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10 Best Money Saving Tips For Low Income Earners

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 This blog post provides money saving tips for low income earners. We cover a wide variety of topics related to living a frugal lifestyle and spending less so you can save more.

We’re all looking to save a little more here and there. But, unfortunately, the tough economy has made it difficult to make ends meet, and staying on top of your finances can seem next to impossible. But take heart! We have some tips that can help you better manage your money so you can stop living paycheck-to-paycheck.

What is a low income?

A low income is a relative measure of how much money a household has to spend after paying for the necessities. This means that the definition of low income depends on what people need to live. For example, a family with high housing costs might have a higher low income than one that lives in an apartment building and can pay lower rent.

The Low-Income Measure (LIM) is a commonly used measure of low income in Canada. It is calculated based on the number of people living in the household and the total amount of money they make.

Low income is also about having less time for fun. For example, they might have to work extra hours or take on another job to make ends meet. This can mean less time for family members or friends and less time for oneself.

In addition, low income is about not being able to invest in the future. Perhaps they cannot afford a college education or do not know how they will save for retirement when they are living paycheque to paycheque. Therefore, living on a low income makes it easy to get stuck and never move forward, no matter how hard they try. This is why it is important to know how to save money fast on a low income and live frugally.

money saving tips for low income earners

How do you determine a low income?

What is considered low income varies by country and region. However, the World Bank defines a person living in poverty as someone who lives on $2 or less per day.

The poverty line is the minimum level of income deemed necessary to meet basic needs such as food, clothing, and shelter. It is typically set at 60% of the median national income per capita in developed countries.

Income inequality has been getting worse over time. In 2015, the richest 1% of the world’s population owned more than half of global wealth, while the bottom 50% of adults had less than 1%.

money saving tips for low income earners

Budgeting is key to living a comfortable life on a low income. It’s also important to save money to have some savings for emergencies or unexpected expenses.

The first step in budgeting is to get an idea of your monthly expenses. This will be the hardest part of budgeting because it needs to include everything from food, gas, bills, car payments, rent or mortgage payments and more. However, once you have this number in mind, it will be easier to decide what you need to cut back on during the month.

Below are tips you can follow to save money if you are a low income earner:

Get an emergency fund

One of the most important things to do with your limited income is to save it. This can be especially hard when you have so many other expenses to take care of, but if you want to have a safety net in case any emergencies or costs come up, saving is critical.

It’s best to set up an emergency fund that will cover you for months worth of living expenses should anything happen. That way, if you lose your job or something else happens that makes it difficult for you to make ends meet, you’ll be able to cover the cost without going into debt. 

Having a little bit of cash on hand will also make it easier for you to enjoy life with friends and family.

Remember: An emergency fund is a very solid barrier between you and an unplanned disaster.

Switch your energy supplier

It is important to shop around for the best rates for your energy supplier. Why? Well, you are likely spending more than you need to be on your energy bill.

We all have our breaking point when it comes to money. That’s why so many people switch their energy suppliers when they get a letter in the mail saying their rates are going up again. But, if you don’t know your options, how will you know that you’re overpaying for your energy?

Do some research into what kind of rates different companies offer and find out which company has the best deal for you.

You may end up switching suppliers and saving yourself some money!

Buy second hand to save money

Buying second-hand isn’t just for people of more moderate income. It can be a more affordable option for everyone, especially when you’re on a low income or looking for how to save money when you don’t make a lot.

There are many great ways to save money by buying pre-owned items. The first way is to buy used clothes, shoes, furniture, and dishes at places like thrift stores or consignment shops. You can also sell the old items that you no longer want or need, which will usually give you the same price as buying them second-hand in the first place.

Another way to save money by buying pre-owned is to buy used cars. This may not be an option for everyone because it requires research before purchasing a car online or from a private seller. However, if you can purchase one at this price point, it will take years off your car loan and help you avoid debt issues down the road.

Reduce Food Expenses

The food expense is often one of the most expensive percentages in our budgets. It’s easy to spend over $500 on food every month.

You can do several things to reduce your monthly food expenses, and save on groceries.

1) Shop off-season – The best time to shop for fruits and vegetables is when they’re in season (and cheapest). Make sure you take advantage of produce when it’s in the season because it will be cheaper, fresher, and more flavorful.

2) Meal plan – Planning your meals ahead of time can make grocery shopping much easier. In addition, you can save money if you buy bulk items like rice, beans, pasta, and other staples in bulk quantities when they go on sale. This way, you can make sure that you have everything that you need to cook any meal for an extended period without having to worry about running out of ingredients.

3) Packages vs individual items – When shopping for non-essential items like chips or cookies, try to buy them in packages instead of individual servings so that you don’t waste money

Get a Side Hustle to make more money

A side hustle is a second job you work when you’re not at your main job. It can offer another income stream and help you manage your finances in the present.

If you are on a low income, it may be worth looking into how to get a side hustle to make more money. Consider these tips for getting started:

1) Find Your Skill – Find out what your skills are and see if there is an opportunity to use them where you might make some extra money. For example, maybe you have time during the day while the kids are at school? Or maybe there’s a way for you to do some freelance work from home on nights or weekends?

2) Research Opportunities – Check out what opportunities for making money may be available in your area. You could search online or talk to local businesses about any side work they might need to be done.

3) Start Slow – Don’t jump right into a new side gig without thinking about the commitment that will take up in your everyday life. Start by giving yourself a few hours per week and gradually increase it from there if things go well.

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Swap subscriptions for lifetime deals

Swapping subscriptions for a lifetime deal is a great way to save money. You will save money on the total cost of the subscription, and you will not have to worry about paying for another subscription.

A lifetime subscription is usually more expensive than a monthly or yearly subscription in the long run. Because, if you calculate the total cost, it’s cheaper because you are paying less per month or year. A lifetime deal is also great for people who live on a low income.

In addition, get rid of your cable subscription for a free TV service like Samsung TV plus, LG channels, YouTube, Tubi app, etc.

Use coupons and buy on sale products

One of the easiest ways to save money on minimum wage is using coupons and promo codes. Many websites have coupons for just about every product you can imagine. Check out your favourite grocery store’s website to see if they offer coupons, or check out online coupon sites like Couponmom.comRetailmenot, and Couponconfessions.com for more options.

When you’re buying groceries at the grocery store, it may seem easy to give in to impulse buys or purchase something because it’s on sale. But the truth is that these items can quickly add up and become a burden on your wallet. So instead, save money on your grocery bill by only buying what you need with coupons.

If you’re looking for coupons for other products like clothes or electronics, then check out Retailmenot or Couponconfessions.com. These websites list all sorts of coupons so you can find what you want at the best possible price!

Money Saving Tips For Low Income Earners

Attend free events in your city

A lot of the time, it is easy to think that we need to spend money to have fun or do something worthwhile. But there are several ways to have fun without spending any money at all. One way is by attending free events in your city!

This is also one of the best ways to save money when you are low income earner. These events may range from concerts and festivals to sporting events and art gallery openings. By attending free events, you can enjoy yourself without having to spend a lot of money. Plus, you’ll be able to socialize with people who have similar interests as you 

Make your lunch for work

You might think that making your lunch every day would be a time-consuming task. But, in reality, it can save you tons of money. For example, if you make your lunch every day instead of buying it from a store, you may save around $1,500 per year, which could otherwise go into saving.

There are many different ways to make a healthy and affordable lunch at home. For example, you could buy ingredients for sandwiches and salads at the grocery store and prepare them at home. Or you could pack leftovers from dinner the night before. And if you’re looking to save money, try meal prepping on Sunday for the whole week!

Drive less often.

Driving a car can be expensive and time-consuming. To save money and time, people should consider other alternatives.

There are many ways to reduce the cost of driving a car. One way is to use public transportation more often. This will not only save on gas but also on wear and tear on your vehicle. 

Another way is to use a bike or walk more often. This will not only save gas but also help you stay in shape by getting exercise while you commute from place to place.

The following are some suggestions for how you can drive less often and save money:

  • Use public transportation or carpool with friends or co-workers.
  • Take the bus to work instead of driving.
  • Bike or walk instead of taking the bus or train.
  • Rideshare with others in your area.


Saving money is a constant challenge for people who live on a low income. However, there are many things you can do to save money that will help you meet your basic needs while living on a low income. Therefore, if you follow the steps outlined above, you will surely save money with your low income.

Furthermore, another important thing when you are on a low income is to make sure that your spending habits are under control. You should know what your monthly income is and what your monthly expenses are to plan accordingly. If any expenses can be reduced or eliminated, then it would be good for the budget if they were eliminated or reduced. For example, if there’s an expense that’s not necessary, then it would be best to get rid of it.

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