How Do You Save on a Minimum Wage Budget?
Finding your funds
How do you save on a minimum wage budget? First you have to do what I like to call “find your funds.” A lot of people think just because they make a net income of $15,000.00 a year that there is no possible way to save anything. Well that is not true at all. In most cases people fail to even make a savings strategy, or they do not stick to the plan. (“I know I was once a part of that group.”) If you save just $16.50 every week your savings will increase $70.00 a month. At fifteen thousand a year those numbers are easily obtainable. Even with a six hundred dollar mortgage and paying three hundred dollars in bills there is enough to set sixteen dollar aside. It is all about what you are willing to sacrifice to reach your goal.
Disciplining your mind set
Now that you have found your funds, its time to discipline your mind set. You are going to have to put yourself at the cross roads in your mind. One road is leading towards your goal, while the other is leading to everything that you are sacrificing to get to that goal. Of course it is easy to choose the road that has less sacrifices. (“Who wants to have to lose out on anything in life?”) On the other hand, if you choose the easy route you have just lost out on your goal. Again, it is up to you to determine witch is more important, the right now or the future in your life.
Purpose for your money
At this point it is time to find a purpose for your money. Idle money in a savings account is Okay if that is what you are trying to do, but there are many ways you can turn your savings money into a monthly income. Have you ever heard the term “make your money work for you?” The Internet has many opportunities that can range from helping you create your own business to finding great new investments. (“But what better way to invest your money than into yourself.”) Normally, if you have money that has no purpose nine times out of ten it is going to be spent on something. Whether it is a new pair of shoes or a used car, most people have a hard time holding on to extra money with no purpose. My advice to a person trying to save on a tight budget is finding your funds, discipline your minds set and have a purpose for your money.