Low income still has savings thanks to 7 simple tips-Youth

If you only have a minimum income but still want to set aside a savings every month, then apply the following 7 simple tips.

Please record the time of receiving salary as well as the date of payment of bills (Artwork)

You don’t have to have a super high salary to have an extra amount to accumulate each month. It is important to clearly define what the priorities are, from which to set up an appropriate spending and savings plan. Accordingly, even with only the minimum wage, you can still save little by little with the following tips:

Prioritize paying high-interest debt

To start saving, you need to settle your debt first, especially high-interest loans and credit cards, because the longer you wait, the more fees and interest you will have to pay.

When it comes to paying off debt, you need to come up with a workable plan, not an unrealistic one. Start by paying off the debt with the highest interest rate. Besides, during the repayment process, it is necessary to avoid having any other high-interest debt, especially from credit cards.

Cut the biggest expenses

Instead of trying to cut small expenses, focusing on the big ones will help you make a significant impact.

For example, if you rent a house, think about renting a smaller one or living with someone to lower your rent. If you have your own house, you can think about renting a room, or parking space… to be able to earn extra income.

Think carefully before you buy

The growth of e-commerce makes us easily attracted by attractive advertisements and images. However, before clicking the order button, ask yourself “Do I really need this item. If I don’t see this ad, will I buy it?”.

If the answer is “Yes”, implement the 72-hour rule, which means delaying shopping for longer than 72 hours. After this period, if you still want to buy, it means you have a real need. A lot of people then either don’t buy or simply forget about wanting to buy the item after 72 hours.

In addition, you should make a list of things to buy. Without a list, it’s easy to fall into impulsive or unplanned purchases.

Track your monthly spending

Make a note of when wages are received as well as the date the bills are paid. This helps you have an overall view of the spending situation in the month, especially at the tightest financial time, thereby adjusting the spending accordingly.

For example, when receiving salary, you should immediately set aside a payment for important bills such as electricity, water, Internet bills, etc. to avoid spending on unnecessary things while paying bills. application has not arrived. Once you manage your money, you’ll have the right cut to save.

Sell ​​things you don’t need

If you take the time to sort through the furniture in your home, you can certainly find a few rarely used, even brand new items. You can resell these items. Not only earn a small amount of money, you also help the house become more tidy, save time choosing furniture or realize you don’t need a big house like now.

Learn how to repair furniture yourself

One of the ways to save money is to learn how to repair home appliances or vehicles yourself. In fact, we often have to spend a large amount of money because of problems caused by damage to furniture.

Instead of calling for a repair service, tinker with the devices you can afford. In addition to saving money, learning more repair skills can help you stay proactive in situations that require troubleshooting.

Cooking at home

Cooking at home not only saves money but also helps you manage your nutrient intake. (Illustration).

One of the effective ways to save money is to cook at home. Instead of going out to buy ready-to-eat food from the store, you choose the ingredients and prepare them yourself. If you don’t have much time, you should make healthy dishes from green vegetables such as salads.

Making your own meals from A to Z not only saves money, but also helps you manage your nutritional intake. There will be no more worries about food safety or contamination from food preservatives as before.