It is very almost impossible to save or invest some of your salary/income or profit when you living on a small income. In an economy like ours where inflation is unstable, exchange rates are always souring up, saving for emergency, retirement and personal is almost impossible for both public and private individuals in the formal and informal sectors
I get a lot of calls from readers of my Financial Literacy Series and listeners of MoneyTalk show, wanting to know how best they can save and invest on a low income.
I thought it’s important to suggest some other detailed ways to cut down on expenses and manage the small income so you can save and invest for financial freedom
Almost all of us often experience a lean financial season one time during the year but with the right financial advice, plan, goal, discipline and commitment, one can save and invest some money for tomorrow.
Some things to do so you can save.
· Evaluate the cost of your rent/housing; if possible reduce it and save the rest
· Evaluate and manage your transportation cost every week.
· Plan and manage the cost of cash spent on food and drinks
· Review and manage your talk time/data cost every week
· Get multiple stream of income. ie get a side gig.
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