depends on who your landlord is, where you live, etc. Nothing ever went wrong for me probably because I didn't have a negative "nothing works" cry baby attitude. It is a viable solution to those not afraid to figure it out. This is exactly why there will always be winners and losers.
BEFORE you decide to go renting out rooms, make sure that the property is zoned for that. A lot of towns will have restrictions on how many unrelated people can live together in the same property. Town officials do drive around and if they see a bunch of cars parked in front/near a property every single day then they know this is a possible sublet situation. The same goes for AirBnB, Verbo, etc. A lot of towns do not allow it and the property owner will be fined. (If you live in an area that is under County rule rather than town, then check with your county.) This is just friendly advice from a Realtor. Take it or leave it.
Really appreciate you talking about excuses, that’s a HUGE one!
excellent video, Gabe! I like how you don't sugar coat and address the inaction so many of us face! Tightening the belt is never easy but for people like me, I love a challenge and if it is short term I feel like I can bear through most things! So true that the anticipation of things is almost as pleasurable as the thing itself.
Totally agree, living costs is the first thing to tackle. I lived in shared housing for a long time so I could buy a cheap studio that I ended up renting. Now I live with my boyfriend and we have a flatmate as well to cut the costs. Bought a second flat in another (cheaper) country with the money we saved in only 18 months. It's a touristic place so we hope we will be able to host people for a fair price. From there we hope to have more time and freedom to do the things we want and hopefully save more money and get to the next (real estate) project. It's very unconventional living. Everybody asking me "but don't you want the family house and the privacy?". Nope, don't want it. I actually like living with other people "like a student" even though I'm in my thirties. I can afford all the vacations I want and build up my finances and don't care if all my furniture are hand me downs.
Thanks for another great video! I like how you were able to approach the topic of being on a low income in a relatable way. Great tips as always.
In our country everything is so expensive, renting an apartment can take 70% of your salary. I live in a fairly small apartment, I don't own a car, I only buy cheap food, I don't go out, I don't use makeup, I don't buy clothes, etc. and I can barely manage to save 100 dollars a month, buying an apartment here is not even possible, oh I said I manage to save 100 A dollar a month is of course only in the month that I don't need something extra like dental care or to buy something. It sucks because living like this is surviving and not progressing anywhere
I normally dislike sponsored videos, but you did it well! Also I enjoy mint mobile - I started using them a month ago and the service has been pretty good! Can’t beat the price!
100% I’ve loved them
I like your positivity with this topic, it’s very encouraging and motivating.
Another inspiring video, Gabe. Thanks for creating it 🙂
Amazing vid. Thank you!!
This has been your most helpful and, in my opinion, your best RUclips video since I started subscribing. Thank you for your great content.
Thanks I appreciate it!
Thanks for sharing, i always find something New to try in order to save $$$
The big gain is to mindful in our everyday choices that leas to our financial freedom
Good one Thanks ☺️
Rent hacking sounds like subletting - not always allowed
Sharing this with so many people. Brilliant logical advice as always !
I appreciate all your content! your so much fun to watch, entertaining but there's so much value in your content! 😊😊😊 keep more making videos!! your awesome and inspiring too!!
Gabe. First, congrats on baby👍🙏 This is one of your best videos, keeping it real. Thank you👍
Thank you 🙏
Great advice. Thank you!
I'm living in a rural area in germany with lots of fruit trees belonging to nobody. Our family Sunday walk around this time always ends with a full bag of apples, pears, plums. Also there are grapes, tomatoes, peppers growing in our garden. So a lot of time on weekends is spend gardening and foraging. So we don't spend money on expensive family trips, save money on food and live healthy. We are both earning a really good amount of money but still put a lot of effort in saving up for our house and future.
Excellent tips!! I definitely need this. 👍🏽
Thanks 🙏
That’s a lot of value on this video ! Thank you.
Thanks 🙏
Very inspirational video. I was planning to switch to Mint this week - thanks for the push and link!
As someone who gets money from Social security I have a low income, and find it can be more difficult to save money. But, that being said, there are ways to save money, even with that little to begin with.
There are many ways to save money:
-Don't own a car
-Make your own food
-Watch free TV/RUclips etc
-Advertise on whatever you can and have to.
-Sell your own items and get items for free from others that they no longer want
-Use nature and outdoor activities for entertainment and as exercise
-Buy groceries in bulks when on sale
There's more ways, but these were on top of my head.
I've managed to save about €15 000 this year alone this way, so far. So it's possible.
Excellent tips!! Real estate has been the most beneficial financial investment for us. We were able to take advantage of the downturns to buy low ans sell at the top of the market. We had to be very frugal but now we're 40 and mortgage and debt freeeeee!!!
One of your best! Ty.
Thanks really appreciate it!
Great points, Gabe!
Thanks Julie!
Thanks Gabe!
Great video, my friend. I'm following & learning. Happy New Year.
Very informative…
Thanks.
Glad you enjoyed 🙏
This was 👏amazing!!😊 thank you for sharing
You are an amazing presenter. Loved your content and video style
Great stuff. 🎉
There’s a time i search all the food bank who gives free food! I got all the schedule so i know where to go. I apply for free lunch for school for my kids. I cook healthy food and make it like a restaurant looking so looks appetizing to my kids. I searched online what cheapest food i can make but healthy
Glad I found your channel!
Thanks for great info......
Great Information Sir.
Loving your videos 😍
Great video and great tips.
Very nice video 🌎 Thanks.
Another great video Gabe
Thanks Reg!
I was working as a fast food crew and was living with my relatives. I hated my life, and I wanted out asap. So I joined the Army. I hope I can at least finally be financially stable and relatively happy.
If you learn to live below your means. Budget and save. Only buy if you've exhausted all other ways.
very well said
Thank you very helpful
Great tips bro
So you get room mates? It's so funny to me that when you change the name of something, people are amazed with the new idea, lol.
Thanks for taking the time to make the video. It's pit together very well.
In west Australia a lot of the rental properties don’t allow subletting
This was a wonderful and very much needed piece! Young people must understand that saving is not enough. It's a good start, but given the way the economy is going, you have to do better. Investing that saved money is a must and diversifying your investments so you have multiple streams is key. Of course, you have to be well informed on where you put your money or better still, get a pro to handle it for you (that way, you save time and minimize risks). Made my first million this way earlier this year through something as casual as forex. Good luck!
Amazing approach though not quite as easy... You mentioned something about using a pro., if it's not a bother, do you mind telling who or recommending any good one? I could definitely use help right now as my finances are currently in a terrible state... I look forward to your reply...
real solid talk right there
@@davidblakes4952 Funny enough, I can honestly relate. Nobody said it was easy as it takes some level of decisiveness and discipline. I don't know if I am permitted to drop it here, but her name is "Leah Marie Sandock". Was in the news a lot in 2018. You may look her up for more.
@@haydenroberts5568 wow I know this little lady. Once attended a fundraiser she was also in attendance in Vancouver,, Great speaker with a funny accent,, She's American though, I doubt she works with foreigners,,,
@@haydenroberts5568 Thank you
My family and I (there is four of us total) live full time in our fifth wheel camper. We do not travel. We don't even own a truck. We are stationed in our camper. The cost of rent is insane. In our current season of life this is what we choice to do.
My husband and I did this with 3 kids for about 2 years, which eventually allowed us to buy it first home. We still talk about going back to it, even though we now have 5 kids! It was super hard sometimes but it was also so simple. Good for you!
Rent hacking= own the building and rent 3 apartments in that building out and you live in the 4th apt. Some commenters did not get that you are the landlord.
I thought that was house hacking you buy the house and rent out rooms to lodger to help with mortgage
How does a landlord feel about you renting out your rental living space to further 3 people?
Getting shopping apps off my phone. This will save a lot since I work nights and sometimes all I do is shop. I spent $460 this month already and I know I would have not went out to shop for these thing!!
My husband died and from there i started removing un necessary things that we don’t really need! First I cut the cable, I called garbage company to give me smallest bin the they have. I called my home and car insurance, company and i cut down eating out. I hang our clothes in the garage. save a lot of money there’s a time our electric bill if only 25 dollars lol
Dude, you rock, great video(:
i usually don't put comments,but i guess it was the best video that summarized all hacks efficiently, thank you very much
There is something about cleaning and getting motivated about life :)
great video!
We are really part of low income indeed with 3boys ☺️💙💙💙 . Thanks to this. 🙏 hopefully we can do this too
Great tips but unfortunately I am not allowed to rent out my house when I’m a renter . :/ but I guess I could when I have my own place :)
Buying secondhand clothes has really made a difference.
Thank you
The apartments I worked at required every adult be on the lease and have a background check and their vehicles registered. If I were a landlord, I would totally be against people making money off my property. Just my opinion 😀
That’s right. In Great Britain when you rent from agency you pay for background check for every person and you need be on lease.
rent hacking means you are the landlord renting 3 of the 4 apartments out and you live in the 4th apartment.
@@kimberlymayo9951 ,
Guess you didn't understand everything Gabe said__he also suggested to rent out 1 or more "rooms" to other renters in your rental home.
That's a given in Southern CA.! And if you do not comply you won't be living there for long.
My wife and I have five kids and we live on one income that is just under the median household income. It is doable but requires short term sacrifices for long term gain.
Question about the rent hacking: idk if it differs by state but I know that some don't allow renters to rent in their space especially without notifying the landlord (I'm guessing not making money off their asset). So are these other people on the lease as well as co-residents with you, especially since people typically can't stay at a place more than two weeks if not on that lease? 🤔🤷♀️
Making expensive rent is a real problem here in Berlin. People cannot afford living anymore because everyone is exploiting renters. So maybe don’t overcharge, but save money when you evenly split the bill and still save money!
Oh loordy. When a house was the first piece of advice, I almost laughed. Unfortunately, in Dublin, you can't pick and chose when it comes to housing. And it's all disgustingly expensive.
We return our cans and bottles to a local place that puts it into our PayPal account, use it for some online purchases. We save our one dollar bills and deposit into savings or use for a road trip if there's enough. Our change goes into a jar and when it's full we take it to the bank and put it into the coin counter having it deposited directly into savings.
💕💕 I’m having a trouble with meal planning 😫
that carrot shot got me 😂
It was really disgusting lol would t recommend it
I really enjoy your channel:)
I love this content Gabe! That's an interesting perspective 😊 I also talk about these topics on my channel but there is always something different and interesting to learn from others and above all frpm big channel like yours 🙂 (and you started before me, so even more to learn 😇) . Really love your work. Keep it up like you did so far
Thank you so much!!
Great video 📹 👍
i saved 9k so far in 22 and I am bit proud of me :)
🔥🔥🔥☕️
wonderful video and tips........
I literally laughed out loud with the carrot eating !!!!!!
That was freaking hilarious in a financial video !!!!!!!!
Thanks🥴