10 Budgeting Tips For Low Income

These ten budgeting tips for low income families are focused on financial awareness. Simply noticing how you spend money can help you save it. The best way to save is not to spend.

1. Empty Your Outlets. Keep electronics unplugged when you’re not using them. Did you know your cell phone charger is adding to your electric bill just by remaining plugged in?
2. Cancel cable service. Use the Internet. Cable television is quickly becoming outdated. You can download almost anything for free online. This is a key budgeting tip for low income families.
3. Cancel gym membership. You can get a great workout at home. Walk or jog, practice yoga or tai chi in your living room, and invest in a few free weights.
4. Buy generic brands. In most cases, the generic grocery store brand product has the same ingredients as the brand name.
5. Use the public library. Check out books and movies, and return them on time to save money.
6. Stay home. Limit trips out in the car—consolidate shopping trips to one or two days per week to save on gas.
7. Keep a journal. Write down everything you spend—this will make you more aware of your spending habits, and encourage you to be more frugal.
8. Make a chart. Write down everything you have to pay for month by month, and stick to it.
9. Pay with cash. Avoid using credit cards. If you only have $20.00 in your wallet, that’s all you can spend.
10. Order dinner at lunch. Restaurants charge less at lunch time, so bring home your takeout at lunch and put it in the fridge until dinner time.