How to save money in low income

First things first, you need to know how much money you have and what regular fixed expenses you have. Setting up a budget can help. When you don’t have a lot of money coming in, it’s important to check your bank statements regularly and budget accordingly so you have enough to cover your basic needs, like rent and utilities.

If you’re not sure how to set up a budget, try Suncorp’s Budget Planner. It’s free to use and calculates the difference between your income and expenses when you input your information. A little knowledge can go a long way, especially if you’re new to budgeting. In some cases, you might be entitled to financial support from government agencies if you have a low income. Centrelink offers a low income Health Care Card which, if you’re entitled to it, offers discounted services for public transport and medication.

The Department of Human Services has information on income support, so it can be a good idea to do your own research to find out what you’re entitled to ahead of time. Saving money on things like food and entertainment is possible (even on a low income). You could try buying basic food items (think dried fruit, coffee or tea) in bulk, or look for the generic brand instead of the more expensive named options.

Get creative when it comes to entertainment options too. Keep an eye out for free activities in your local area, such as outdoor concerts. You can also pay a visit to your local library, where you can borrow books, DVDs and other resources for free! Paying attention to how you spend your money will help you avoid the temptations of impulse purchases as well.

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