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How to Save Money Fast on a Low Income

June 21, 2023

Saving money while on a lowered income might seem daunting, especially when rent, groceries, and cost of living expenses keep going up. The good news is that it is possible to save if you utilize intelligent strategies and exhibit strong financial discipline.

Read on to learn how to save money during inflation and start building a nest egg for the future.

ACCELERATE YOUR SAVINGS WITH THESE SMART MONEY TACTICS

Employing intelligent money-saving strategies can make a significant difference and help you achieve your goals faster. The below tips will provide you with a greater sense of financial security and open up potential opportunities for future investments.

1. Start a Budget

This is a fundamental step for anyone trying to save money. Start by tracking your income and expenses meticulously. There are various budgeting apps available to simplify this task.

Identify areas where you can cut back and direct that money toward your saving goals. The key is to be consistent and disciplined.

2. Switch to a Credit Union

Credit unions are nonprofit organizations that offer a wide range of financial services. They often have better rates, lower fees, and more personalized service than a traditional bank.

Switching to Fibre Federal Credit Union can help you save money in several ways. From a checking account with no monthly fees to an 18-month Money Builder Certificate that you can open for a mere $25, we offer many attractive savings options for low-income earners.

3. Settle Your Debt

If you’re in debt, especially high-interest debt, it’s crucial to start paying it off as soon as possible, especially if you want to save money during inflation. The longer you let debt sit, the more interest it will accumulate.

Consider a debt consolidation loan from Fibre Federal and take advantage of our fixed rates, flexible terms, and Skip a Pay feature that allows you to skip one payment per year for a $25 fee.

4. Lower Your Car Expenses

Car payments can be a big portion of your monthly budget—especially if you’re paying high auto loan interest rates. You can potentially lower your loan repayments by refinancing your car loan through Fibre Federal.

We offer competitive interest rates compared to traditional banks, which means you’ll save money over the life of your loan. Our dedicated loan officers will work closely with you to ensure your repayment plan is structured according to your financial circumstances.

Another way to cut vehicle expenses is to consider using public transportation, carpooling, or even biking to work. These alternatives can significantly cut your gasoline and car maintenance expenses.

5. Open a Money Market Savings Account

Opening a Money Market savings account is another excellent way to boost your savings. These accounts typically offer higher interest rates than regular savings accounts, allowing your money to grow faster. Fibre Federal offers competitive and tiered dividend rates on our Money Market accounts to make your savings work harder for you.

6. Invest in Certificates

Certificates are a type of time deposit where you agree to leave your money in the account for a set period. In return, you receive higher interest rates than typical savings accounts. With Fibre Federal, you can start with as little as $25 and earn competitive dividends.

7. Cancel Unnecessary Subscriptions

Subscriptions can sneak up on your monthly budget. It’s easy to forget about that streaming service you barely use or the gym membership you never took advantage of. Evaluate your subscriptions and cancel the ones that are no longer necessary. This may just be one of the simplest ways to save money during inflation!

8. Cook at Home

Eating out frequently can drain your wallet quickly—especially in an economy where fast food prices have increased by 12.9%. It’s not uncommon nowadays to wind up paying $15-$20 for a hamburger, fries, and soda.

Consider cooking meals at home and eating out only on special occasions. Not only will you save money, but you’ll also eat healthier. You can prepare meals in bulk and store them in the freezer for later use.

9. Do It Yourself

From minor home repairs to creating homemade gifts, the DIY approach can save you a considerable amount of money. Countless online resources and tutorials are available to help you learn almost anything.

10. Make Use of Free Entertainment

There are numerous free or low-cost entertainment options available. From free community events and outdoor activities to utilizing your local library, you can entertain yourself and your family without breaking your budget.

PARTNERING WITH THE RIGHT FINANCIAL INSTITUTION

Choosing a financial partner like Fibre Federal can make a significant difference in achieving your saving goals. You’ll be able to take advantage of our lower fees, competitive rates, and more personalized service.

We offer many ways to save, including a savings account that pays dividends.

This empowers your money to grow steadily over time, paving the way toward financial independence.

ACHIEVE FINANCIAL STABILITY ON A LOW INCOME

Saving money on a low income is a challenging yet achievable goal. By implementing these strategies, exhibiting discipline, and partnering with the right credit union, you can save more quickly than you think.

Start your journey towards financial stability today with Fibre Federal. With our competitive products and personalized services, we’ll provide the support you need to make your financial dreams a reality.

Click below to see the many savings options we offer and the value you’ll get from banking with us.

See Our Savings Options & Benefits

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