Ever wondered Why there is No Money Left End of Each Month? Today We will know How to save Money at Low income. You must have Noticed that you have no money left by the end of the month. Regardless of what your Current Salary is. As your salary Comes all of a sudden it finishes immediately. Let me guess how YOU feel every month when you have no money in your pocket. You feel that every month that passes was more expensive than the last one.
I mean seriously, i have seen many people with the High Salaries, right by the 3rd Week of the month they come up with the SAME SONG. First of all Stop Blaming yourself for you are unable to save money till the month end.
Reasons Why No Money Left End of Each Month
Let me share 4 most important reasons why you have no money left by the End of the month. Also BEST 5 tips for saving money at Low Income.
1. CREATE 2 BANK ACCOUNTS
Now a days Everyone has a Saving account in the world. And most of you already have more than One Bank Accounts as well. But most importantly using Two accounts wisely is equally important.
The idea is to maintain your 2nd account with NO Debit Cards and NO Credit Cards. Transfer a Portion of your Salary into that 2nd account every month. In this way you will NOT be able to take out Cash from your second account. And after some time you will feel that you have a sufficient amount available in your account.
You must have heard “Drops of water may fill an ocean” You can call it Savings in a right meanings.
2. DON’T GET ATTRACT TO DISCOUNTED OFFERS
Now a days Brand Campaigning and other Marketing trends has started. They attract their highly specific target audience by their product offerings with the help of verity of Marketing Campaigns. Such as 30 or 40% OFF to approach price sensitive niche. Offer Buy 1 Get 1 free offers. Front Shelf marketing to attract people as soon as they enter into any Super Store and many more.
You don’t actually need that Specific Product but as you got attracted towards their Campaign. Because you are their target audience you Spend your money for it. Due to this you end up having No Money left at the end of Each month.
The attraction of these campaigns are at the Amazing levels. You have limited cash in your pocket still your mind permits you to buy the product. which is extra and spam for you and enough to waste a sufficient amount of income.
3. KEEP A RECORD OF EVERY TRANSACTION
This is a Business Strategy Globally, Large businesses have multiple Transactions on a daily basis. To keep a Record they build Weekly and Monthly Reports of every single transaction. Implement this Strategy to your regular life. Believe me this Really Works!
Now a days mostly people do this Activity in the end of the month. Take a paper and a pen and write down the things and requirements On which you invest your money. Make a list of your needs and requirements on which you invest your money and also write the things things on which you waste your salary. what the things which you don”t need from present time. You will overcome the reality that at how much things you brought useful while somehow are extra and spam. You will be careful for the next time when serve your money.
4. BUY USED STUFF
If you have Limited Income and you seriously want to understand how to save money at Low Income. You should try buying used or old stuff to fulfill your needs. Everyone in the world wants to spend a life with all facilities and luxuries. But how you reach to that lavish life with a Limited income? This is a Wise Move if you buy Used stuff no one knows that bought it new or used. This is about you, With this move you save your money, a part from it you get many facilities.
There are a lot of platforms where you can buy the 2nd hand or used stuff Locally as well as Digitally. And also you can sale your used stuff there like Amazon, Ebay, Bluefly and Olx etc.
5. PIGGY BANK SAVINGS
All we used this method of savings in our School days. Piggy bank savings is the best idea for savings emergency. If you have remaining coin or small amount money You can drop these coins and money in piggy bank. If you do like this after a few months you would surprise having seen the amount of money.