Kwaba Blog

How to save money on a low income

Saving money does come with certain constraints, one of which is low income. I gave a hint on this in my last article. Most of us want to save money so we can build wealth and plan for the future. We have goals we want to reach such as retirement or a home down payment. However, it might seems impossible when you’re surviving on a low income but it is totally achievable. Don’t underestimate the power of starting small. With a well planned strategic approach, you can still save enough to accomplish your goals.

Here are a few strategic approach you can take

1. Reduce your cost of accommodation

If you reside in Lagos, then you surely know what I’m talking about. Cost of accommodation easily cuts into half of your monthly salary. If you can cut the cost of your accommodation, you may have extra money to set aside in a savings account.

2. Get on a monthly rent payment plan


Reducing your cost of accommodation might now always be possible when you have to live closer to work to avoid transport expenses. You can easily split your rent into monthly installments on platforms like Kwaba. This will allow  you to focus on other goals to achieve when you have your rent already taken care of and you are just paying back at your own conveniency. You can now plan your budget on what you have left of your income.

3. Keep your budget lean


To be able to save more, you have to take control of how much you spend. You need to have a priority list. Choose the categories you want to indulge in, and keep the rest of your budget as lean as possible. You’ll have to make sacrifices.

4. Get a side hustle

There is only so much you can do with a low income. If you can’t cut cost anymore than you already have, then you need to get a side gig. Aside from your full time job, you can get a job on the side to make extra cash. There are lots of jobs you can work, from the comfort of your home, such as freelance writing, graphic design etc. Leverage your skills.

5. Automate your saving goals

Unless you move your savings automatically, you risk spending your intended savings. A good solution to this is what Kwaba has implemented in the coming app, where you can create target savings towards your rent (goal) and keep to it. With each paycheck, an automated transfer is made to your savings wallet at due time. This is to make sure you stay commited into achieving your goals.

6. Look for free or affordable entertainment

You have the power to overspend in a big way when it comes to this. It hardy goes budget-wise when it comes to enjoying life. This is why I’ll advise you to look out for free or affordable entertainment always. Some frugal fun can allow you to pad your savings without feeling deprived or having to break the bank.

On the bottom line, saving money on a low income can be very challenging but you shouldn’t let it stop you from achieving your goals. Even when the inflow is shortcoming, you should stay commited to a disciplined approach.

There is an automated savings plan for you, towards your rent on Kwaba.


In case you missed our previous articled. You can read up on

Why is it so hard to save money?

What kind of spender are you?


Raji Oluwaseun

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