The Best Way to Save Money on a Low Income

Saving money can be a very hard thing to do, especially on a low income

So in this video, I'm going to give you actionable ways to make your life 1,000 times

easier by giving you the best way to save money on a low income

So if you're someone who earns a lower income or if you live in an area that's a higher

cost of living, or if you just don't feel like you get paid enough and you have a hard

time saving, this video is 100% for you. I'm going to help you position yourself to save as much money as possible

Hey, what's up? My name is Reggie Bryant and this channel is all about personal finance and personal

growth where I show you how to save money, make more money, and better yourself every single day so you can live life on your own terms

Let's get into this video. Saving money on a low income can seem impossible

It might seem like you have a lot coming against you and it's very easy to come up with a million

and one reasons as to why you can't save money or why you're struggling to save money

That's why the first step of saving money on a low income is getting out of your own head

This is where you got to be real with yourself by making it very clear that you know that this is not going to be easy by any means and it's definitely going to start off slow

That's okay. Being real with yourself is so much better than becoming a prisoner of your own mind

where you're subject to your own negativity and self-limiting beliefs to the point where

you don't do anything about your situation because you just feel like it's hopeless. It's so much easier to be real with yourself and see your situation for what it actually is

That way, you can make a plan based on how your finances look right now

That's the part that no one really wants to hear, but that is the key. That is the first step to saving money on a low income

You have to face your reality. No one's going to do it for you and it's not anyone's job to come in and rescue you from

your reality. Think about it this way. There's absolutely no excuse in the world that makes your current situation acceptable

You want to get out of it, so that's how you know it's not acceptable. When you think of it that way, you realize that you're the one who's in the driver's

seat of your financial journey. But when you go back to the mindset of defeat, when you have that defeatist mindset, that

means you're allowing yourself to be defeated by the power of your own mind

See, I'm about to get deep in this video. I hear this type of mindset all the time, especially when I talk about saving money

I have a ton of videos on how to save money. I think any and everybody can benefit from the advice I give in my money saving videos

but I'd be lying if I said I never got any comments that say stuff like this

Well, you know, not everybody can save that much money, Reggie. Some people don't have the means to put some money away every month

Not everybody can afford to do that. Those are all examples of a defeatist mentality

I just want to let you know something right now. We are not victims

We take control of our situation, and that's the only way you're ever going to be able

to live life on your own terms. Can't do that if you're blaming other people or outside sources for your problem

I used to do that. Didn't get me very far. Nip that in the bud real quick

You can be in a bad financial situation or you could even be in an okay financial situation

but you might just want to save more. But as soon as you characterize yourself as a victim who can't do anything about their

situation, that's when you limit whatever your outcome is going to be

Because you're basically telling yourself that you're not deserving, that you're not worthy of a financial future that you have full control over

And since that way of thinking holds you back so much, it really holds you back from what

you're willing to do to make your goals and dreams a reality. In my lifetime, I've seen multiple situations

Some people live paycheck to paycheck where they can barely hold on to a dollar every month

Some of you might be up to here in debt. Some of you might have so much overhead, so many expenses that you have a hard time saving money

You might have kids, other financial responsibilities. You might have medical issues you're dealing with

A lot of things can come against you in this world, and it's definitely something we all need to recognize and acknowledge because life isn't fair

But those are not things that we should allow to defeat us. Because if we do, then what lesson are we teaching ourselves

That we can't rise against the adversity in our lives and fix our own problems

And that right there is going to put you in an illusion where you really think that you

have no control, so you do nothing. And you sit in the fetal position as the world around you continues to increase with opportunity

after opportunity, but you're too busy with your head down to even notice

No one wants to hear that you might need to sell some of your belongings if you're in

that bad a shape. Because that'll bring in extra income, but it'll also put you in a position where you

own less. And sometimes owning less doesn't seem like an attractive option because then it looks

like you literally have less, you don't know if the money that you get in return is going

to be worth it, and you might have sentimental value to some of your belongings

No one wants to hear that you might need to get more than one job to bring in some extra income

No one wants to hear that you might need to work some overtime at your job. No one wants to hear that you might need to have a side hustle in addition to your job

so you can bring in some extra income. Because now I'm cutting into your time, your free time

That's something I hear all the time. And usually when people talk about free time, they're talking about balance within their life

But check this out, if you're in a financial situation where you're not able to put away

any money, your life isn't balanced anyways. Not monetarily speaking, not stress wise, there's nothing balanced about that

Sometimes an imbalance needs to take place for balance to finally happen

Always remember that. No one wants to hear that you need to drastically lower your expenses

That might mean having a move in with a roommate. No one wants to hear anything like that

Because now I'm taking your peace and your privacy away. And now all the recommendations I just threw out there, it seems like it's too much work

too much of a hassle. It's too much of a sacrifice. But one thing about it is, if you're not living the life that you want to live right now because

you refuse to make the decisions that will change your life in a positive way, then you're

in your own way. So what's more important? Sometimes you have to struggle a little bit to get to where you want to be

Sometimes you have to work a little harder. Sometimes you might have to do things to the extreme to get a little bit of an edge

And that's all that some of us really need. Just a little edge, a cushion, like $500 for example

Some of us just need a $500 cushion that we know we can fall back on if everything just

goes south. Maybe you miscalculated your expenses for the month or something

But having that $500 cushion or buffer, that reassurance can be all that some of us really need

And you know, I just want to share something with you real quick. I always grew up hearing reasons why people can't do certain things

And my mind just never worked that way because I see it from a perspective of, I can see

the solutions to the mass problems that the world has. And I know that a lot of people struggle with saving money

And I'll be the first one to tell you that I know that the advice I give on this channel, it works for a lot of people

But I also know it's not a one size fits all. It will definitely benefit every single person who ever looks and listens to what I have

to say. Because everybody has a different financial situation. Especially when it comes to saving money on a low income because at that point it's a

completely different level. Like for example, if you have a low income and you're living on your own paycheck to

paycheck and you're struggling to save money as it is, it's going to be very hard for you

to follow my advice that I give to everybody when I say, hey, just automate your savings

and then boom, you don't even have to do anything. It's going to be so much harder for a person that's living on a low income to feel comfortable

with actually saving in that way. Because they could want to save a certain amount and then miscalculate their expenses

and then all of a sudden they got negative bank accounts and they have to transfer and it takes like two days to transfer

I've done that before so I know. Like if you're living on a low income, you might not be able to afford to miscalculate

that because you might legit need that money. Like personally, when I was in college and I was living on a low income, I definitely

didn't feel comfortable with automating my savings. So I didn't do it for another like two or three years until I felt comfortable

So if that sounds like you, I don't want you to worry about automating your savings yet. First, I just want you to understand this

If you can save $1, you can save $10. If you can save $10, you can save $20

You can save $20, you can save $25. It's incremental. Those numbers may seem small to you, right

Yeah, pretty small. They're all more than zero. I'd rather have $25 in my bank account than zero

You have to realize that you have to start somewhere. The numbers are probably going to start out low, but you have to start getting an edge

The way you start getting an edge is you start saving up little by little and then you start

working a little harder to make those numbers go up. Even if you've got to pick up a part time job for a while

Even if you need to cut somebody's grass for a while. Even if that means you need to make some extra cash

It's all about putting yourself in a position to win. I want you to understand something

There's no shame in this. Some people might say something. That's all good

Let them talk. Your results are going to speak for themselves. These habits I'm talking about are the habits that will prepare you

First of all, holding on to your money little by little in those increments that I was just

talking about, that's going to show you exactly where you are right now

In the habit of creating more income for yourself, whether it's a part time job, overtime, or

a side hustle, that's going to show you in real time that it's possible to make more

money and that's the potential you could have been making this whole time. When you combine those two things, when you combine saving money, even when you just have

a little bit of it, and making more money, you'll learn that you can save a big chunk

of that extra money that you were able to make. Saving money will become second nature to you

You develop those good, healthy financial habits that all starts with just saving your money little by little and then increasing your income little by little and then saving

a big sum of that. That's how you save money on a low income

Next thing you know, you have your first $500 saved. That $500 turns into $1,000

That $1,000 turns into $2,000. The next thing you know, you're doing this for a prolonged amount of time

You wake up one day and you have $10,000 saved. While I do recommend setting goals for yourself, don't set limits

Just look at numbers as something that could be infinite because you really don't know how much money you're going to be able to save or how much extra money you're going

to be able to make in the long run. As you set those small incremental goals, just keep adding and stacking on top of those

Here's a key that I actually did and it actually works pretty well for me so hopefully it works well for you too

As I was building up my savings little by little, I started to ask myself, okay, how

long is it going to take me to do it again? For example, let's say you just saved $500

Now you ask yourself, okay, I just saved $500. Now let's see how long it takes for me to double this

That's a game changer because it's like you're literally in competition with yourself. What I found is that the second, third, fourth, and fifth time you make $500, they're all

quicker than the previous time. It's crazy because it is a skill to build that up

I just wanted to share that with you real quick before we move on to the next thing

The best way to save money on a low income is by living a frugal lifestyle

It's finding those ways to improve yourself and improve your skill set that you can continue

to make more money years down the road. I know when most people think of frugal, they think being really tight and cheap with their money

That's not what I'm talking about because frugal living to me is just being smart with your money and thinking into the future

The smartest thing you can possibly do with money is figuring out a way to increase it

as the years go on. To be honest with you, we're nearing the end of 2021

It is almost 2022. There are just way too many ways to make money right now

We are literally living in a world full of opportunity to make money

We're pretty much at a point in history where we can make money come out of thin air like that

I might have exaggerated how easy it actually is to make money, but what I'm saying is there's

more opportunity than there's ever been to make money. There's so much information out there

There's so many books to read. There's so many videos to watch. There's so many articles online

The information that we all have access to nowadays is overwhelming. For the most part, you can find a lot of this stuff for free

I'm specifically talking about the information that we have out there just about making more

money alone. All you really have to do is put the time in and learn

There's a ton of different situations out there. Yes, some of you may need to go to the extreme to save some extra money for survival purposes

Some of you might feel like you need to go to the extreme to build a decent nest egg as quickly as possible

Some of you might just need to make minor adjustments that can have a very big impact

on your finances. No matter what boat you're in, you need to take some type of action to save money on

a low income because inflation is not stopping. The demand that the world has is going to continue to only grow

That's where you come in. You figure out ways you can make more money based off of that demand

The more money you make, the more money you can save. Think about this. Check this out

Right now, you're witnessing me make money by showing people how to save money on a low income

It's a skill I've improved upon. It's a skill that I've been working on since I've had a low income

I even made a video a few years ago on how I saved money on a low income when I was in college

I'll link it up here. I always seem to point to the wrong direction. I'll get it right one day

I've made videos on how to stop living paycheck to paycheck, how to live a frugal lifestyle

I'm showing you the things that I've learned throughout my life and how I've applied them to my life

I even tell you how they improve my life and how they can improve yours too. I'm making money from that

In addition to my full-time job, I'm making money from these videos that I'm putting out

there just to help you guys with your money. Because I've been able to increase my income in that way, I'm able to pretty much pocket

every single dollar I make from YouTube. Another habit I've been doing is I've been studying how money works, how investing works

how money grows, and how my money can work for me. I've also been looking at even more ways to make extra income

For example, a while ago, I learned that you would actually put videos up on YouTube and

make passive income from just having your videos up there. A few years later, I'm doing it

Now I'm looking at other ways like through investments and passive income investments

and stuff like that. I imagine a few years later, I'll be having some pretty strong passive income streams

there too. It's because I've researched and I've been applying what I've researched very heavily

I'm not necessarily saying that you have to make YouTube videos or look to make passive

income or anything like that. What I'm saying is you can make money through what you're already good at and you're good

at something. There's people on Instagram who take pictures of that good food they just made in the kitchen

and then the audience wants to know how in the world they made that dish or that meal

Then the person on Instagram, they just make a 30-second video showing the ingredients, how they cook it, all that good stuff, and then boom, the audience has the answer

But then they take it a step further. They build those videos over the course of times

They grow an audience. Then all of a sudden, they're like, you know what? I'm going to put out a cookbook and show you guys everything

$5 cookbook. Do the math. $5 cookbook, 5,000 people buy it. You're making money now

That's an example of getting paid off with something that you're good at. That also happens to be passive income

Even though you're definitely going to need to set aside some of that money for taxes, you can save slash invest a lot of that money

This doesn't have to be like a rags to riches story. You don't have to grind super hard to the point where you're only getting two hours

of sleep every night. It doesn't have to be like that. The struggle doesn't have to be that real

It could just be something that you genuinely like doing that you so happen to be able to

monetize over the course of time. The extra money is more money for you to save

You keep increasing your value. You keep increasing your income. You just keep doing that over and over and over again

There's another really important thing when we talk about this, managing your money

You got to figure out the best way for you to manage your money. That's something that I actually help people out with as well

I have a website where I have coaching services and I have three options up there

I have paid options and I have a free option as well. Either way, you can sign up and get coached by me on how to save money, how to get out

of debt, how to make more money, all that good stuff and change your financial situation

The reason I'm bringing that up is because when you get a coach, you cut your learning

curve in half. It's not even like you have to be struggling financially to get coaching on finances

You definitely don't have to be struggling. You can just be someone who wants to improve your finances

You go through a coach and you get even better. Anyways, my website is linked in the description

If you want to check that out, I can definitely help you out. Here's the kicker

Here's the thing that I always bring up in every one of my videos. Once you finally do get a hang of saving money on a low income, now it's time to simply automate

your savings because now that does apply to you. Now you will feel comfortable with doing that because you figured out how to save little

by little and you figured out how to increase your income to the point where you can predict exactly how much money is coming out of your account, how much is coming in your account

every month so you won't miscalculate those numbers. Now that it's much easier for you to automate your money, now your money is working for you

I'm not saying that your money is working for you in the sense that it's growing while you do nothing because it's not quite doing that yet if you're just sending it from savings

account to savings account. What I'm saying is your money is working for you because it's doing what you tell it to

do when you tell it to do it. Let's say you want to save $100 a month on automation

Instead of manually doing it yourself and having to remember to do it every month in

which case you might forget, you're straight up telling your money, hey $100, you're going

from this account to this account on the 15th from this month and every month that passes

It's cool because it follows your command. You know what you do

You continue to improve. You continue to increase your income. You continue to move up at work

You continue to do your side hustle. You continue to learn about the stock market

You continue to learn how to make your money work for you and you keep adding on to your savings

You keep building and building and building. Guess what bro? Rome wasn't built in a day and you know what else

Your financial situation wasn't built in a day either. So it's going to take time for you to build up the amount of money that you want in your

bank account. It's going to take time for you to start investing and getting good with your money and it's

going to take time for you to build the financial future you've always wanted and that's okay

But this all starts with the first step of how willing you are to be real with yourself

and how willing you are to look at your situation for what it really is

It's not that easy. It's not that easy to look at your flaws or look at how unfortunate your financial situation

is right now. And then coming up with a plan to fix it and then following through with that plan, that's

hard to do. But it's what must be done if you're going to get to where you want to

When I was making low income, I was in college and I could have easily been like this. Well, I'm just a college student

I'm not meant to make money yet. Because that was the word that was going around

You're in college. You're not supposed to be making money yet. And I could have been influenced and listened to all the noise around me saying that I shouldn't

pursue a high paying job because I didn't have the experience yet

Because it was just my first job and I should just accept making $10, $15, $16 an hour

Just accepting whatever reality I was dealt. I didn't accept that mess

I was like, nah, I just busted my tail for four years in college to get this engineering

degree of all things and you dare offer me $16 an hour

Nah, we're not doing that. Because I was bold like that and I had that tenacity, I ended up landing a job that paid

$36 an hour. I was like, okay, that's more like it. You know what I'm saying

I tell you that story because if I would have took that $16 an hour job plus the debt that

I had in college plus the cost of living in the city that I was in, I wouldn't have been

able to save much of anything. I would have pretty much been living paycheck to paycheck

That's with having roommates. We all have choices in life. You can choose to just be okay with the reality that you say that you want to get out of or

you can choose to refuse to accept it. I refused. As soon as you make that choice to refuse that reality and you say, I'm not tolerating

that mess, I'm going to change this, that's the moment you choose to win

From there, you save your money and then you realize there's no magic formula

There's nothing special in particular that you can do outside of what I already told you

You go clapping your hands or snapping your fingers and then boom cash just appears in front of you

You won the lottery, now you're good. That ain't how it works. It just goes back to basics

You build the disciplines. You build the good, healthy financial habits, especially the ones I talk about in this video

Then you just keep doing it over and over again for years. You save your money

You increase your income. You save that extra income. You invest it. You save

You learn about how money works. You learn about different ways to make more money. You keep doing it over and over and over again

That is the best way to save money on a low income. That's honestly the best way to save money, especially when you check out my video that

I just made on frugal living that actually tells you that you can save more money than

you've ever saved in your entire life just by simply changing your mindset

It's a real distinctive way of thinking that I don't think a lot of people consider. Anyways, I'll link it up here

You can check it out right after this video. I haven't always been considered to be financially successful or in a good place financially

or being good with money, but I'm thankful and very grateful to say that right now I

definitely am. People actually come to me for this stuff. It's a really good feeling because I've definitely spent years honing in these skills

I'm learning every single day. I definitely don't have all the answers. I had to do a lot

I just want you to know I had to do a lot of learning. I had to do a lot of what I said in this video to get to where I am today

I'll be the first to tell you sometimes it sucks. Sometimes it's not enjoyable at all

You might feel like it's not even worth it, making the sacrifices and doing what is necessary

to make sure you get better every day, but in the end, it will be worth it 100%

It'll definitely be worth it where you can go to sleep at night knowing that you don't really have to worry about finances like that because you put the work in to improve your

finances so you know, okay, I'm all good. I'm going to be fine no matter what happens

It's having that level of comfort in knowing that the world will not end if you lose your

job tomorrow because you spent the time. You have that cushion set up. You have a certain amount of cash reserves just sitting there in your savings account

You have money invested. You have money working for you on the side and you've increased your value so if you

had to, you could find another job in a very short amount of time that pays you more than

you're already making right now. That's a whole different level of security right there

If you didn't catch it, that's what this whole video is about. It's not just about saving money on a low income

It's about increasing your income. It's about improving yourself and making yourself more marketable, more valuable so you can

demand more money, that you become so valuable that you're an asset wherever you go

That's what my goal is for you. That way no one will have control over you and you will have the leverage in most situations

Even though I'm not financially free, what I just described to you, that's the spot I'm in right now

I can tell you I wouldn't have gotten to that spot if I just kept the defeatist slash victim

mentality, the woe is me, the I can't do anything about my situation mentality

The whole mentality of, well, I'm young so it's going to be hard for me to make money

because I don't have the experience. It's not about experience. It's not about age

It's not about any of that stuff. It's about what level of tenacity you have, how much drive you have to get what it is

that you want. Once I realized that, that was when I really started improving

You guys say, forget all that. No one can tell me where I'm supposed to be right now

That's for me to decide. This whole process does take a while

I'm not here to say that it happens like that as soon as you make these few realizations

No, you still have to apply everything I said in this video over a prolonged amount of time

to get to where you want to be. What I'm saying is this, it's definitely going to be a rough road ahead

It's not going to be the easiest thing you've ever went through. There's going to be some mistakes that are made that you'll learn from, but as long as

you realize you're going in the right direction, you're going to be just fine

As long as you're going to the right direction, that means you're going to end up in the destination

that you want to be in. That's how you save money on a low income. You conquer your mind, you build healthy money habits that prepare you for when you do increase

your income. That makes you cherish and treat your money a lot more responsibly

You keep doing that over and over again, and then one day you'll get to the point where you no longer have low income, but instead you'll have low expenses and more income

which means you'll have a lot more extra money than you ever thought possible

That's what I want for you. Anyways, this video for today, thank you so much for watching

My name is Reggie Bryant, and this channel is all about personal finance and personal growth so you can control you, control your finances, and control your life

Thank you so much for watching. I'll see you in the next video. Stay cold