How to Save Money Fast On a Low Income
The best way to save more money fast in the UK,especially when you’re on a low income, is to look at your biggest expenses.
This is where you can make the most saving, but still enjoy a good quality of life.
The 4 biggest expenses most people have are are unsecured debt repayments, accommodation, transport and food. So if you take action on these expenses first you will significantly save more money.
Save More Money Fast UK – Get Out Of Debt Fast
For many people, this is the wrecking ball that is destroying their financial life. By reducing your debt or refinancing, it will allow you to save more money.
Being in debt is one of the biggest costs you can have. So get out of debt and it will drop your monthly expenses hugely.
Save More Money Fast UK – Accommodation Costs
Take extreme action here as the savings can be huge. Do you really need to rent your apartment, if it means you are always broke and will never be able to save a deposit to buy your own place?
Save More Money Fast UK – Monthly Food Costs
If you find you eat out 3 times a week and only buy ready-made, pre-prepared food at a premium, you can make a massive saving.
Move to a slightly more “downmarket” store or buy the cheaper brands in your usual store. Cook from fresh a lot more.
Save More Money Fast UK – Transport Costs
Can you cut your transport costs by living closer to work, joining a car pool or working from home more? Or is it time to get a different job closer to where you live?
Sell Your Junk
Now is a great time to clear out your home and turn your junk into cash. Liquidate anything you really don’t want or need. You can use the proceeds to save more money fast in the UK.
Review All Your Expenses
Every year at least you should review your expenses and what goes through your bank account.
Are you paying for something you don’t use anymore? Cancel it!
Look at everything; utilities, phone, internet, insurance, Netflix, etc. Can you get better AND cheaper services anywhere? Look at price comparison sites for great deals.
Increase Your Income
Take on more hours at work or get a part time job. Better yet, develop a passive Income idea to increase your monthly cash flow.