Living on low income can be incredibly stressful, especially considering the climate of the economy we live in today. Many individuals find themselves in similar circumstances, and the prospect of not only surviving but thriving on a modest income is far from impossible.
Here are ten invaluable insights tailored to those seeking to embrace life’s joys even with financial limitations.
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1. Make Others Aware of Your Low Income Situation
The company we keep plays a large role in how we spend and save our money.
If your friends and family are unaware of the financial situation you are in, there is a potential you will dig yourself a hole difficult to get out of just trying to keep up! With that said, maybe your friends and family are in a similar situation and could use the transparency from others as well. This allows yourself and others to suggest different options when making plans that are inclusive of everyone and their financial goals!
2. Create a Low Income Budget
This one speaks for itself!
Budgeting can keep us in control of our financial situation. However, don’t be too strict in your budget to start as it allows for potential to deviate from the plan more. Not only will it likely feel like a burden, in the long-term it likely won’t be sustainable. Start of slow, factor in expenses for things you love and enjoy, and alter it as you learn more about your financial journey.
I posted the budget tracker I personally use on my Etsy here!
3. Review Unnecessary Monthly Expenses
It is important to review what you are being charged for on a month to month basis.
For example, your phone bill may be charging you for a feature you never use or you could have a subscription to a service you haven’t used since last year. Check in on these every now and then to see how you can limit your expenses.
4. Lower your Grocery Bill
Finding alternatives for groceries you purchase, or simply frequenting the grocery store less often can make a huge difference on your financial strain!
Stopping at the grocery store to buy one or two things for dinner every day after work can be detrimental to our financial goals. Instead, consider doing one grocery shop a week and finding numerous recipes to make out of the ingredients you purchase! Going weekly will avoid over purchasing on produce that will expire, overspending, and more. I say this because you will learn to plan your meals for the week rather than deciding by the day and going on full grocery trips each day.
5. It’s Okay to Say “No” Sometimes
The whole idea of this post is how to continue living well even in a low income situation. However, sometimes we need to say “no” to some experiences in order to do the things we really want to do whether that be long or short term.
For example, if you catch yourself constantly saying “yes” to plans you know you don’t really want to do, do not go!! This makes actually doing things you want to do more stressful if you spent all your money doing things you never even wanted to do.
Say “no” sometimes so you can say “yes” to experiences you actually want to do!
6. Plan for Large Expenses
Whether it be for an emergency fund, the holidays, or something else, budgeting ahead of time for these items makes for a lesser financial burden when it comes to paying. Leaving things to the last minute is stressful.
Having an emergency fund to fall back on is also always useful for figuring out these large expenses.
7. Side Hustles to Increase
If the goal is to live well rather than sacrificing, earning more will always help a little. Finding ways to earn income online, getting a serving job, or asking for a promotion will help you in living a less stressful financial life.
8. Pay off your Debt
Paying off your student loans, car loan, or any other debt can be helpful in lessening any financial burdens. Not having to worry about owing another person, institution, or company can free up more space for you to do what you choose with your money.
9. Find Less Expensive Hobbies
Love taking fitness classes? Buying lots of books? Traveling? Find inexpensive alternatives that give you the same sense of fulfillment.
For example, see if your gym membership already includes fitness classes at no extra cost. Invest in a Kindle or grab a library card. Find beautiful hidden spots within your state or area rather than traveling across the country.
10. Have Patience
Finally, the best tip I believe I can give you is to have patience and grace with yourself.
Trying to rush any progress or rush figuring your financial situation can lead you to run straight into a wall. Take things one step at a time and work on perfecting things as you go. It will eventually all work out and there is never a rush to get there! Everything will be okay!!
Thank you!
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