10 Ways for Saving Money When You Have Low Income and High Expenditure

There is a famous saying of Mr. Benjamin Franklin, “A penny saved is a penny earned”. Saving is done after deducting all the expenses from the total income. The saved money is a collected amount for future expenses. So, it is very important to have savings for emergencies in long run. In this world where the value of money is getting lesser due to hiking prices of products and services, it is hard to save money. It is surely difficult but we can save a little amount which is accumulated into a big fund in a long period of time.
Below are a few tips for saving money when you have low income and high expenditure:
- Pay of High-Interest Rate Debts
- Pay Your Bills First
- Track Your Expenditure & Income
- Buy in Bulk or Wholesale Market
- Use the Public Vehicle or Ride-Sharing App
- Invest Little by Little
- Look for Offers & Schemes
- Avoid Eating Out with Friends
- Carry Your Own Drinking Water While Traveling
- Save a Little Amount for Emergencies
1. Pay of High-Interest Rate Debts

If you have multiple debts that are of different interest rates, then choose to pay off the amount of higher interest rates. This will allow you to save the overall interest charges and pay off the debts sooner.
2. Pay Your Bills First

After you receive your income, firstly, pay off all the utility bills every month. This prevents you from late fees and fines which ultimately save your money.
3. Track Your Expenditure & Income

It is better to track all the monthly income and expenditure in any form whether note in the diary, mobile phones, or personal computer. This will help you in determining where your cash is spending and give you insights about the spending. You can have a comparison between your expenditure heads and cut off any unnecessary spending of cash.
4. Buy in Bulk or Wholesale Market

Instead of buying a single item, buying in bulk will help you save your money. It will also be easier to ask for a bulk discount. You can buy bulk grocery and household items where you can easily save some cash off.
5. Use the Public Vehicle or Ride-Sharing App

Although it is comfortable to sit inside a taxi and travel around, it is better to use public vehicles with regards to our money. If you have difficulties to travel in public vehicles, then the new technology of ride-sharing app has saved us from that pressure of being inside a crowded public vehicle. Ridesharing apps like Tootle, Pathao, and many more are providing convenient services to people at affordable rates.
6. Invest Little by Little

With little income, it is not enough to invest in big projects but with a little amount of money, we can invest in smaller ventures. We can apply for Initial Public Offerings (IPOs) of different organizations, invest in gold and silver ornaments, share which can help us yield more in the future.
7. Look for Offers & Schemes

Different offers and schemes are happening by different brands and companies in the times of festivals and events. We can search for it and enjoy the benefits provided. There are scratch card offers, discounts, buy 1 get 1 free and many others which can help us save our cash.
8. Avoid Eating Out with Friends

This doesn’t mean to stop meeting your friends. Eating out in Nepal is quite expensive while visiting fancy restaurants can cost you a heavy price. So, avoid eating out often and save money by healthy at home.
9. Carry Your Own Drinking Water While Traveling

This may sound crazy but carrying your own drinking water may save you money. While going out, you buy a bottle of water which costs you about Rs. 25 or 30. Instead of that, you can use the amount in other stuff. Also, you help the environment by using less plastic.
10. Save a Little Amount for Emergencies

We never know when emergencies and accidents happen. In that case, if we save some money we can get relief on rainy days. Accumulating a small amount of cash can lead to a bigger fund which can be used for future purposes of higher motives.
This way you can save and manage your hard-earned money which can help you understand the importance of money as well.