Money is tight and I know you are literally eating beans and rice every day and you have cancelled all subscriptions. You have done all the cutting you can but still, there is more month at the end of your money.

If anyone tells you to save more money you are prepared to stand trial for that murder

But hear me out.

Not all is lost.

Life is tough but we have tools to make you tougher. Against all odds, you can still thrive. When the economy goes down and your income is cut, you can still be financially responsible with a low income.

How to save money on a low income

1.      Get your attitude right.

This is the top tip on how to save money on a low income because how we handle money has a lot more to do with our attitude than math.

Money is all about psychology and attitude.

Decide today that you are in charge of your money and that you have control, and you will realize how drastically the way you handle money changes.

Playing the victim part will not get you anywhere. Take responsibility for your life. No one is coming to save you.

Not the government, your family, your friends, or your employer.

Only you can decide to do it and actually do it.

Yes, numbers are important when it comes to money but your attitude and how you think about money is extremely important.

Have an attitude to learn and a hunger for knowledge.

If you decide to be smart with money you will be willing to learn about it.

2.      Develop healthy money habits.

We all have money habits, some good and some bad. Sometimes we do not even realize we have toxic habits with money because we do not talk about it. It can also be that what we think are good habits are actually not great habits.

Good money habits

Here are some good habits that will help you become money smart:

• Spend less than you earn.
• Pay off all consumer debt as quickly as you can
• Save first before you spend (pay yourself first)
• Diversify your investment portfolio.
• Increase your income streams.
• Have a zero-based budget.
• Teach children about money from an early age.
• Learn to say no (especially with expenses that you didn’t plan for that are NOT an emergency)
• Clearly identifying needs and wants.
• Do finances together with your partner (this applies to married couples only)
• Have an abundance mindset.
• Do a no spend month challenge
• Practice giving and helping others.
• Read books about money. Knowledge is power and implementation of that knowledge is life-changing.

3.      Have a budget.

Yes, you are tired of hearing this but that is because it works. Many know they should have a budget but very few people actually write it down and follow it strictly.

Budgets do not work because we are not disciplined enough to follow them. If you want to win with money, you need to make money your servant.

Tell it where to go and when and it will do exactly that.

Top tips for budgeting on a low income.

• Do not write a budget in your head.
• Get a budget planner application or use Excel (You can even use a pen and paper it works just as well as any budgeting application).
• Be clear on each item in your budget.
• Do a zero-based budget (Decide where each cent you will receive will go). If you have extra money and you do not know what to do with it, invest it.
• Communicate your budget with your family
• Add a column for entertainment so you can enjoy your hard-earned money.
• Automate your savings and investment
• Budget weekly or monthly

4.      Be accountable to someone other than yourself.

When you have decided that you want to save money you need someone to hold you responsible. You need an accountability partner.

This is someone who will remind you that you have a low income, but you also have a savings goal that is ahead of you.

It should be someone that you can be vulnerable with and someone that you trust.

This person can be a family member, friend, or even a neighbor, as long as this person understands why you want to save and is willing to help you save. This should also be someone that you respect and are willing to listen to.

It does not help if you have an accountability partner that you are just going to ignore and run away from.

5.      Do a printable low-income savings challenge.

It’s called a challenge because it is not easy. It is difficult to do and not many can do it.

The word challenge also means that you will want to give up halfway because the road is tough. It also means you will be tempted to think that you cannot do it because you are barely making ends meet.

But trust me, if you develop a habit to save you are on the best road to financial freedom and financial peace.

Start with one printable low-income savings challenge and then challenge yourself to do all of them.

Here are some of the Printable Low-Income Savings Challenges.

$1 Savings Challenge

For this printable low-income savings challenge, you need to save as little as a dollar. Whether it’s change from your groceries or parking you can put it on a saving jar.

This is perfect for a cash-stuffing challenge or even an envelope system. All you have to do is download and print as many as you like and start saving.

Color each icon as you save, it will keep you motivated.

$5 Saving Challenge.

This is designed to help you save $5 whenever you can. This low-income savings challenge is easy, and anyone can do it. This is also a PDF that can be downloaded and printed.

In the end, you will have saved a lot of money that you can use for anything you want. This printable low-income savings challenge is suitable for anyone.

$150 Mini Low Income Savings Challenge.

This is ideal for those who have envelopes or who are doing cash-stuffing challenges. Its colorfulness and design will inspire you to save.

You can even download, print, and stick it on the fridge and start saving. When saving money, it is important that you keep your goal and your savings tracker visible.

$150 Savings Challenge.

This popular low-income savings challenge is designed to help you save $150. This money can be used for anything you want. From buying Christmas gifts, easter picnics, holiday spending money, a gift for yourself, or anything that you want.

Join many savers in this low-income challenge. We have received many reviews from people who have thoroughly enjoyed using this challenge.

You decide when to start and when to end. Color each block as you save.

$20 Savings Challenge.

This is a much tougher printable low-income savings challenge. But I know you have dedication and passion for your finances.

As you save $20 you will realize you have saved $2000 as quickly as that.

$10 Fridays Challenge.

This challenge allows you to save $10 every Friday. Keep consistency and stay focused. Instead of going out and spending the $10 rather save it.

Doing this every Friday allows you to develop a habit to save on a specific day consistently.

$50 Fridays Saving Challenge.

As an eager beaver ready to save, be prepared to save $50 every Friday. Budget and plan to save money every week.

You can even do this challenge bi-weekly. This low-income savings challenge is a great way to have an emergency fund. Save for a rainy day and be prepared for when life gives you lemons.

$150 Low-Income Savings Challenge.

Save $150 per template. You can print and download as many of these templates as you like. These are all PDF templates that you can download and Print. This is a fun and exciting template to use.

Involve your children in the process. Let the whole family be part of the fun of saving money.

$1000 Savings Challenge

If you would like to save $1000 then this challenge is for you. $1000 sounds like a long-term goal but do not be deceived because once you start saving you will not be able to stop.

This is perfect if you need motivation to do the Ramsey Baby Steps. The first step of the 7 steps is to save $1000 quickly.

With this challenge, you can easily track your progress and be well on your way to financial peace and financial freedom.

Holiday Savings Challenge – Christmas savings challenge

This is a template to help you save for the Holidays. Yes, the holidays are a little bit far, but you need to start saving today.

Christmas can be financially stressful, and you may find it difficult to cover all costs if you do not save for it. Even with a low income, you can have an amazing Christmas.

If you are interested in getting one of our Bundle Low-Income Savings Challenges, feel free to visit our shop by clicking here.

Final Thoughts

Do not be scared of money. As some people say, money is a bad master, but it is a great servant. Take charge of your finances.

Say goodbye to financial stress and hello to financial peace. Try these challenges and your life will be better. Let us know which one is your favorite printable low-income savings challenge in the comments section.