Friday, 9 December 2011

How can I save money on a low income?I

Currently I do not have any savings/emergency fund.  As a family Mr No Spend works full time.  As you know I am doing the odd bit of casual work.  In the new year I hope to look for something on a more permanent  basis. Something that brings in regular money.  I would have liked to have done more hours. I guess with everything that has happened I have not been in the best place emotionally to do that.  Each day I treat as a new day.
I would like to feel more secure with our finances. I am very grateful we have a roof over our head.  Mr No Spend & I need to make improvements to our financial situation.

  • First thing being for us is that we both get out of using our overdraft facilities.  It would be nice to form a buffer in our bank accounts. Who wants to be paying the bank anyone money for using this service?!
  • To not spend more than we have coming in each month
  • Get that emergency fund up & running. Currently it has £0.00 in the pot. My aim for 2012 is £3000.00. I would like to achieve that amount.  I do not know if I will be able to.  But I am going to set myself that goal.
  • I would like to stick to a budget for food each month.  To actually keep a proper tab on the food spending would be a good start. To make good wholesome food on a budget.
This year 2012!. I want to be the year that we turn our finances around.  To put a bit more thought & planning into our finances.  I want to keep a track of every single little penny.As well as balancing in the fun side of things to.
I am thinking about ways in which I can aim to get to that £3000. emergency fund

  • Firstly I want a clear breakdown of everything I/we are paying out each month. Down to the last penny
  • Search for better deals with regard to certain direct debits
  • To not go over my mobile phone allowance
  • To search for bulk buys/special offers of certain household items 
  • As far as spending goes ask myself "Do I need it?". Also look at things with regard to how many hours you need to work for that item?
  • Stick to a food budget
  •  I like to do ebay & ebay is a way I can earn some extra pennies.  Take for instance I bought a shirt at a jumble sale for 20p & it sold for £9.50 (not bad!)
I know people have varying amounts they can throw at there savings.  I think anywhere you can make a start is positive, Baby steps for me.    


  1. The big one is to spend less than you earn every month, then, if you do get a job I would try and save all of your earnings - that will soon build up an emergency fund.

    Good luck you can do this - I'll be cheering you on x

  2. I understand what you mean about trying to save when you are on a limited income. We struggled for a long time on one income and you really have to keep you eye on every penny. Good luck xx

  3. Since you're struggling to save ££ now, I'd start with a lower goal, reach it, then choose another goal. Dave Ramsey suggests a baby emergency fund of $1000 (not sure how much that is in £) then try to pay off debt, and then build up your emergency fund again. Slow & steady wins the race! :)



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