How to Save Money on a Low Income: Practical Steps to Financial Resilience

Is it possible to save money when your salary barely covers basic needs? Financial literacy in times of instability ceases to be just expert advice – it becomes a practical tool for survival and a means of psychological resilience. According to some observers, the mindset of Ukrainians is changing: under the influence of external shocks, more and more people are beginning to see money not only as a means for immediate expenses but also as a tool for future freedom and security.

The President of the “International Union of Independent Financial Consultants” NGO, Galyna Tretyak, whose words are cited by “RBC Ukraine”, confirms: today, even at the age of 30, people are thinking about building capital so as “not to work their whole lives”. We have broken down basic but effective steps that will help you take control of your finances, even if your income starts at UAH 10,000 per month.

Step 1: Tracking – Not an End in Itself, but a Map of the Terrain

The first and most important step to financial control is to understand exactly where your money is going. Tracking income and expenses is not bureaucratic routine, but creating a detailed map of your financial flows. As Galyna Tretyak emphasizes, the key goal is to separate basic needs (housing, food, transport) from emotional spending and whims, which can be adjusted or postponed if necessary.

Expert’s practical advice:

1. Record all sources of income: salary, side jobs, random receipts.
2. Meticulously write down all expenses, sorting them into categories: “Housing”, “Food”, “Transport”, “Health”, “Leisure”, etc.
3. Analyze how much is spent per month in total and on each category.

The main positive effect of such tracking is reduced anxiety. Control over finances gives a sense of predictability and calm even with a small income.

Step 2: Analysis and Planning – Turning Data into Strategy

Collected data is useless without analysis. It is analysis that reveals the “bottlenecks” of the budget. If expenses consistently exceed income, it is a signal to review financial habits.

“A greater effect will come when tracking is combined with analysis and planning. And preferably, this planning should be long-term, for example, annual,”

— notes Tretyak.

Based on the analysis, set realistic limits for spending in each category. Annual planning helps anticipate and gradually accumulate even for large, seemingly unexpected expenses: insurance, repairs, education. This eliminates the need to borrow money or urgently look for funds.

Step 3: Savings – Habit is More Important than Amount

The most frequent question: “How to save if there is barely enough money?” The expert’s answer is categorical: you can start with any amount.

“You can set aside some amount from any income. Even if it is 10, 100, or 1000 hryvnias*. If, for example, with an income of ten thousand hryvnias, you save one hundred hryvnias — it critically affects nothing,”

— explains Galyna Tretyak.

At the first stage, it’s not the amount that is important, but forming the habit of “paying yourself”. Create an automatic transfer of even UAH 100-200* to a separate account or card on payday. This action turns saving from an abstract goal into a routine, effortless process.

Step 4: Impulse Control and Regular Audits

Simple behavioral techniques help protect the budget:

• The 72-Hour Rule: Postpone any unplanned purchase for three days. The emotional impulse will fade, and you will be able to make a considered decision.
• Question to Yourself: “What made me want to buy this?” Often, spontaneous spending is driven by stress, boredom, or sadness.
• Subscription Review: Regularly (once a quarter) check automatic payments – subscriptions to services, membership fees. Many of them we stop using but continue to pay for.

The expert also advises having “financial dates” with yourself or your partner once a month. 30 minutes to discuss the budget, progress in savings, and adjust plans.

Finance is About Control, Not Wealth

In an environment where prices continue to rise, financial tracking and planning are not a luxury, but a form of self-defense. Do not strive for perfect tracking 365 days a year. A few months are enough to develop an understanding of your flows and the habit of saving.

Personal finance is an experiment. Try different approaches, find what works specifically for you. Even small but regular steps – UAH 100 into a piggy bank, an hour of budget analysis per month, a purchase postponed for three days – create the very foundation of financial resilience and confidence that is so important today.

*The exchange rate (market average) of the hryvnia as of April 20, 2025, was UAH 41.33 per 1 USD (approximately USD 2.42 for 100 UAH). This information is for reference only and is not financial advice. This approach to building savings habits is universally relevant, especially for audiences in the US and UK facing their own cost of living pressures and economic uncertainty.