I'm on the minimum wage how can i save money? need advice pls

Discussion in 'Frugal Tips For The Home' started by Juan, Nov 24, 2015.

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  1. Juan

    Juan Newbie

    I'm living on the minimum wage and I always have trouble making ends meet. I know other people who are in a similar situation and they always seem to have money leftover at the end of the month to save. I was hoping someone could give me some advice on how to save money while living on the minimum wage. I prepared to change my habits because at the moment I'm living paycheck to paycheck and its not a very nice feeling.
    Simrin, Miles, Alistair and 1 other person like this.
  2. Eduardo

    Eduardo Newbie

    Living on the minimum wage is one of the hardest things you might have to do in your life, at the moment I am on the minimum wage of £6.08 per hour on a 30 hour contract, sometimes people have to feed their family and pay their bills with only the money they earn, many people often ask themselves how to save money making the minimum wage and there are several ways you can do this and survive as well as flourish.

    Make a budget

    You need to create a budget and stick with it, only spend within your means and don’t use credit as it will be hard to pay the money back, if you earn $1000 per month then use the money wisely, have a breakdown of all the most important expenses such as rent and food and then factor in everything else. By creating a financial budget you can really improve your finances, you can allocate money for essential goods and service and avoid any unnecessary spending.

    Living costs

    As the cost of living in a property is one of your biggest expenses you need to figure out a way to reduce this monthly outgoing, try to find accommodation that is cheaper and negotiate with your landlord so that they can lower your rate while taking into account your circumstances. You can also consider sharing with someone as this will half your rent or you can rent rooms out if you have spare ones, all in all you can save up 30 to 50% using these little steps alone.

    If you are paying a mortgage then consider remortgaging to get a better deal, with interest rate so low you can really snap up a bargain from these banks.

    Food, Groceries & Clothes

    Always buy items that you need, go for essential items and forget luxury items until your circumstances improve, try some of these simple tips to save on this category

    1. Use big supermarkets such as Costco to buy in bulk for non perishable items
    2. Always drop down a brand and opt for the supermarket alternative which is sometimes 50% Cheaper.
    3. Always buy when there is a special offer or a substantial discount and buy in bulk for the rest of the year.
    4. Use as many coupons and vouchers as you can find and always haggle for discounts
    5. Find as many markets as you can and compare prices.
    Asking for help

    If you finding it impossible to survive on the minimum wage then you can see if you are eligible for help, there are many places that you can go to where people can advise you on how to proceed. In the UK the government provides a welfare system where if your income is lower than what is required to support your family they will intervene and provide you with the difference, check if you are eligible for these benefits as they will really help to make a difference in your life.

    Look towards charities and organisations that help people on low income, many organisations have a discretionary fund where they can help people who are struggling to make ends meet. You can also try writing letters to people such as millionaires and celebrities who are often inclined to help not only for publicity but also to do a good deed, any money that you don’t use can go towards your savings and future.

    Find alternative ways

    If you are really struggling on the minimum wage to save money you can always find ways to make more money, see what kind of progression is available at the place you work and make a action plan to step up and go into management, try studying for a qualifications that will really boost your chances of securing a better paid job.

    You can also look for alternative ways to make additional money, on the internet for example many people are making a decent living by writing online or creating a useful blog or selling on ebay.com; remember to make money on the internet you need to make it a better place so do not spam with the aim of making a killing fast as it will come back to bite you.

    With a little planning and a considerable amount of patience and perseverance you can certainly save money even when you’re earning the minimum wage, just find places where you can cut back and always find ways to increase your income by developing other streams of revenue.
    Simrin and Miles like this.
  3. Alistair

    Alistair Newbie

    Most families are struggling to make ends meet. With prices of energy and food rising constantly and wages remaining the same there has become a need to try and save as much money as possible by cutting household expenses. There are many ways you can make significant changes and sometimes you can save up to 50% on your expenses. A typical families household expense usually comes to about $1000, by saving 50% would give you a saving of $500. Imagine what you could do with $500, even if you put it in a bank account you would be earning interest on it.

    The first thing you should do is to find cheaper energy. You can go to energy comparison sites to find the cheapest gas and electricity and then fix at that price. You should also start to cultivate a frugal attitude which will help you to cut expenses. Another strategy which many people use is a down shift when you are doing your weekly shop. If for example you buy branded drinks why not go for the supermarket equivalent which is often less than half price. Down shifting effectively can show you significant savings.

    Also when you are buying household products try and get them on special offers such as buy one get one free. Try and use coupons and vouchers too when you do your shopping. You should also do all your clothes shopping during the sales such as in Christmas when there are bumper sales. By slashing as many expenses as possible by becoming frugal you can make amazing savings.

    Another great way to cut house hold expenses is to make sure that you are not wasting your food. A lot of people waste good food and when the sell by date starts to approach. You should remember that you can still consume these foods at least 1 week after the sell by date. Sell by date only means that you should sell the product by that date and not consume it. By using some of the strategies outlined you can make significant savings.
    Simrin and Miles like this.
  4. Miles

    Miles Newbie


    If you have fallen on hard times then do not despair. My reply is how you could potentially save money if your household appliance breaks down, There are a number of services that have been created for families with low income. With a little patience and perseverance you could save money and have a satisfactory standard of living. Appliances such as cookers and washing machines can cost quite a lot of money and could put unnecessary stress and strain on the family. There is nothing worse than coming home from a long days work only to find something is wrong. New appliances such as microwaves and blenders depending on how often they are used usually break down every 3 to 4 years therefore if your appliances are getting old then it is definitely worth insuring them. Insuring older appliances or every household appliance does not cost that much and you have the peace of mind that you can have anything that breaks down repaired.

    If you do not have insurance and you need appliances then you need to find out if there are any local assistance programs in your area. Start by contacting your local authority to see if they have any grants or rebates available. You might be very surprised to know that some local authorities have discretionary funds available for low income families who need assistance. Your local authority may ask to see a breakdown of your income and expenses to determine how close you are to the bread line. If you do not have any savings then you need to let them know, usually families who have little or no disposable income or savings are eligible for this grant.

    You may also consider getting in touch with local charities and churches to see whether they can spare any donation money that they have set aside. Most charities have a discretionary fund to allocate money to needy families. What you need to do is arrange a meeting with the person who runs the charity and ask them if they can provide you with any appliances or money for appliances. You can also contact local businesses and local philanthropists to see if they are willing to help. There are many letter templates available on the internet when it comes to asking for money. The best thing to do is email all the charities and local businesses and philanthropists and see what kind of a response you get. They typical response rate is about 10% so if you contact 100 people then you should get a response from 10 people.

    Finally you should look in places like freecycle. Many people upgrade their appliances and throw away their perfectly working older appliance. There are great sites such as freecycle where you can pick up appliances for free; sometimes you can even get the appliance delivered for free. There are a lot of generous people out there and if you are having a hard time there is no shame in asking them for help. You should also look at sites such as gumtree and eBay to nab a bargain. People are always looking to make a little profit and are always selling on old items which are still in working order. You need to actively search these sites so you can pick up one of these bargains quickly. As always do not despair when you are struggling financially, do not suffer alone and always look for a way out.
    Simrin likes this.
  5. Simrin

    Simrin Newbie


    I feel for you, I was in a very similar position a few years back but there is light at the end of the tunnel. If you are on a low income and have a family then there might be a lot of help that is available for you. You might not realise it but there is a lot of help available out there. I have been on a very income when I was made redundant and I survived with a family while working on the minimum wage. The first thing that you need to do is help yourself. I remember browsing the internet trying to find ways to become rich only to see myself fall on my face. I later resorted to other ways to supplement my income. My first step was to make a budget and then stick to it. I then looked at all the benefits that I was entitled to and contacted local charities and discretionary funds from local businesses and philanthropists. I found that whenever I needed some clothes or appliance they were always there he help me.

    I found the best help that I could get for myself was to help myself out of poverty. I was working at a retail store and decided that enough was enough and looked at realistic ways that I could bolster my income. I decided that I was going to retrain myself as a teacher and applied for a maths teaching course. Fortunately I was successful and received a scholarship grant for £9000 which really helped me with my finances. I also started providing weekly tuition for my local mosque. I also continued to work once a week and overall my finances was in a better state.

    Another way I started to bolster my income was to write on places like infobarrel and xomba, I also created my own blog to see if I could make some extra passive income. At the moment I am making $50 per month which is really coming in handy. I expect to continue writing about 5 articles per day on my smart phone when I have spare time and then upload them on infobarrel. At the moment I have about 200 articles which is yielding me $50, I am targeting to write at least 100 articles per month which means by next December I should have 1300 articles and earn about $300 per month.

    I learnt from my experience that there is always a way out of poverty for low income families. You need to start by helping yourself. Once you start to budget your finances you will start to feel much better. Look for ways to cut costs and then look for ways you can increase your income. You will find that if you strive everyday then you will get yourself out of poverty.
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