If you’re on a low salary, you know how it can feel to not have much money to burn and struggle to make ends meet. We have come up with 10 ways you can budget on a low salary and hopefully live a comfortable life, maybe even with enough money left to use for expendable income.
- Switch to own brand products.
When doing your weekly food shop, try switching to own brand products to save a few pounds. This doesn’t mean you can’t buy any luxury food items that you want but if the majority of your food shop is own brand you’ll find the total of your shop is much lower. Allow yourself one or two luxuries every time you shop so you can still have the things you really like and get the best of both worlds.
- Find ways to save electricity at home.
This can be as simple as making sure all of the lights in rooms you aren’t currently using are switched off, or making sure your television is turned off and not left on standby. Making small changes to bad habits when it comes to your electricity can make a huge difference to your bill every month. You can also do the same with your gas bill, for example making sure your heating is not set to automatically turn on while you are out of the house. It might not seem like much but 10 or 20 pounds off your bills every month can make a huge difference to your budget over the year.
- Keep a savings fund.
It might seem counterproductive in the short term but keeping a savings fund where you set aside small amounts of your salary every month can be a great way to save money. The amount you set aside is entirely up to you, even £5 or £10 a month can add up over time. Use your savings fund for things like holidays or purchases you really want to make that aren’t necessities and keep your main account for purely what is necessary.
- Go to the park instead of a restaurant.
A picnic in the park can be a lovely day out and save you a lot of money you might spend on a restaurant. Obviously, this option works better in the summer but when you can do it you should consider substituting trips to restaurants or fast food places for a day out in the park. You have already spent the money on your food shop, so why not use some of the food you have bought to make a picnic?
- Swap going to the gym for exercising at home.
For those of you who like to make sure you keep fit and healthy by going to the gym but can’t afford the monthly cost, trade your gym membership for exercising at home. There are a variety of fitness and exercise DVDs you can buy and reuse over and over without having to spend any money at all. These DVDs usually only cost £10-£20 but will last for as long as you want to use them and can be just as effective as using the machines at the gym.
- Swap wine/beer for spirit based drinks.
For those of you who like to have a drink in the evening after work, you know how expensive bottles of wine or packs of beer can be. Spirits, while expensive as an initial cost, can last you much longer and save you money over time. A dash of a spirit and some lemonade can make for a nice evening drink and costs only a fraction of that glass of wine or pint of beer you would have otherwise had. Just remember to always drink responsibly.
- Watch movies at home instead of the cinema.
Trips to the cinema can be really fun, when you can afford them. For those of you who love movies but can’t afford to go to the cinema, why not get an account with many of the online subscription services for movies and TV? Alternatively, you could watch one of the DVDs or Blu-Rays you already own. Make a night of it, invite your friends over for a movie night and have them bring their favourite films.
Remember that even on a budget you can still have fun. If you want to occasionally go to the cinema or a restaurant or have a nice bottle of wine, you can. Don’t completely restrict yourself and stop yourself from having fun. This article is here to help you get some ideas for how to moderate your spending, not stop you enjoying yourself! Hopefully these tips help you save a few pennies so you can go on that holiday or buy something you really want.
