Don’t Make a Lot? 7 Ways to Save

Don’t Make a Lot? 7 Ways to Save
May 26 14:32 2017 Print This Article

While you may only make minimum wage, you still need to save. It may not be a lot, but at least it’s something. Whether you’re just getting started in life with your first job or you’re experiencing a temporary setback in your career after being laid off, there are ways to sock away a few bucks even when earning minimum wage.

  1. Sell your stuff. This is an easy way to make extra cash. Hold a yard sale, sell things you never use, and even downsize your home. Why not cut out cable and save a couple hundred bucks a month?
  2. Get out of debt. It’s very freeing to live debt-free. It may take a while, but if you can unburden yourself of all your credit cards and car payments, you can concentrate on the big ones like the mortgage, utilities and groceries. The money you used to put towards credit cards can now be socked away.
  3. Put unexpected windfalls into your savings. Rather than spend your tax refund or an inheritance on a vacation or clothing, invest in your future. Take advantage of all tax credits, such as the Earned Income Tax Credit if you have kids.
  4. Sell your car or take it off the road. Cars are big money wasters. From insurance to maintenance to gas, you can save money by taking yours off the road or selling it. Instead, carpool, take the bus, or buy a cheaper car. Allocate one day per week for errands so you’re not going out every day for quick trips.
  5. Stay home. It may be more financially feasible for one of you to stay home with the kids if both you and your spouse are making minimum wage. You could be working just to send your kids to day care.
  6. Gravitate to cities with a cheaper cost of living. If moving is an option, get out of the high cost of living areas such as large cities in Boston, NYC and LA, and head to a suburb that’s farther out. You may even want to move to another state entirely. Do your research to learn where you can live more comfortably on your existing salary.
  7. Throw money in a jar. It’s not going to make you rich, but if you throw all your spare change and dollars into a jar,it can add up over the month. Even if you collect just $30 a month, that’s $360 over one year. Put that into an emergency fund or invest in some stocks. Just be sure to do your research on every deal you see and always keep one eye on your broker. Know the name of a reputable FINRA lawyer just in case.

The obvious way to improve your financial situation is to go back to school to get a degree, and get a better paying job. You’ll then have a career you love, you’ll be making more money, and you’ll likely get benefits and a 401(k).

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