{"id":114671,"date":"2023-12-20T10:35:52","date_gmt":"2023-12-20T08:35:52","guid":{"rendered":"http:\/\/moneyminority.com\/?p=114671"},"modified":"2024-02-26T18:10:12","modified_gmt":"2024-02-26T16:10:12","slug":"how-to-save-money-fast","status":"publish","type":"post","link":"https:\/\/moneyminority.com\/en\/how-to-save-money-fast\/","title":{"rendered":"How to Save Money Fast on a Low Income: 6 Behaviours to Change"},"content":{"rendered":"\n

\u201cHaving money is not everything\u2026 Not having it, is\u201d<\/em><\/em><\/p>\n\n\n\n

Lots of money<\/strong> gives you the luxury of taking it out of your focus. It offers freedom and security to pursue personal goals, dreams and ambitions.<\/p>\n\n\n\n

On the contrary, when you are low on money<\/strong>, it tends to become your sole focus involuntarily. The survival instinct wakes up, puts it as a top priority and rightly thinks only of them.<\/p>\n\n\n\n

If you don’t have to eat, personal ambitions take a back seat.<\/p>\n\n\n\n

What can you do when you have no money? I have talked several times about how we can manage our finances:<\/p>\n\n\n\n

    \n
  1. Create an emergency fund<\/li>\n\n\n\n
  2. Pay off your debts.<\/li>\n\n\n\n
  3. Spend less than you earn<\/li>\n\n\n\n
  4. Save systematically<\/li>\n\n\n\n
  5. Invest systematically<\/li>\n<\/ol>\n\n\n\n

    By following these 5 simple steps, you can easily get ahead of the majority of people.<\/p>\n\n\n\n

    Let’s go through 6 behaviours<\/strong> that will help us save money fast, even on a low income:<\/p>\n\n\n\n

      \n
    1. Delay gratification<\/a><\/li>\n\n\n\n
    2. Create friction<\/a><\/li>\n\n\n\n
    3. Go for Premium<\/a><\/li>\n\n\n\n
    4. Make conscious purchases<\/a><\/li>\n\n\n\n
    5. Say no to upgrading<\/a><\/li>\n\n\n\n
    6. Review subscriptions<\/a><\/li>\n\n\n\n
    7. \u2753Frequently Asked Questions \u2192<\/a><\/li>\n<\/ol>\n\n\n\n
      \ud83c\udfaf Goal:<\/strong><\/td>How to Save Money<\/td><\/tr>
      \ud83d\udcdd What to do:<\/strong><\/td>Proper money management<\/td><\/tr>
      \ud83d\udcb2Fields:<\/strong><\/td>House, Power, Food, Water<\/td><\/tr>
      \ud83d\udccb How;<\/strong><\/td>6 behaviours<\/td><\/tr>
      \u23f3Application:<\/strong><\/td>On a Low Income<\/td><\/tr>
      \u2692\ufe0f Tool:<\/strong><\/td>Budgeting<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n \n\t\t\t
      \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t<\/path><\/svg>\n\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\n\n\n

      #1 Delayed gratification<\/h2>\n\n\n\n

      or else, don’t be at the mercy of your emotions<\/em><\/p>\n\n\n\n

      When you’re in dire straits and don’t have a single euro in your pocket, it’s easy to reflect on the necessity of saving money.<\/p>\n\n\n\n

      “Son, I’m not falling for that again!
      Should I be broke before the end of the month? Uh-oh!
      Starting today, I’m going to save more, never buy coffee outside again, and turn off the water heater immediately.”<\/em><\/p>\n\n\n\n

      On the other hand, the secret to successfully managing your finances seems to lie in changing your mindset when you HAVE <\/strong>money.<\/p>\n\n\n\n

      What do I mean?<\/strong><\/p>\n\n\n\n

      When you hold a fat wallet stuffed with money, everything seems rosy, every good and service just a purchase away while our every inhibition seems a little more relaxed.<\/p>\n\n\n\n

      The result?<\/strong><\/p>\n\n\n\n

      The monkey in the back of your head grabs the reins and commands you to follow the quicker, easier and more painless path, which is none other than that of instant gratification.<\/p>\n\n\n\n

      And – you know it yourself – when the paycheck comes in, it’s harder to say no to the voice that keeps spamming “BUY! CONSUME! EAT!”<\/em><\/strong><\/p>\n\n\n\n

      Excellent lead-in to introduce you to the concept of delayed gratification <\/strong><\/p>\n\n\n\n