KNS Financial

Personal Finance From a Biblical Perspective

20 Money Saving Tips for Low Income Earners

By

[The following is a guest post giving 20 great money saving tips for low-income earners!]

Many people across the country are having a hard time making ends meet at the end of each month. With the price of many goods and services increasing at a faster rate than people’s pay checks, it is easy to see why this has become an overwhelming problem for so many families.

This can be especially true for low income earners, who are already feeling stretched to the limit and have very little resources left after paying just their basic bills.

20 Money Saving Tips for Low Income Earners

The good news is that there are some basic ways that everyone can save money on their day-to-day purchases. Below is a look at the top twenty money saving tips that are perfect for anyone, including low-income earners.

Money Saving Tips

  1. Change to a bank account that does not charge account-keeping fees or requires a minimum balance in their accounts. Some banks also refrain from charging low-income people additional fees like overdraft charges.
  2. Look for ways to save on transport expenses like walking instead of driving, when possible, or using public transportation instead of driving yourself.
  3. See if a couple of co-workers are willing to carpool, so everyone can save on transport costs.
  4. Eliminate your Pay TV services and use Free-to-Air TV instead.
  5. Instead of stopping at the coffee shop for coffee on your way to work, make your coffee at home and take it with you or wait until you get to work.
  6. Instead of heading out to the movie theater where tickets are fairly expenses rent a movie or watch a free movie at home.
  7. Never run the washing machine or dishwater unless you have a full load to help reduce your water bill.
  8. If you have a cell phone plan already, you may be able to eliminate your home phone, or consider running your phone through your internet service at a reduced rate.
  9. Shop for sales items at the grocery store and purchase items in bulk, to get the cheaper per unit price.
  10. Rent books and movies at your local library instead of purchasing them at the store. They usually have a wide selection to choose from.
  11. Limit the number of times you eat out each month and choose to eat at home instead. When you do eat out, be sure to ask for water instead of more expensive drinks, and skip dessert at the end of your meal.
  12. Consider making homemade gifts or offer to provide a service, such as dog walking, instead of going out and purchasing a gift.
  13. Lower your energy bills, by turning down your thermostat when you are not home, turning off your air conditioner when you go to work, turning off your lights and TV when you are not in the room, and unplugging your appliances at the outlet when not in use.
  14. See if you can group all of your insurances into one package to get a reduced rate on all of them.
  15. Sell and buy items at a local consignment shop or thrift store when buying clothes, household furnishings and miscellaneous goods.
  16. Contact your utility companies and ask about bill smoothing to keep your bills consistent and budget better.
  17. Check your bank statement each month and make sure that no additional charges are added on. If you do have additional charge find out why and if they can be eliminated.
  18. Instead of going to the gym, start a walking club with some of your friends, or purchase inexpensive fitness videos that you can do at home.
  19. Purchase generic-named medications, cleaners and groceries instead of the more expensive brand-named products.
  20. Trade services with someone else. For example, maybe you can babysit a friend’s children in exchange for a manicure or haircut.

Combined these twenty money savings tips can help you spend less on the everyday items you purchase, so you have more money available. While not all of the tips may be applicable to you, just doing five or ten of them on a regular basis can help you save a lot of money over the course of just a few weeks.  You should always be on the lookout for ways to save money, no matter how much you earn.

Recession Proof Your Business By Cutting Your Costs

By

The following is a guest post about cutting business costs in the face of a recession…

Times are tough for every business at the moment, from the sole trader to the biggest high street names. The recent news that popular card store Clintons, which is a familiar sight on every high street (or “main street” for my US readers ;-)), is in administration (this is essentially when a company goes bankrupt and sells off its assets in order to stay afloat), with 350 stores to close and 2,800 jobs lost, is just the latest in a wave of big name closures.

Other recent casualties of the recession include video game retail chain Game Group, fashion chain Peacocks and outdoor store Blacks Leisure – showing that big names are just as susceptible to succumbing to these difficult financial times as small businesses.

High streets now look like ghost towns, with boarded up shops lining the roads and, to put a figure on this downward turn, Price Waterhouse Cooper reported this year that retailers are closing at a rate of 14 per day.

Yet it’s not just retailers who are struggling. All businesses are likely to be feeling the effects, and as the UK has just plunged into a double dip recession, it seems that there may be more difficult times ahead.

In order to recession proof your business it’s important to cut your costs as much as possible. This will free up cash flow and create profit, giving you the best chance of weathering this storm and coming out the other side stronger, more streamlined and cost-efficient, and with a greater understanding of your business.

These are the simple steps that every business owner should look at taking, in order to lower expenses:

Shop Around

Now is the time to reassess every supplier of utilities or services that you use, to see if there’s a cheaper deal to be negotiated, either with the same supplier or elsewhere.

There are often good deals to be found for new customers, and swapping service providers is usually a simple task. British Gas, for example, is one supplier of electricity and gas for businesses that will beat your electricity renewal letter price by at least 10 per cent, meaning instant savings.

Shop around for everything from your utilities to communication services such as best business broadband and phone, to your business suppliers. It may take a few hours to complete the task, but the easy, instant savings mean that it’s well worth your time.

Cut Down On Consumption

Once you’re certain that you’re getting the best deals from all of your business suppliers, you should now look at where you can cut down on your consumption to save cash.

Becoming more energy efficient is not a difficult task, and simple changes such as ensuring that all equipment is turned off at the end of the day rather than left on standby can make a big difference.

Get any employees involved and make sure that lights and occasional equipment such as photocopiers are left off when not in use, and that doors and windows are kept closed where possible.

You could also invest in some energy-efficient equipment with an interest free loan from The Carbon Trust. While you might think that now’s not the time to be spending on replacing equipment, more energy efficient models can pay for themselves in time by reducing your bills, as well as increasing productivity.

There are other green grants and funds that you can apply for, which could have a great effect on your business finances as well as improving your environmental credentials. Take a look at the Green Grants Machine website and you can search by location and business type to see what you may be entitled to apply for.

Streamline Your Business

While the Clintons closures are no doubt disastrous, the group will be left with 438 outlets to focus all of its efforts on. Sometimes, these difficult decisions to ‘streamline’ businesses have to be made in order to protect the core brand.

There is a lesson here that every business owner, small or large, can learn from – so look at how you can streamline your business. If you operate in several markets, look at which are the best performing and focus your efforts on them. It is also essential to look at the role of every employee to ensure that you are operating in the most cost-effective way possible.

Tough times call for tough measures, and many businesses will have difficult decisions to make on how best they can preserve their core business. Yet, there are many straightforward ways to reduce business expenses, therefore increasing profitability (or minimizing loss) and giving your business the best possible chance of surviving the recession.

photo credit: FreeDigitalPhotos.net

Connect With Us