How To Save Money On Low Income | Minimum Wage

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  • Published on:  Sunday, February 24, 2019
  • Many people think it is impossible to save any money on low income, especially on minimum wage. It is definitely doable by adjusting your lifestyle and in this video, I share how I saved $6,000 per year without ever making more than $10/hour and I did this in New York City. New York City is the most expensive city in the United States. If you live in a lower cost of living city and make $10/hour, you can save even more than I did.

    Edit: I think some people don't think my advice works. Here are the actual numbers. You can't argue with numbers.

    FAQ: How did you have $1000 to spend if you made only $120/week? I worked at massage parlor for 60 hours a week answering phones and cleaning the place. Owner paid me $120/week cash. Keep in mind, a massage costs $60/hour. I made $10-$20 cash tips each on 9 massages weekly.

    FAQ: Since you're a tipped worker, isn't your boss allowed to pay you $3/hour? No. I made like $250/week after I include tips. At 60 hours, that's like $4.17/hour.

    ----------
    MY $3/HOUR BUDGET AND LIVING WITH MY PARENTS
    $1,000 income every 4 weeks from $480 salary ($3/hr @ 60-hour workweeks) and $520 from tips

    $116.50 for public transportation
    $40 for brown bagged lunch
    $343.50 on gifts for my emotionally manipulative ex-boyfriend, my unhealthy chocolate addiction to cope with the general unhappiness of how my life was turning out, slow accumulation of household items I knew I needed to have to move out without any problems.
    $500 for savings

    ----------
    MY $10/HOUR BUDGET, NOT LIVING WITH MY PARENTS
    $1800 income every 4 weeks from working more than standard 40 hours, but boss did not me for overtime "time and a half" as required because I was paid under the table.

    Room-for-rent in 4bd 2br apt in Brooklyn: $750

    Utilities & Internet: $50 after splitting with roommates

    Phone bill : $25 From LycaMobile

    Smartphone: $0 on a monthly basis because I bought a refurbished iPhone for $95 back then and paid in full (see my other video on brand name smartphones on a budget). An expense like this would come out of my hobbies & miscellaneous category.

    Groceries: $180 because I ate vegetarian (lots of beans to fill my stomach), shopped almost everything on sale, and cooked everything from scratch

    Public transportation: $0 because I biked everywhere and because I'm getting paid minimum wage, I refuse to work anywhere past a 2-mile radius. I bought the bike using money I saved up from when I still lived with parents.

    Toiletries and household supplies from my local 99c store: ~$40 and sales tax free if I paid in cash

    Health insurance (Medicaid): $0 but if I didn't have Medicaid, I would just go without health insurance, which is what I did when I moved to Texas and couldn't afford it. You are exempt from Obamacare penalty if you're so low income that you can't afford it.

    Restaurant/Cafes: $0 because I never ate out. If a meal cost $20 and it took me 2 hours of minimum wage work just to eat, it's not financially smart.

    Spending money on hobbies, miscellaneous: $255 for things like my $90 annual Toastmasters dues, used books that weren't available at the library, $15 weekly pole dancing classes with the early bird special, second hand clothes from eBay, shoes from Payless, $20 haircuts every two months, getting to and from volunteering activities, self-serve laundry, etc. On some months, I would scrimp on dance classes and other stuff just so I could buy bus tickets to visit other cities along the east coast like Philadelphia, Boston, and Washington D.C., couch surf for free, and spend $150 for EVERYTHING on a 2-day trip on the weekend. As you can see, I filled my time with cheap, fulfilling activities that did not involve watching TV (I've never owned a TV).

    Savings: $500 give or take. $500 is the average. It fluctuated every month by $50, depending on the miscellaneous category.

    If you think this budget doesn't work, it's probably because you have car loan, student loans, or credit card debt. I have been living on a budget since the $3/hr job I worked fresh out of high school when I was 18. I didn't go straight to college--that story is for another video. To this day, I have never accumulated ANY debt, though my significant other has debt from before we met, and I have agreed to help him pay it off. The ONLY debt I would ever take on is a mortgage, because if I'm going to pay rent for shelter, I might as well buy my own place and build my net worth.

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  • Source: https://youtu.be/pytn-DghN7Q
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Comment

  • Mia Selph

    Mia Selph

     10 hours ago

    I called my service provider after watching this and talking to a friend who switched and reduced my cell phone bill to $25/month post paid with T-Mobile. Omg!

  • Maurissa Lynn

    Maurissa Lynn

     16 hours ago

    78 degrees. Hell no 😂

  • mckenna williams

    mckenna williams

     yesterday

    I get 7.25 an hour 🥴

  • Emmanuel Egenti

    Emmanuel Egenti

     2 days ago

    Hello, the videos was very meaningful, I plan to move cellphone Carriers because I am paying way to much, and start cooking my foods.

  • Very Cherri

    Very Cherri

     3 days ago

    Great video!! New sub

  • Glam Girl Budgets

    Glam Girl Budgets

     3 days ago

    Love this video! My channel is dedicated to budgeting on a low income. I also sell cash envelopes to help people budget their money https://www.etsy.com/shop/GlamGirlBudgets

  • busyquirrel

    busyquirrel

     3 days ago

    I understand the housing bit but here in the UK the cheapest areas are also the unsafest

  • Kristen Marie

    Kristen Marie

     4 days ago

    I can not find your other You Tube channel. Margarita Mind? Can you please provide a link?

  • Randy Hernandez

    Randy Hernandez

     4 days ago

    Hi Annie you cute, pretty smile.

  • Sue Louis

    Sue Louis

     5 days ago

    I agree with everything except putting someone in the room with you. NOOOOOOOOOOOO!

  • Thomas Hester II

    Thomas Hester II

     5 days ago

    I thought so
    The first step was having the luxury of not paying rent

  • Channel Hub Tv

    Channel Hub Tv

     7 days ago

    This is the dumbest thing I’ve seen on YouTube all month. Nobody wants to live with a strangers or be tied to living with any particular person they don’t want to, Especially their parents. If you have a good relationship with your parents and it makes sense more power to you but this is not the reality for many people. Never in American history have so many people had to live like this. Don’t call it normal just because everyone has to do it. You know how many people are forced to live with their abusive parents because they cant find a job that pays a living wage? Im talking about real abuse. People come with their own problems especially adults. You mentioned how your boss was exploiting you and taking most of the value created from your work. That’s unethical. Don’t justify that system. There’s no reason I should have to wake up to anyone else’s problems but my own. This is excepting the garbage of having to make low wage. You’re basically justifying your boss paying you three dollars an hour when you were younger.

  • Win With Keshia

    Win With Keshia

     7 days ago +1

    I love the first 2minutes of this. That speech was so real. ❤️ I feel like that currently with my job. I just started saving $100 per paycheck.

  • Dr Mpokati

    Dr Mpokati

     7 days ago

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  • Joe Sou

    Joe Sou

     7 days ago

    I tried your method save $500 month, actually turned out really swell I loved $$$ in saving account

  • Sati

    Sati

     7 days ago

    Thankfully I live in a state (Missouri) where you can get nice housing for a good price. I don’t think living alone is a big money drain for anyone that lives here. Very easy to find studios around $400 and 1BR 1 bath around $500 550+ sqft.

    My major scale backs are going to be eating out and my phone bill. I can see at least $300 dollars there of frivolous spending.

  • richard thayer

    richard thayer

     7 days ago

    poor think.....poor people think in hourly wage and saving ..rich people think in being more,doing more,and spending to make to save the extra.

  • Yarelis Maldonado

    Yarelis Maldonado

     7 days ago

    I’m 18 and i live with my sister and she doesn’t charge me for rent and she gives me rides i am extremely thankful. I work part time and i make 12.75 an hour and i am planning on getting a second job since i only have 4 classes in high school i will be graduating soon. I complain alot about not being able to save money but now I’m going to have to have self control because i can do it. Im going to college in the fall so my major might help with expenses in the future. But i need to stop shopping for clothes, eating fast food every week, buying things i dont need!! I’m going to do this and get my car and then save for an apartment

  • XCVI Mac

    XCVI Mac

     7 days ago

    I Stopped spending money on alcohol and pot lol

  • Elizabeth G

    Elizabeth G

     7 days ago

    Minimum wage is $7.25/hr in the US. It comes to just over $6 after taxes