14 Ways To Grow Your Wealth on Minimum Wage

The federal minimum wage hasn’t increased since 2009. While your wallet may be feeling the squeeze, you can start to build wealth one dollar at a time with savvy spending.

Here are 14 tips to help you turn that minimum wage job into a path toward financial freedom.

It’s challenging to get ahead if you spend every penny you earn (or more than that). Saving a little money from each paycheck can help you stay ahead financially.

Knowing where your money is going is the key to spending it wisely. Written or digital budgets are a great place to figure out where each dollar is going.

About two-thirds of Americans can’t cover a $500 emergency. Car repairs, illness, and injury are all just parts of life. 

When you can’t pay cash for an unexpected expense, you use credit or loans, which charge interest and may hinder your financial goals even more. An emergency fund will help you weather life’s storms.

If you have high-interest debt, the interest is most likely eating a big chunk of your monthly payment. You can crush high-interest debt faster by paying more than the minimum monthly payment.

If you have multiple debts, you can use different pay-off methods. The snowball method, which focuses on paying the debt with the smallest balance first, is popular. Then, when it’s paid off, you roll that payment into the next debt.

Many employers offer benefits beyond just health and dental insurance. Some will pay for gym memberships, college tuition, and more. Maximize every benefit available to you through your job.

Your income is one of your biggest wealth-building assets. Making more money is a surefire way to begin building wealth. 

Whether it’s asking your boss for a raise, finding a similar job with better pay, or looking for a different job, any of these is a good place to start.

Increasing your marketable skills is a great way to leapfrog into a better-paying job or start a business. Google, Harvard, Coursera, and many other companies offer free online courses to increase your marketable skills. 

Some of these classes even offer completion certificates to share with employers as proof of your acquired knowledge.

Your community may have resources to help you grow your wealth. You may find free classes, career advice, food pantries, and more. 

Libraries and community centers are often the hub for these types of opportunities. Take advantage of these local resources to make and save more money.

Investing for the long run helps the magic of compound interest grow your money. Some people think that if they don’t have large sums of money, investing is useless, but that’s just not true. Even if you can only put $20 per paycheck away, your future self will thank you.

If you get a raise or a bonus, it’s easy to let that additional income get eaten up by careless spending. 

Eating out, mindless shopping trips, and nights out are quick ways to watch that extra money vanish. Resist the urge to uplevel your lifestyle and put that money to better use.

You may be paying more than you need to for your cell phone, car insurance, bank account, and more. 

You may be able to save money by shopping around with different providers or taking advantage of introductory rates for new customers. Generally, you should shop around for car insurance once a year.

If you’re getting a big tax refund, you might be excited about a windfall of money. Rather than using this chunk of change for a vacation or another luxury splurge, exercise self-control and use your tax return to position yourself better financially.

The average American family throws away $1,600 worth of produce per year. With meal planning, you can put that food in your belly instead of in your trash can. Use local store ads and sales to plan your weekly meals. Eating at home is better for your health and your wallet.

Side hustles are a great way to make extra money. It could be as simple as driving for Uber or DoorDash or as sophisticated as creating a niche YouTube channel. Regardless, increasing your income during your downtime can help you boost your financial security.

Trying to grow your wealth on minimum wage might not be easy, but it's within reach. Remember, every penny saved and every dollar invested counts toward your financial future.

With some self-control, creativity, and perseverance — you can be on your way to building your net worth. 

So, take charge of your finances and make smart choices today, and you'll be setting yourself up for a brighter tomorrow.