When it comes to saving money, you can point to many reasons as to why you’re just not able to do that. Plenty of them have merit, but one that doesn’t is suggesting that you don’t make enough money.
Everyone would love to make more money, granted, but that shouldn’t be a cause for not being able to save. Those who make six figures per year still find themselves living beyond their means and not able to save money so the reasoning of income is hard to swallow as justified.
The key to being able to save money on a lower income is to actually have a budget and resign yourself to understanding that you don’t have to have certain expenses, those of which you can cut or are deemed disposable.
Maybe you don’t have the money for a $200 per month cable bill or perhaps your cell phone plan could consist of a pre pay or a lower carrier that has a flat rate that is more around $30 or $40 per month, rather than twice that amount.
The goal is to eliminate your highest expenses or at least get them down to a reasonable number. If your car payment is too high, get one that is older. The average luxury car depreciates $30,000 or more in its lifetime versus about $5,000 for a car that is hardly old but rather modestly priced to begin with.
The budget is key but if you already have debt to speak of that you need to tackle but your dollar is only going to stretch so far. That’s why the higher the interest rate is where you should start spending most of your money, so that you can pay that down faster and rid yourself of a piece of debt from a card, for example, that has a 20 percent or higher interest rate.
Although this isn’t the most popular avenue nor the one that is most recommended but there’s always a chance you can get a second job, maybe something that isn’t necessarily a nine to five endeavor but perhaps being your own boss as a technical writer, selling things online with various web sites that cater to that (maybe you can even start buying thrift items and turning them for profit, incorporating something you enjoy doing, i.e. shopping).
No matter how you get through to yourself and make saving money a priority when your income doesn’t cooperate, you’ll be thankful that you budget correctly and not use that lack of money coming in as an excuse not to pay attention.
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