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Topic: How do you manage your finances and family if your income is low range? (Read 1846 times)

sr. member
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Just as everyone's income is not equal, everyone's expenses are not equal. If the expenditure is according to the income then I think it is possible to manage the family even with less amount of monthly income. Everyone expects something better from their position. When you live a normal life your expenses and other incidental expenses will be at normal level but when you earn more money you will try to live a little better than the normal life. People with low incomes may give up their hobbies or passions and think about reality. If there is a person in a family who can do the calculations, then the family can be managed well even with a relatively small amount of monthly income.
sr. member
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This condition is very common and is not something new. Well, I think this is where we need to activate coordination and communication with our wives. To be honest I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course, there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions. After all, the final goal of what we are trying is only for our family and not for others.
You are very right and I agree with you not in all but in some points. The only goal of our work is to feed and take care of the needs of our family and to facilitate them in a better way, but telling them the actual income I think is a big stupidity that most men do. Let's suppose if we tell them the actual income then they will use every cent until they end all the funds of the whole month either they spend it in one week or a whole month. If they spend all the funds in one month let's say then how can save money for any incident that comes suddenly or how can go forward? You can not stand in one position in your whole life So if you tell them a lesser income than the actual one, and they spend all your telling find then you have some savings that you can utilize for Upgradation or when you need it suddenly.
sr. member
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There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?
It will be different for each country based on the economy of different countries. I am presenting based on the economy of the country in which I live. The country I live in is Bangladesh, in our country each family is managed in a different way. Some families manage the family jointly. There are many who live with a single family. Now it is somewhat easier for those with low income to run a single family, but in case of joint family not many members of the family are earning which results in higher expenses for those with low income it is difficult for them to run the family. Where I live there are more single family households. It has become difficult for the low income people to live a normal life because the prices of goods have increased so much that it has become difficult. However, those who have low income should spend according to their income. According to the amount of income you should spend for the family and also save some money for future. Avoid wasting anything. Don't buy anything unnecessary.
hero member
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If your income is very low for managing your family, firstly, discuss the situation with your family and let's see what they can help you with. Secondly, planning your daily, weekly, and monthly budget will help you understand what's really necessary and unnecessary. Thirdly, seek another job with better pay. Fourthly, identify your liabilities and get rid of them; if there is any chance they will become assets, then make them. This is not only for low-income families but also for everyone. And all these advices in this thread I found are really valuable; read each of them carefully, and you can definitely make a friendly budget.
If some members of the family are able to make a living and go to job but they do not want to, any solution that you are going to bring them will not make any sense.

They just want to live easily and do not want to work and with that, that is why I am telling that there is no answer for that problem when they do not want to move and coordinate with what is needed for the family.
sr. member
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It's really difficult to manage a family when one's income is tight. Here are my contributions; First and foremost, it might not be the most exciting task, but creating a budget is key. Tracking your income and expenses will give you a clear picture of where your money is going (I do this sometimes, when I feel I'm not budgetting well). You can identify areas where you can cut down expenses or find more affordable alternatives. Another important aspect is to understand the difference between needs and wants. Sometimes, our desires can lead us to overspend, so focusing on the essential needs of your family, like food, shelter, and healthcare, should take priority.
legendary
Activity: 2436
Merit: 1561
If your income is very low for managing your family, firstly, discuss the situation with your family and let's see what they can help you with.
Nah, if you agreed to be a primary (or sole) provider and your wife to take care of the home and children, then putting the burden of making money also on them should be the last resort.

identify your liabilities and get rid of them; if there is any chance they will become assets, then make them
What do you mean by this? Could you name a few examples of when liabilities can be turned into assets?

Women are gifted with the skills of home management indeed and, just like the men are blessed with the hustling and providing for the home spirit
Sadly this is no longer true for the average "Western" woman who would be offended by the expectation of them providing for the "home spirit".
hero member
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However, women have the managerial skills to be able to implore alternative cheap means to still achieve same result, like instead of using fish to cook, they might alternate it to crayfish yet give the food the same nutritious taste and nutrients needed for the children. They say it is the good woman that keeps the home.
Women are gifted with the skills of home management indeed and, just like the men are blessed with the hustling and providing for the home spirit,  so for that when it comes to the home economy,  the woman is in charge of this,  and to a good extent their have demonstrated that ability to indeed manage the home in whatever conditions that the economy may bring their ways.

Just like what you said about the usage of crayfish instead of fish or meat in the home,  it happened in my home today,  I was served with rice by my wife and after I finish eating she now told me that she only uses crayfish to prepare the meal,  and believe me I never noticed anything was wrong with the food because it was prepared with love in her heart,  so the women indeed plays a significant role in the home management and training of everyone to manage available resources at some point.
hero member
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If your income is very low for managing your family, firstly, discuss the situation with your family and let's see what they can help you with. Secondly, planning your daily, weekly, and monthly budget will help you understand what's really necessary and unnecessary. Thirdly, seek another job with better pay. Fourthly, identify your liabilities and get rid of them; if there is any chance they will become assets, then make them. This is not only for low-income families but also for everyone. And all these advices in this thread I found are really valuable; read each of them carefully, and you can definitely make a friendly budget.
What you say is also quite valuable for everyone because every point you describe is quite a useful point for those who are married and have children. Budgeting daily, weekly and monthly money has become an obligation that must be present in every family so that the family can live fairly prosperously. Meanwhile, looking for another job that can help the family's income is an option to support a small income so that it is enough to consume and save to become a valuable asset in life, this asset can also be quite useful for one's children in the future.
sr. member
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If your income is very low for managing your family, firstly, discuss the situation with your family and let's see what they can help you with. Secondly, planning your daily, weekly, and monthly budget will help you understand what's really necessary and unnecessary. Thirdly, seek another job with better pay. Fourthly, identify your liabilities and get rid of them; if there is any chance they will become assets, then make them. This is not only for low-income families but also for everyone. And all these advices in this thread I found are really valuable; read each of them carefully, and you can definitely make a friendly budget.
full member
Activity: 807
Merit: 150
Insufficient living and jobs will make you adjust everything. If you live frugally and that's not enough, you have to make some more ways in order for you to gain more income. Being a sole provider for a family is hard but the joy is there when you see them happy with what you provide. I think that's the best prize for being a hard worker but it shouldn't end there.
Having an income means that we have to save more on the expenses we need because by having a little income, if we don't manage our expenses well, of course the income we have will not be enough for the needs we need, we need good financial management if we have a small income, if We are the only ones who work, of course we have to be able to use the free time we have to find additional income or learn a skill that we are interested in to be able to have additional income.

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Because when you work hard and it's not enough for what you're providing for them, do not forget to ask some help for those that are able. You're not a superhero at all times and what if the time comes that sickness strikes you and you're the breadwinner of your family. That means that they'll going to get hungry when you can't provide them the needs because you can't go to work.
I think if we have done hard work of course we will get results according to what we have done, there is nothing wrong with asking for help from family members to get additional income, but we have to see who will take care of the family if other family members are looking for it. work to increase income.
sr. member
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First off, OP, I haven't taken over my family yet. If I did, I would definitely be able to give you a good and correct decision. Also, I am a child of a middle class family, so I also know how dire financial problems are for a family. Although I do a small job along with my studies, I give part of the salary I get to my family and the rest for my studies and my own expenses. Moreover I am currently working on signature campaigns from this forum and have survived a lot of financial problems. However, I give a portion of the money I earn from here to my family, where my family may get some financial benefit from my money. I think running a family takes a lot of work and puts a lot of pressure on the person who is in charge of the family. A person who is not financially well off has a lot of trouble to manage the family and what many times they are not able to overcome the lack of family. Of course, when a person wants to manage a family, he must have a good job and a small business as well, so that his family will not be poor in the future.
sr. member
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The only time taking a loan can be considered is for business because every business needs money to be pump into strengthen it, so it is not a wrong idea when people take a loan for business. If anyone must think to take a loan it should be something that will yield more profits at the end of the day, but loan for something that doesn't bring value is total waste .

There are more examples on when taking a loan is a smart move. The best and the most common one is to take a mortgage loan to buy a house. Especially when mortgage repayments are cheaper than the rent you would be paying otherwise.
But you're essentially correct. "Consumption" loans are always a bad idea. If you can't afford e.g. to save for holidays, then you certainly won't be able to repay a loan taken for that purpose.
There is nothing wrong with taking out a loan as long as it is really necessary to be allocated for something very useful. But when the situation is not urgent and it is not required to take out a loan I think it is better not to do it.
I agree with you that taking a loan for consumption is not a wise thing to do. Especially if the consumption we do has no benefit at all.
Taking a loan for something profitable might sound better, like for a business for example. But we must also consider it carefully, because in doing business we also have the risk of losses that we will feel. So consider everything including considering the worst possibilities.
If your financial condition is mediocre, meaning you are only able to cover basic needs, then it is best not to take out a loan. I agree that a loan is necessary as long as our business is running. There is certainly no harm in adding capital to reach a wider business, but you must also understand the risks you will face later. We can certainly learn a lot about how to manage finances well in various articles and I am quite sure that if we understand how to manage finances then the plans we want to achieve will certainly work well too.

Taking a loan literally has a target audience especially to the people that can afford to pay in time, still everyone is free to take a loan since they are the one who's responsible for unpaid payment. If you can't afford to provide all of your needs especially the essential needs, then probably taking a loan wouldn't be the best solution as you can't even provide money for your needs how come to your loan, which will worsen your situation and heavily in debt. Well, if you have a business, that's actually sound good to take a risk in taking a loan since you have source of income that can pay your loan. Experiences itself could help you already to learn from your past mistake in your financial journey.
hero member
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People tend to fit money into what they have, even if their income is modest or insufficient. In actuality, there are items that are truly inadequate and not enough. However, all we can do is incorporate it into our family.

The strategic person is here for that reason. We should also look for ways to make a living that will allow us to provide for our families, if we don't want them to go hungry or cling to what they have. .. It's hard, but we have to fight through it or bear it.
Insufficient living and jobs will make you adjust everything. If you live frugally and that's not enough, you have to make some more ways in order for you to gain more income. Being a sole provider for a family is hard but the joy is there when you see them happy with what you provide. I think that's the best prize for being a hard worker but it shouldn't end there.

Because when you work hard and it's not enough for what you're providing for them, do not forget to ask some help for those that are able. You're not a superhero at all times and what if the time comes that sickness strikes you and you're the breadwinner of your family. That means that they'll going to get hungry when you can't provide them the needs because you can't go to work.
hero member
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Okay your money says a short break, that makes sense, but as far as I know people like this range by not continuing their business again on the grounds of unreasonable income, deserted, or whatever. This is probably those who don't manage their income and expenses well. So everything will be fine if it is well prepared. I myself was able to do it without any financial support from other people or my parents.

I agree with most of what you're saying and wish you all the best, but just to add to this part: you shouldn't be assuming that those who got burnt and gave up on the idea of starting their own business must've been unorganized or financially illiterate. Sometimes the wisest thing you can do is to re-evaluate and prioritise your goals and change them if needed. Especially knowing that the most common motivation for being "your own boss" is wealth and independence but in reality, even if successful, you could end up with no free time and instead of being "slave" to your boss, you're even bigger slave to your key customers.
Also, only a small percentage of businesses can be started really small, be profitable and grow organically. Most would require significant amount of funding and start to make a profit after a long while. That's where a lot of ambitious and determined people fall into a trap. When you already invested a lot of your time and money, you see your business growing, so you keep chasing that break-even point no matter what. You're not going to stop immediately after you exhaust your anticipated budget - you'll be looking for more funds at whatever cost, up to the point of bankruptcy if things go bad.


If the goal is fine and in accordance with what is expected, I don't think it needs to be evaluated or changed. However, if the intended goal is in the opposite direction from what is expected, then it must be evaluated or changed, because goals that are not in accordance with what was planned will become a problem. Because no one wants their business to suffer losses, everyone wants their business to run smoothly and be profitable for them. Because it will make them happy because what they are doing is going well and has a positive impact on them.

But there's nothing wrong with that, even if you start on a small scale, as long as it's profitable, it doesn't matter. Again, having people who want to start a business is not required to start in large numbers, like the saying "little by little, long time becomes a hill" I believe in that saying, with strong determination, even though the business is small, it will grow with those of us who run it well.
hero member
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There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

Sincerely speaking life has been so thought for such people. When you aim higher you meet up some certain things in your house hold like living in a nice house, sending your children to nice school and eating 3 square meal a day.

But for those low Income earners, managing a family is always difficult. How they survive is by cutting down their expenses to the lowest.  according to how there name implies. Ranging from sending their children to public school instead of private school, living in a location that is less civilzed so as their rent to be less compeard to those people living in the main city. When buying food you buy in small quantity and give law on how it's going to be consumed. They often leave a life of borrow an pay.

Well running a poor house hold is more of understanding than cutting down on standard of living and majorly it depends on the understanding of the woman in the house to be able to implore ways to manage because despite cutting down expenses, there will still be some needs that will not be touched no matter how you manage to reach to them.

However, women have that managerial skill to be able to implore alternative cheap means to still achieve same result, like instead of using fish to cook, they might alternate it to crayfish yet giving the food same nutritious taste and nutrients needed for the children. They say it is the good woman that keeps the home.
full member
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The only time taking a loan can be considered is for business because every business needs money to be pump into strengthen it, so it is not a wrong idea when people take a loan for business. If anyone must think to take a loan it should be something that will yield more profits at the end of the day, but loan for something that doesn't bring value is total waste .

There are more examples on when taking a loan is a smart move. The best and the most common one is to take a mortgage loan to buy a house. Especially when mortgage repayments are cheaper than the rent you would be paying otherwise.
But you're essentially correct. "Consumption" loans are always a bad idea. If you can't afford e.g. to save for holidays, then you certainly won't be able to repay a loan taken for that purpose.
There is nothing wrong with taking out a loan as long as it is really necessary to be allocated for something very useful. But when the situation is not urgent and it is not required to take out a loan I think it is better not to do it.
I agree with you that taking a loan for consumption is not a wise thing to do. Especially if the consumption we do has no benefit at all.
Taking a loan for something profitable might sound better, like for a business for example. But we must also consider it carefully, because in doing business we also have the risk of losses that we will feel. So consider everything including considering the worst possibilities.
If your financial condition is mediocre, meaning you are only able to cover basic needs, then it is best not to take out a loan. I agree that a loan is necessary as long as our business is running. There is certainly no harm in adding capital to reach a wider business, but you must also understand the risks you will face later. We can certainly learn a lot about how to manage finances well in various articles and I am quite sure that if we understand how to manage finances then the plans we want to achieve will certainly work well too.
hero member
Activity: 1512
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The only time taking a loan can be considered is for business because every business needs money to be pump into strengthen it, so it is not a wrong idea when people take a loan for business. If anyone must think to take a loan it should be something that will yield more profits at the end of the day, but loan for something that doesn't bring value is total waste .

There are more examples on when taking a loan is a smart move. The best and the most common one is to take a mortgage loan to buy a house. Especially when mortgage repayments are cheaper than the rent you would be paying otherwise.
But you're essentially correct. "Consumption" loans are always a bad idea. If you can't afford e.g. to save for holidays, then you certainly won't be able to repay a loan taken for that purpose.
There is nothing wrong with taking out a loan as long as it is really necessary to be allocated for something very useful. But when the situation is not urgent and it is not required to take out a loan I think it is better not to do it.
I agree with you that taking a loan for consumption is not a wise thing to do. Especially if the consumption we do has no benefit at all.
Taking a loan for something profitable might sound better, like for a business for example. But we must also consider it carefully, because in doing business we also have the risk of losses that we will feel. So consider everything including considering the worst possibilities.
sr. member
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There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

Sincerely speaking life has been so thought for such people. When you aim higher you meet up some certain things in your house hold like living in a nice house, sending your children to nice school and eating 3 square meal a day.

But for those low Income earners, managing a family is always difficult. How they survive is by cutting down their expenses to the lowest.  according to how there name implies. Ranging from sending their children to public school instead of private school, living in a location that is less civilzed so as their rent to be less compeard to those people living in the main city. When buying food you buy in small quantity and give law on how it's going to be consumed. They often leave a life of borrow an pay.
hero member
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Involving oneself on taking loans just to meet up ones targets ain't advisable when your income is low because you may run into depression when you've incurred so many debts before you receive your income as you may be confused whether to settle your outstanding debts with your income or using to solve the family's basic needs.
Loans are taken for a variety of reasons. Some people take loans to meet their business goals, which I believe is not a bad thing because if a person's business is doing well, he or she will be able to repay the loan without difficulty. However, some people take loans to meet goals that are not as tangible, especially if they are not invested in ways that will generate income. When someone takes a loan and does not use it in any way, even if it has a good source of income to pay the money back, they will not be happy whenever they plan to repay the money. In fact, a loan is not advisable if the case is worse.

There is nothing wrong with being in debt; the bad thing is not knowing how to repay the debt. Now, if you use a loan for business, that's a good idea, especially if you know how to turn the loaned amount around and you know how to make interest on it, so that when that happens, it may also be the amount you owed, so you can also pay off what you owed.

Because of the profit you will get from the business you will build. So it's okay for me; compared to others, the reasons for borrowing are superficial, except for the emergency reason for borrowing. So I'm fine with what you said, dude.

legendary
Activity: 2436
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The only time taking a loan can be considered is for business because every business needs money to be pump into strengthen it, so it is not a wrong idea when people take a loan for business. If anyone must think to take a loan it should be something that will yield more profits at the end of the day, but loan for something that doesn't bring value is total waste .

There are more examples on when taking a loan is a smart move. The best and the most common one is to take a mortgage loan to buy a house. Especially when mortgage repayments are cheaper than the rent you would be paying otherwise.
But you're essentially correct. "Consumption" loans are always a bad idea. If you can't afford e.g. to save for holidays, then you certainly won't be able to repay a loan taken for that purpose.
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