It can be tough to make ends meet when you’re working a minimum wage job. But there are ways to cut corners and save money, even on a tight budget. With a little creativity and resourcefulness, you can find ways to free up some cash each month. Here are some tips on how to save money while working a minimum wage job.
Create a Budget and Stick to It
The first step to saving money is creating a budget. Determine how much money you need for essentials like rent, food, and transportation. Then, factor in discretionary spending for things like entertainment and personal care items. Once you have an idea of your monthly expenses, you can start looking for ways to cut costs. For example, if you’re eating out more often than you’d like, try meal prepping at home and taking your food with you to work every day.
Stop Overpaying For Subscriptions
If you have a cable subscription, it’s time to cut the cord! You can find so many wonderful shows and programs on YouTube and at the library. Don’t overpay for your cable bill – it really adds up!
You may also want to consider monthly costs, such as streaming services. How many streaming services do you need? Pick your favorite streaming service, and get rid of the rest. Your wallet will thank you!
And if you have any recurring subscriptions, see if there are any cheaper alternatives that offer the same level of service. Once you’ve created a budget, make sure to stick to it as closely as possible. Review your spending at the end of each month and adjust your budget accordingly.
Cut Costs Where You Can
In addition to creating a budget, there are other ways you can save money on everyday expenses.
For example, see if your employer offers any benefits like healthcare or discounts on gym memberships.
If not, see if there are any programs or services that can help lower costs. There are also many websites and apps that offer coupons and deals on everything from groceries to travel. So be sure to take advantage of these savings when you can.
Make Saving a Priority
Working a minimum wage job doesn’t mean you can’t save money. By creating a budget and cutting costs where you can, you can free up some extra cash each month to put towards your savings goals.
So make saving a priority and put away as much money as you can each month, no matter how small the amount may be. Think about starting a side hustle, so you can save even more money over time.
With patience and diligence, you’ll be surprised at how much you can save over time. And once you get that under control, it’s time to look at how to start earning more money!
Erika Finn, founder of Stacking Acorns, is an attorney who graduated from law school at University of California, Berkeley. She was a member and editor of the California Law Review and won the Prosser Prize for Legal Accounting. She holds a Master’s Degree from the University of Southern California (USC) and a Bachelor’s degree from Indiana University- Bloomington. Stacking Acorns is a personal finance website for women by women. We help mid-life women achieve financial freedom through real estate investing and other streams of passive income.