24 Financial Tips for Low-Income Earners

Low wage is not usually due to lack of discipline, intelligence, ambition or education but rather lack of opportunity. 

Being a low-income earner does not mean that you cannot become financially comfortable. Here are a few useful Tips


A great checking account: look for free accounts in non-traditional banks such as Chime. If you prefer a physical location, try a credit union instead of a bank. 

A savings account: this is a universal financial tip. A savings account is, as the name suggests, for saving. It is different from a checking account. 

Automate savings: everyone wants to save but sometimes, there is no money left to do so. This is why automation is helpful. Paying yourself is just as important as paying rent. 

Acquire a credit card: a credit score—and a good one at that—is essential when borrowing, buying a car or renting an apartment. 


Make a budget and stick to it: regardless of how much you earn, you need a budget. Open an account with Mint and link your credit card and bank accounts.

Penny wise, pound foolish: saving super small amounts may not impact your net worth. You need to check your major living expenses. 

Find extra money: use services like Trim and Billshark to find extra cash in your budget. 

Don’t pay for what you can get for free: these include things like lunch at work, cable TV, books, Saturday nights, etc.

Mind the creep: this is a situation whereby your standard of living or lifestyle improves with an increase in discretionary income. 


Eliminate credit card debt: the interest rate makes credit card debt one of the worst. Always pay it off like an emergency.

Do away with student loan debt: the interest rate may be lower but it is still problematic.

Declare bankruptcy: this should be your last option because it has tons of disadvantages. 

Making More Money

Find a better job: you can get a good job without a college degree.

More education: find online courses and acquire new skills. 

Negotiate: see if your current employer can give you a raise. Alternatively, look for better opportunities. 

A side hustle: side hustles are now easier to get, especially online. 

Saving Money

An emergency fund: this can save you from a financial disaster. 

Retirement accounts: a retirement account helps you legally minimize taxes. A 401k sponsored by an employer is a good place to start. Alternatively, open an IRA.

A taxable account: in most cases, you can only touch the money in a retirement account when you are about 59 years old. This is why you need a short time account (5 to 10 years).

Bonus Financial Tips

Be generous: donate time to a worthy cause if you don’t have the money. 

Don’t deprive yourself: splurge every once in a while. You work so hard and you deserve it. 

Learn personal finance: educate yourself on how to be wise when it comes to money.

Financial friends: find a friend(s) with similar goals. 

It will get better: just try to do everything right. 

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