Money-Saving Tips for Individuals on a Limited Income

Living on a limited income is challenging. Prices for just about everything are high. And keeping up with the added costs of creating an accessible lifestyle can seem out of reach at times. However, building savings is possible, and even small steps can help you gain greater financial security over time. Here are some practical tips to help you save effectively.

1. Reevaluate “Want” vs. “Need” Spending

Start by looking at your budget and identifying areas where you can reduce “want” spending. For instance:

• Ask yourself if there are items, services, or subscriptions you could do without. Streaming services, eating out, hair, skin, and nail treatments, or that extra coffee can add up.
• Prioritize essentials and focus on meeting your core needs first. 

2. Add “Savings” to Your Budget

Treat saving as a priority by including it in your spending plan:

• Consider saving as a line item in your budget—just like rent, utilities, and groceries.
• Aim to save even a small amount, like $5 or $10 per month. It may not seem like much, but consistency is key. 
• If you are saving for a few items, make a line item for each savings goal. Then divide your savings over each item to progress on all of your goals over time.

3. Embrace Small, Daily Savings Goals

Setting a small, achievable savings target can motivate you:

• Try putting $1 a day, plus any loose change, into a jar.  A dollar a day might feel like it's not much, but over a year, that’s $365—enough for an emergency fund or unexpected expenses. 

4. Find Bargains and Shop Smart

Saving on everyday purchases can leave you with more money to save:

• Shop sales and use coupons to get discounts on essential items like food and household goods.
• Thrift stores, Estate sales, Facebook Marketplace, Local 'Buy Nothing' groups on Facebook, Churches, garage sales, resale sites such as Craigslist, Poshmark, Offer Up, and Depop, and dollar stores can be great places to find bargains for clothing, household items, and even accessibility equipment!

5. Cut Back on Expensive Habits

Small lifestyle changes can have a big impact on your savings:

• Look at areas where you may be spending excessively. For example, cut back on streaming, digital subscriptions, eating out, or reduce non-essential spending on hobbies.
• Consider alternatives that cost less but provide similar enjoyment, like borrowing books instead of buying them, renting movies from the library, or cooking a new meal at home with your loved ones.

6. Use Savings Apps to Automate Your Savings

Technology can help you save without even thinking about it:

• Try savings apps like Acorns or Digit that automatically transfer small amounts into a savings account. These apps can help make saving effortless by rounding up purchases and setting aside spare change.

7. Take Advantage of Available Resources

Living with a disability often means qualifying for specific financial assistance programs:

• Look for government or nonprofit programs designed to help people with disabilities cover healthcare, housing, and other expenses. These programs can free up other income for savings, while providing education and community support.
• Many banks and credit unions also offer financial counseling services for free, which can help you identify more savings opportunities and maximize your budget.

8. Look for Community Support and Discounts

Certain community centers, restaurants, grocery stores, and other local businesses offer discounts for individuals with disabilities or limited income, including the following:

• Goodwill offers a variety of discounts, including a regular 10% discount on certain days for individuals with disabilities and seniors.
• Walgreens offers Prescription Savings Clubs, which can be helpful for people with disabilities who need regular medications. Some locations also offer a Senior Day once a month, where eligible customers can get 20% off select items. 
• Greyhound and Amtrak offer a 10% discount for passengers with disabilities, and an additional discount for thier travel companion.  
• National Park Service: Individuals with permanent disabilities can get a free Access Pass, which provides lifetime access to national parks and federal recreational lands. This pass includes discounts on amenities like camping.
• Movie Theaters: Certain theater chains, such as Regal Cinemas and AMC, offer discounts for individuals with disabilities. AMC’s Stubs A-List program provides lower ticket prices and a loyalty program, and some locations offer companion seating for wheelchair users.
• Check with local nonprofits to see if there are food pantries, utility assistance programs, or transportation discounts available in your area.
  
  

Every little bit saved can make a difference, and when you make saving a habit, it becomes easier and more enjoyable over time. By using these strategies, you can gradually build financial security and feel more prepared to handle the unexpected.

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This article is for informational purposes only. We have no affiliation with and are not financially supported by any of the companies or organizations mentioned in this content. Our goal is to provide helpful and practical money-saving tips, and any brand or service referenced is shared solely as a resource to consider in your personal financial journey.