How To Set A Budget & Live On A Low Income
It may feel impossible to survive in today’s society on a low income, but I can promise you it is not. Though it may take sacrifices and scrimping, it can be done.
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.
HOW TO MAKE A MONTHLY BUDGET
ANALYZE YOUR EXPENSES
Knowing where your money is going is the most important part of building a budget because you find ways to reduce your spending that way.
These essentials are referred to as the “four walls” these would be housing, transportation, food, and utilities. These are the basics that everyone will need to make sure they have to keep themselves secure.
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.
CREATE A GOAL
Make sure you are eating at home, so you don’t end up wasting money on groceries. Food is essential, so it is one of the easiest ways to overspend.
EAT AT HOME
HOW CAN I SAVE MONEY WITH A LOW INCOME?
You can offer them to come to your house for a movie night, game night, or just to have a simple dinner together. This way, you avoid paying any excess fees.
INVITE FRIENDS OVER
If you are spending too much on gas, it is worth a shot to try and see if you can carpool with anyone in the area. This will add up as you save money on gas.
CARPOOL/ PUBLIC TRANSIT
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