It would help if you had financial disciplines for wealth creation. It is important for everyone as well as you, to know how to manage money. Saving strategies are most important when you do not earn as much as you should or would want to.

The tips for managing money are subjective. You have the responsibility to apply them in a way that perfectly suits your condition.

These days, financial security is like a gold mine. Everyone is finding ways to be more wealthy, and more comfortable, and to manage their funds better.

Every dollar – or whatever currency – saved takes you closer to achieving your financial dreams. Regardless of popular opinion, you do not need to earn millions of dollars every year before you can be financially stable.

While your journey to financial stability can be tough, you can begin small to build wealth. Do not be in a hurry to attain financial security. Remember, little drops make an ocean. You can start where you are.

Budgeting and saving are two major disciplines when it comes to personal finance. The third is investment. It requires a level of professional knowledge to avert loss.

Notwithstanding, this article is for those who would love to save more but are struggling because they earn little. If this is you, keep on reading to learn money-saving hacks for tight budgets.

In this blog post, you will learn easy, practical steps to overcome your financial challenges and take charge of your finances.


Here are seven proven frugal saving strategies to enable you to save more money.

Create a Budget that Works for Just You

You, like many others, may have a wrong perspective about budgeting that makes it look too complex or restricting. There are so many other blog posts, and YouTube videos which teach you how to budget. However, the most important thing to consider when budgeting is how well it works for you and suits you.

A budget is simply a plan on how you intend to spend your money. This is necessary because when money is not planned for, it is very easy to spend it on things that are not important. If you cannot plan your spending, then you may not be accountable for your money.

To create your budget according to your needs. Include everything you need to spend money on. This could be your subscriptions, electricity bills, house rent, or coffee. Even the money you spend on “flex” is important to note down.

Another important aspect of your budget should be saving strategies. Do not plan to save whatever is left off after spending. It is profitable to set priorities and set a financial goal by deciding how much you would want to save each month.

Set a Clear Goal for Your Savings

This is a profound saving strategy for low-income earners. While budgeting and saving on a low income can be difficult, you can start small. Setting a clear goal helps you with planning and deciding what amount of money you should put aside daily, weekly, or monthly.

It is important to stay focused on your goal. Be strict with your priorities and always find ways to cut down on spending even on necessary things.

For instance, you can buy thrift wears than spend on expensive clothes. You can make homemade meals rather than eating out. Take up every alternative that helps you save an extra penny.

Pay Yourself First

Whenever you get money or get paid at work, the first thing to do is put a percentage into your savings. George Samuel Clason first developed this idea in the 1920s. He was an entrepreneur and had established a successful business in America.

This concept suggests that before you spend to pay bills and attend to other needs, you should first, put aside money for the future. It could be into your savings, or for your retirement or emergency funding. How this works is that you will be unable to spend money that is out of sight. It is impossible to miss money that you never had in the first place.

You can do this by automating your savings. This will be discussed in subsequent points. Notwithstanding, paying yourself first as a saving strategy helps you to prioritize your savings and achieve your financial goals.

Cut Unnecessary Expenses

This can be a difficult thing to do. When you have so much money on your hands, it becomes convenient to spend recklessly. However, when the money is done, you realize that you have made a mistake. This mistake is avoidable if you prioritize setting priorities on what you should spend on or not.

“Unnecessary Expenses” is subjective. What may be very important to you could be quite meaningless to your neighbour. This is why taking charge of your finances must depend on your needs and what you intend to achieve.

How to detect your unnecessary expenses: take a good look at your bank statements and see where all your money goes. It could be subscriptions, the internet, junk food, etc.

There is a saying that your wealth – or money – goes where your heart is. This practically means you spend on the things you desire and deem fit to satisfy.

What you can do differently is rewire your desires build discipline to financial goals, and become strict with your budget. A more convenient way to cut down on unnecessary spending is to use the 30-day rule. Before you purchase a new item, wait for 30 days. If you still see any need to buy such an item, then it is truly important. However, if you do not see the need, then, do not buy it.

Sell What You Do Not Use

Why hoard things that are not of use to you any longer when you make extra cash from them? This implies that you can make purchases with the expectation to sell it off and regain your money or even make a little profit from it.

Take an inventory of your property. Decide to sell off things you have not used in the past 30 days.

Get a Side Hustle

A side hustle can go a long way to influence your finances and help you become capable of saving more, and reserving more funds while building on your financial goals.

A side hustle is a part-time job, business, or freelance gig that you engage in while juggling your 9-5 job.

There are small businesses you can start without capital such as affiliate marketing – selling someone else’s products, skill-based gigs such as content writing, virtual assistance, etc.

Side hustling as a saving strategy does not just boost your income. It further skyrockets your savings. More so, it is important to not depend on one source of income. Getting a side hustle helps you to diversify your income.

Automate your Savings

It is not enough to cut down on your expenses or spending habits, you also need to boost your savings. Your savings are what you fall back to. It gives you confidence when you face an emergency.

Saving money is difficult especially when you are saving as a low-income earner. These tips encourage frugal living which will help you save better and achieve your personal finance goals.

One of the best strategies to achieve your personal finance goals is to automate your savings. Schedule automatic but recurring transfers from your current account into your savings. This is more effective because manual savings give room for you to be reluctant to let go of the money. However, when you set this automation, money goes into your savings even before you think about it.

Furthermore, decided to save money from every paycheck. Save the extra raise on your income and also tax refunds.

Choose a digital bank with a high-interest savings account. The monthly or yearly interest can serve as a reward system and encourage you to save more.

Finally, it is important to track your savings. This helps you to know how much progress you are making, and what are the better ways to save.

Budgeting and saving on a low income is tough, but if you are well-decided to begin this journey to financial security and stability, these money-saving strategies above will work wonders for you.

As you journey through making more money, always remember that saving does not just happen. You have a responsibility to stay consistent with your personal finance goals.

Debts are the major enemy hindering your financial success. Make a list of your debts and pay them off gradually starting from the smallest.

A bonus tip for achieving your financial dreams is to work on your money mindset. The mind surely is the centre of everything. Whatever is possible within your mind is possible without! Think like a wealthy person.

Wear your financial goals like a dress. Make it your sole responsibility to attain financial stability. Reading this blog post on saving strategies shows you are already on your way. There are also books you can read to rewire your mindset about money.