Tax Planning

10 Ways to Saving Money When You Have Low Income

When your annual income is not as much as you want it to be, it leaves you feeling worried about whether you can live sufficiently well on it or not. There are a number of different ways in which you can save money and give yourself a quality life, even if your income is low, such as by making a purchase of an HDFC Life Insurance policy among other things.

 

Evaluate Housing Costs

Evaluating housing costs is something that you definitely need to do if you are looking to save money on a low income. Try to look for accommodation of a decent size in a low income neighborhood where the rent is not likely to be as high as it is in the upper end areas of town.

The best way to save tax or tax planning by which you can locate affordably priced housing is to look up real estate websites online. These can help you to move into a house where the rent won’t pinch your pocket, quite easily and quickly.

Look for Subsidized Clothing and Food

Another way by which you can save money even though your annual income is quite low is to buy subsidized food and clothing. You should make your way to departmental stores where the price of groceries is discounted and where you can come across wonderful deals and discounts on clothing.

You can also consider buying food and garments online if you want to save a sufficient amount of money on the purchase of these. When you buy online, you get to procure products of great quality while paying absolutely the bare minimum for these.

Avoid the Use of Credit Cards

Using credit cards is something that you certainly need to avoid if you want to be able to save money on low income. Using credit cards can make you incur way more expenditures than necessary and to repay your debits can turn out to be quite a mammoth task.

Make use of Public Transport or Walk

You will not be able to use a car if your income is not too high annually. If you do, then you will not have anything left for you and your family to survive on.

As a person with low income you should try make use of the subway or the bus service in the city or town in which you live. You should also go walking to areas that are nearby and save the money that you would otherwise have spend on public transportation.

Make Bulky Purchases

Try to engage in the bulk buying of food and clothing or anything that you need in large quantity. When you opt for bulk buying of commodities you get to procure these at a discounted price compared to what you would have had to pay if you had carried out single purchases instead.

There are several stores online and elsewhere that offer two or three products for sale at a single price. You should take advantage of these offers in order to save money on a low income.

Look for an Alternative Income

Looking for an alternate source of income is an absolute imperative if you have to survive on a small income for a whole year. You need to look for ways in which you can complement and supplement your daily costs, such as by running chores for friends, helping out as an assistant at stores in the weekends when you don’t have an office job to do, etc.

Avoid Going to Restaurants

Stay away from restaurants if you want to live well even though your income is low. Food is very pricey at restaurants when you dine at a restaurant you end up paying more than what you perhaps would have paid for a week of groceries.

There are meal planning apps that you could use to spend on readymade meals and thus save money on groceries. Such apps can be easily downloaded into any mobile device.

Don’t watch cable television if you want to save money even on low income. Cable TV rates are often unnecessarily high.

Be an HDFC Life Insurance Customer

  • Buy HDFC Life Insurance policies to save on tax at the end of the year. You get to save 50% of the money you would otherwise have had to pay as income tax as a HDFC Life Insurance customer.
  • The HDFC Life Insurance policies are quite sound and can known to last for 30 years at a minimum.
  • You need to be above 30 years of age in order to buy HDFC Life insurance policies. The claim process for HDFC Life insurance policies is relatively easy as well.
  • The claim disbursements for HDFC Life insurance policies are never known to take a long time. You won’t have to wait for longer than 6 months to claim a disbursement if you are an HDFC Life Insurance customer.
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About Ajeet Sharma

My Name is Ajeet Sharma Financial Blogger & Founder of Financegab.com. We are a personal finance blog dedicated to personal finance & financial planners. The main aim of this blog is to help people to informed financial decisions.
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