Financial Planning

How to Live with a Low Income



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So you want to know how to live on a low income? It is tough, but it is also easily done if you are good at planning out a budget. You might not be able to have as much as those who have more money, but you can live a comfortable life if you are smart with your money. Living on a low income means that you have to find good deals, and just be thinking about each dollar that you spend. Keep reading, and you will gain some good ideas for how you too can make it on less than you wish you had.

The first thing that you have to do is figure out the one or two things you cannot live without, and then be aware that is all you get as far as luxuries. If you like to buy clothes, or you like to play video games, you should set aside a little extra money for that, and then the rest needs to go to bills and saving. For example, if you make 25,000 a year, you should set aside maybe 100 dollars a month for your clothes, or video games, and the rest needs to go to savings and living.

When you go grocery shopping, always look for the best deals, and the cheapest stuff you can find. Whether it be the store brand product, the items that are on sale, or just clipping coupons, you should always be looking to save money. Saving 30 cents on tuna fish might not sound like much, but if you are able to save 30 cents on five cans, you are saving over a dollar. You never know if that dollar is the difference between paying a bill on time, or having to wait another paycheck, and pay a penalty for being late with the rent.

Don't be afraid to ask for help. if you need money to help pay bills, or if someone has something nice that they are looking to get rid of, take advantage of that. Of course you want to always pay that money back, and you should never mooch off of others, but if you are a good friend, or a family member, you will usually get the help that you need. Remember, people are willing to help, you just have to make it a point to help them in the future in your own way if you can.

Be content with what you have, and don't stress about what you don't have. Chances are that if you are making a low income that you either are young, or you have been living poor for your whole life and are probably used to it. If you are young, just work hard, and things will turn around for you. It is rare that you are going to not be rewarded eventually if you are willing to work hard for what you want in life.

Living on a low income can be a hard thing to do, but it doesn't have to be impossible. We all run into hard times every now and then, but there can always be a way out. Be smart with your money, and work your way through life so that you can get that big break that we all want. Life can be hard, but if you are willing to be content with what you have, and stay motivated for a better future, you can do big things regardless of income.

More about this author: Cody Hodge

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