couple living on 50K

Frugal Tips for Living on 50K a Year or Less

Everyone’s situation is different. Living on 50k a year as a single person is completely different from living on 50k a year as a young couple, which in its turn is completely different from living on 50k a year as a couple with two kids. 

If asked who has an easier time saving with an income like that, most would confidently answer – a single person.

Yet it’s not always so – multiple factors come into play: how much debt are you saddled with? How expensive is the area you live in? How susceptible are you to lifestyle creep?

The ugly truth about modern America is that most Americans are living paycheck to paycheck, despite discrepancies in their incomes. So, a single person living on 50k a year is just as likely to have trouble saving, as a couple with kids.

There’s an upside though – saving money usually comes down to a few basic steps, no matter where you live and how much you make. Sure, some will save more than others – but they will all save at least some money. Here are some frugal tips for those living on 50K a year and how a title loan can help you too.

Frugal Tips for Those Living on 50k a Year

1. Cut Down on Unnecessary Expenses

Review your bank statements and cut everything you’re not in active need of – this includes cable, subscription services, eating out, etc.

Go bare bones with your budget – set expenses for all necessities you can’t skip (like rent and utilities) and live everything else in the air.

You’re starting anew.

2. Find Where You Can Downsize

Can you switch to a cheaper rental? Can you get a cheaper car? Do just that if you can. Living on 50k a year means necessary expenses are on the chopping block, the same as unnecessary ones.

Switch from buying brand name foods to generics, shop at Aldi instead of Whole Foods, try to negotiate your bills – there are even apps for that. Try TrueBill or Trim.

3. Automate Your Savings

The easiest way to live frugally is to shrink your paycheck. Automate the transaction to your savings account as soon as your paycheck gets deposited – and budget with what’s left.

It might seem impossible to achieve when living on 50k a year, but you can start with a tiny amount – say 5% of your salary, then readjust your spending accordingly and work your way up from there.

Forming the habit is what matters.

4. Find Free (or Cheap) Ways to Have Fun

The greatest lie capitalism ever told us was that we can’t have fun without spending money.

Go on walks, hike, organize a picnic with friends and family in the nearest park, visit a museum on a free day (they have those from time to time – you just need to keep your hand on the pulse), visit a library (they offer not only free books but free movies and internet as well).

In fact, the more actively a library is used, the more likely it is to receive additional funds from the state. Isn’t that great?

Couple counting title loan cash

What Can You Do About Debt?

Paying off debt while living on 50k a year can be hard, especially when you have a family to support. While paying it down quickly is in your future interests, the reality is that you might have to find ways to put less money towards it before you save at least 3 months’ worth of your family’s expenses (that’s what we call an emergency fund).

Consolidating your debt could work – that’s when you basically roll all your debt into one and put a single (typically lower) monthly payment towards it.

An emergency fund is especially important when you’re having trouble stretching your paycheck, which can happen quite often when you’re living on 50k a year. If you’re facing some unexpected bills and can’t cover them on the go, you might want to consider applying for online title loans.

What Makes Online Title Loans an Optimal Option in an Emergency?

Title loans are the easiest and fastest way to get cash together when you need to cover an expense that cannot be postponed – like a doctor’s visit or house repairs.

Online title loans make the process even quicker by allowing you to start the application process from the comfort of your own home.

Unlike traditional financial institutions, here at At Home Title Loans, we welcome any credit history, so you can apply even if your credit is bad or outright nonexistent. We also encourage people with all income sources to apply – all types of income will be accommodated.

All that’s required of you is that you’re a legal adult (at least 18 years old), own a car, and the title of that car is in your name and lien-free.

How Do I Apply for Title Loans?

We made the process of applying for online title loans really easy for you. Here’s what you need to do:

  1. Go to the Home Page of our website and fill out the online form.
  2. Wait for our loan specialist to contact you and set up a meeting at a convenient location.
  3. Take your car, your lien-free title, and your government-issued ID to the meeting, for the verification agent to assess the documents and verify the VIN number.
  4. Wait for them to determine if you qualify for the loan.
  5. If approved, put the e-signature on the documents you’ll get in your mail.
  6. Get the cash on the next bank business day at the very latest.

The best part? The entire process lasts no more than 30 to 45 minutes on average. So, what are you waiting for? Get started today with At Home Title Loans!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.


Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.