If you want to know how you can still save money when you have a low income, this video will give you some simple steps to save more and meet your savings goals! After being a student for the last 4 years and not being able to earn much, I have still been able to save a significant amount of money through these tips.
0:35 Tip 1: Have a strong why - there needs to be a reason why you are saving money in the first place. Without a clear and compelling why, you will struggle to meet your goals. Having a why will make it a more fulfilling and personal savings journey.
1:50 Tip 2: Recognise it is not what you earn but what you keep that matters - many people get this mixed up. They think you have to have a high income in order to save and invest a lot of money. But your wealth is determined by your financial decisions not your income, so it is completely possible to save and invest significant amounts of money on a low income. You just have to be smart!
2:13 Tip 3: Have a goal - this is important as if you do not know what you want to achieve, then you will not get anywhere. Make it very clear how much you want to save and by when!
2:36 Tip 4: Have a plan - from your goal you can then work out a plan. How much money will you need to save each week to meet your goal?
3:03 Tip 5: Minimise your expenses - there is a good chance that you have a number of unnecessary expenses. If not, have a look at your current expenses to see where you can cut down (loans, insurance, fuel, food). Remember that a dollar saved is a dollar earned!
3:36 Tip 6: Increase your income - is there a way that you can start to earn a little bit more each week? Remember that if you can decrease your expenses by $50 a week, and increase your income by $50 a week, you can save over 5 thousand dollars in a year. Imagine what you could do if you increased these numbers!!
4:14 Tip 7: Still find a way to give - I think this is the most important tip. When we are desperately trying to meet our savings goals, we often forget that others need our generosity. Despite what you might think, this could actually help you meet your savings goals. When you give money away, you get the sense that you are someone WITH MONEY. By giving, you not only help others but you start to feel like someone who is in the financial position to give! This is such a powerful wealth hack!
Good luck implementing these tips, I hope they have helped!
MY FAVOURITE INVESTING BOOKS:
A Random Walk Down Wall Street by Burton Malkiel:
Rich Dad's Guide to Investing:
Rich Dad's Retire Young and Retire Rich:
Rich Dad Poor Dad:
Rich Dad's Cashflow Quadrant:
The Richest Man in Babylon:
MY FAVOURITE SELF DEVELOPMENT BOOKS:
The Power of Now by Eckhart Tolle:
The 7 Habits of Highly Effective People:
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