It’s hard to save money when you’re living paycheck to paycheck, but it can be done. I did it for a couple of years myself. It was hard, and a lot of sacrifices were required, but I did manage to pull it off.
Here are four tips on how you too can save money when you’re living paycheck to paycheck.
Are you frugal?
According to a study by the Bureau of Economic Analysis, Americans need around $40,000 a year in order to live comfortably. The minimum wage? Roughly $15,000.
In different parts of the world, this is no different.
In South Korea, for example, the average annual expense to live a comfortable life is roughly $16,800. The minimum wage? Around $14,400. A bit better than the US.
In the Philippines, meanwhile, to have a comfortable life as a single person, you have to spend around $9,000 a year. The minimum wage? A pitiful $3,200.”|
It’s getting harder and harder to save money in this high-consumption world, but that’s why it’s more important than ever to be frugal.
Here are some simple tips that can help you be more frugal in your everyday life.
Have you ever made a budget before?
No?
But have you ever tried allocating your allowance or salary for many different things, and then try your hardest to stay within those boundaries that you set?
If yes, then congratulations, you’ve experienced budgeting before.
The thing is, just budgeting simply isn’t enough. Especially if you’re still just a student, or if you’re an adult but you’re living paycheck-to-paycheck, simple budgeting just won’t cut it if you want to live a life free from most everyday financial woes.
What you need is wise budgeting.
Hello!
Welcome to my personal finance blog. I’m Ai, a freelance writer, blogger, small business owner, stock investor, and full-time fur momma to two darling puppies.
Most importantly, I am a personal finance enthusiast.
