Topic: How do you manage your finances and family if your income is low range? - page 10. (Read 1772 times)

I would like to discuss my own personal experience and how I learned from my dad who managed to keep us filled even with a low income. I must say that I have learned a lot from him as I have grown up and responsibilities increase with age. My father with three children and a wife, was the only provider for our family on a limited income as he held the same stable job for over 15 years. He ensured that we focus in our studies and taught us that money isn't everything in life. He also showed us how to find happiness in simple things without being fancy.

As I started working and earning money by myself, I came across many experiences that made me realize that with the same salary my dad had when I was young, he could feed us and cover all our expenses for a month without any issues. But I faced financial difficulties with the same income, only to discover that money management is more important than the amount of income itself.
I learned the importance of saving for unexpected emergencies, such as medical conditions and accidents, and when to invest.

Same here! I always keep track of all the expenses I had during the week, I also ensure to keep track of every cent I gain to ensure that I am informed of just how much I can allocate for the week's food and utilities needed. Additionally, I also started meal planning so I have a general idea of what ingredients I'll be needing to buy and just how much I can spend on food. Takeouts can only be done once a week, either Saturday or Sunday as a reward for my long week of working (I usually go for the cheapest fastfoods I can find). Although some may think that it takes a lot of effort and time to list down everything, the effort is worth it for me as it keeps me on track with my budget.

I also agree with you with finding additional source of income as you can never go wrong with that as long as it is legal.

Many people can relate to what you have said including myself. I do listing of all my needs and expenses to keep on track with every amount of money that was spend. Excluding to buy the unnecessary things and focus only to the needs likes food, rent, utilities, vitamins, emergency fund and savings. For utilities, I always try to keep the use to minimum. If unused, better to unplug the appliances.

Trying to have another source of income for instances or if ever there's unexpected thing that happen would be better. This is to avoid having debts that will make our life even harder as having debts really destroy how we manage our finances in a monthly basis.

One of my major concerns first is to pay all the possible debts because you can't repeat seeking money to other people if they didn't pay those debts, I consider this as one of the important, next is to have the daily needs, and bills so you don't need to check it every time if you paid on time most of us right now these is a must so you don't need to forget it included this are the food and clothes for the remaining is the savings and needs its ideal if the savings is higher than needs this save you up for your emergency funds, I know not all people have this possible routine and afraid to take a risk to find another job or sideline but this is life there's no luck on it, better to make more strategy than you don't eat for a whole day. Also, the government can't already cater to the number of people seeking financial assistance. One another burden part is you are the eldest among siblings you are the responsible for your families needs too so you need to grind more than before unlike you are alone living.

Very low personal income to meet life's needs is a challenge in itself, requiring hard work and effective strategies to manage finances so that needs can be met. Managing finances with a small salary is not easy, but that doesn't mean you can't do it. As long as you are disciplined in implementing financial management strategies, your financial condition will remain well maintained. The first step so that the strategy for managing finances continues to run is to record expenses to find out which expenses are important and which are not important.

I completely agree with you. The ultimate answer to the problem is to find additional sources of income while ensuring that we are spending our money smartly. You see the problem with people who think that once they get an additional source of income everything will start playing out well for them is that they also start spending money more as they feel like they have more money now, what they fail to see is that additional income doesn't mean more money to spend but money to save.

We should really focus on the basics first, and then we should look at the expenses if I don't have any problem removing myself from those expenses firstly it will be very difficult But if possible, remove yourself from those needs that seem luxurious or socially uncomfortable because society will not support you with money only insults so don't look at society look at your own good then you will see when you are good then society will judge you well then you will like that i was right.Personal income may be less today may be less tomorrow may be more so wait and patiently ask God then you will see that you are happy with less money if you have more money you will see more danger This is normal so learn to make the best use of little money like if you use a car don't use it now use other vehicles where you Eat with your family when you're eating and drinking in a better place.The last thing is to save little by little, people never have crores of rupees saved for work needs, so learn to save little by little, then you will see that one day you will Owners of property are tiny little girls, not dots of water, seas, oceans. Look at this saying. People may have very little income from your income, but they are happy and you If you don't fulfill the basic needs, maybe there will be some problems, but You will see the solution to your problem gradually. At last, I can say you go well, and your problem will be solved, and you will be back to your previous position.

Yes, it’s true that identifying what is necessary for your family is very important and will help you to manage your family needs without any worry. However, when your income is low, you will definitely need to have a low budget that will suit your income so that you will not be running around owing people money and collecting loans, because that is what affects people now. They don’t consider their ways of income before making a decision to purchase something, which is very bad.

However, many people today like competition. When a friend gets something, they also have the intention of getting the same thing, forgetting that our destiny is not the same, and competition always results in bad things like stealing, rituals, and other things that cannot help our lives.

Try to know about your spending that on which things you are spending money if you find out something that is not necessary then leave spending on it. This will make you more economical so you can manage your income in right way.

Presently you cannot get the additional job because finding a single job is very difficult for a person so if you fail to find alternative way of earning then just stop using money in unnecessary things so you will have no need to worry about your expenses.

Investment in risky asset is not wise decision therefore don't try to alter your investment into gambling and thing positively as your active mind will help you more than you luck.

Managing your household needs is simple if you can differentiate between what is very important in your life and those things that are just for the sake of a luxurious life and expensive things. When you, as the head of the family, have identified all these things and can differentiate them, then you will have to consider your income, whether it is daily, weekly, monthly, or yearly. You can then create a budget for your income. With that, I think you can manage your life and provide the best possible for your family members. Even though it is low, you can still use the process.

One of the difficulties of managing finances with a low (small) salary requires extra commitment and patience, always thinking positively and focusing on the goals you have planned. There are times when we need to manage our expenses. Note down all the smallest things in our expenses And get used to the daily needs of the family. Build a habit of living frugally in any case. the solution in my opinion is to improve your skills and look for additional income,

I think the major problem here is people accepting being "low-paid worker" as their identity, as something that cannot be changed. If you find yourself in a situation where your job is hardly earning you enough to survive, and there's no opportunity to move up internally, your priority should be finding a better-paid job. There are always some options.
Working minimum-wage jobs should be seen as temporary by default, but when people stay in them for too long, they get drained out of energy and they just accept it as something normal.

When you know your income isn't enough to cover the whole needs of your family there are certain needs you'll have to drop and just like in a scale of preference the family only need those things that are very important that you can't do without. Just as @Abu-Naim said you cut the family expenses, there's no need trying to live a stupendous life to impress anyone. You don't choose what you want you allow your income do the choosing. The most reason people are in debt is because they are servicing a lifestyle that is above their paycheck and that's not a kind of lifestyle a family should keep under this economic hardship that's getting worsening by the day.

Yea, many will overlook this. They believe in "the higher the income,  the higher my expenses". Most times we make things difficult for ourselves. Once income rises, they go for expensive houses, cars, schools and many other expensive stuffs thereby giving little room for little or no investment. All this will only increase the suffering and hardship the more.
I am not saying we should still struggle financially even when we have more income,  live comfortably but spend wisely and save for the future, invest for the future.  Just make plans for the future so you don't need to run your family with low income for ages.

It is not wise to reduce the number of servings or whatever it is per day, because it is a basic need that we cannot reduce in my opinion. You see, we have to stay healthy and one of the ways to achieve that is by eating enough and being nutritious, health has to be prioritized because it affects everything, for example, working has to be healthy, right?
I agree with you that taking food in nature is a very good thing. You can start by growing your own vegetables, after all it's now easy to garden with modern farming methods. I think it's possible, it just depends on whether we want to do it or not.

It is difficult for people who have low monthly salary or people with low income to meet their budget. Of course, we should not increase our expenses with our income, but there are some things that we need in every situation. So we cannot ignore these basic things. Time is a precious thing, which is very important for you and your family, but when the economic conditions are bad, instead of prioritizing time, you should prioritize improving your economic conditions.

In my opinion, family is very important in human life. It is not necessary if we cannot give more time to our family, but it is more important to give our family a better life and facilities. I think it is better to do two jobs than one, but having a family is very important, because the happiness of the family includes our happiness. Limiting your life to yourself can be a very difficult life.

You have a lot of work to do to be able to avoid issues. This is a problem with a improper planning. I see no other way around this on. If your income is low then it is time to increase your certificate,.skillet so be more employable

thats true, people really don't show if they strangled in debts, most people under minimum wage might like happy but honestly they always have something going on that become fleething thoughts in their minds.
its still undeniable that having high income brings more happiness, the pressure of having debts alone is already nerve wracking sometime stressing out but there's nothing for people with minimum wage can do except slowly paying off their debts.
having more and more income as the time goes still the key but the question is how can we increase our income? since its easier said than done.

Inflation sucks and we're all having hard time getting on the recovery for each of our lives just because of the effect of the covid pandemic. Before I was also into food deliveries as it saves me a lot of time in meal preparation and I just have to do what I have to do while waiting for the food to come. But with inflation, meal prices have also increased and I can feel already the regret if I do order a food for myself and for my family. It's best to cook on our own and just as you have said, one way is to decrease the serving if you are trying to save. And we're all economical and what we do is we cook for lunch and then whatever is the left over, we try to maximize it and reheat that for our snack or even in dinner. We just got to do whatever it takes for us to save money despite living with not a lot from our sources of income. Avoiding extensive spending habits should start and don't go with your friends that are pushing to spend a lot of money just to be in and be with them, they're not going to feed you and your family with their gimmicks and hang outs.

When you're living under low wages, you really have no choice but to work with what you have, that includes budgeting, making sure that you don't fall out of line when it comes to your expenses, watching how much you spend over what you earn and what you are able to save, and all that stuff. You could look at applying for another job but understand that this comes with the consequences of not being able to have much time for yourself moving forward, since it's going to eat up on whatever time you have for yourself and for your family for the sake of money.

I say it's best to be low-earning and not have a family, you have better options and you can easily make decisions without taking the other person's feelings into account, but I understand that not everyone here has that liberty, to which I loop back with we should really work with what we have.