Living a lavish lifestyle on a low-income budget is probably out of your reach for now, but being able to survive and secure the essentials you need every month is absolutely doable if you create a strict budget and stick to it.

The most important parts of living and covering essential costs on a low income are creating a strict budget for monthly spending, cutting out unneeded expenses, and maximizing your income.

There are many different ways to maximize your income by managing your money better, tracking expenses, and even possibly looking into a side hustle or making a hobby into a new way to increase your monthly income.

Budgeting your money is essential when you have low income and few resources because you have to know where your money is going and how to properly allocate the money that is coming in.

Budgeting allows you to gain more control over your finances and to be an active and watchful participant in your spending.

HOW TO MAKE A MONTHLY BUDGET YOU CAN LIVE OFF OF ANALYZE YOUR EXPENSES The first step of making a monthly budget is going to be analyzing your expenses, and your money flow in general. This means pulling bank statements, collecting bills, and actually looking at your utility statements.

The next part of building a monthly budget for those living off of low-income is to make sure you factor in the income you make with the essentials you will absolutely need to cover.

CREATE A GOAL You should always have a goal for your budget. This is because it will keep you motivated to continue on your budgeting path and maintain vigilance over your finances.

STICK TO IT Sticking to a budget can be hard, especially if you are new to it, but as we mentioned, it is essential to be an active budgeter rather than someone who just monitors their account balances.

HOW CAN I SAVE MONEY WITH A LOW INCOME? EAT AT HOME There are several different ways to save money while you’re living on a low income, one of the first being to eat at home more than going out.