Topic: How do you manage your finances and family if your income is low range? - page 12. (Read 1838 times)

Basically, we have to live a lifestyle that is in accordance with our income and of course we can enjoy it, sometimes what makes things difficult for us is a lifestyle that is not in accordance with our income. However, we can change the economic situation, as long as we can manage our income and expenses well. When income rises, expenses should not follow so that there will be a lot of remaining income that can be allocated to invest so that we can improve our lives in the future.

I hear people say do not start up a family if your income is low but this is not applicable in all cases. A low income earner should as a matter of necessity order his wants according to their order of priority. Why spend things you do not need? Scale of preference is the solution here.
 A family who earns a very low income should not be in a competition with the next family. Go for good products and services but at affordable prices.  All expenses should be within the family's budget and not to impress anyone.
And while managing the family's scarce resources,  an alternative source of income should also be looked into.

When your income is on the low side you only have three options, you either drop your expenses as much as possible, increase your income or both, when it comes to decreasing your expenses you really need to reduce or eliminate any luxuries you may be using, an example of this are streaming apps or cable television, people now considered them a need but this is a lie, you could eliminate them and then use free apps that stream content or youtube and still get entertainment and do so for free, you will also need to go out of your way to reduce your expenses on food and change your diet depending on what is the cheapest items you can find, instead of eating exactly what you want.

Really tough i should say, recommendations and suggestions been given here on this thread by most members might really that sounds easy but on the time that you are on such condition and living
on a country or place on which opportunities and benefits arent something that easily be attained then for sure it would really be so tough on getting out on such situation or condition.If you are really just that someone whose really that have that limited skillset and having that only one kind of expertise in regarding towards your job then going into other extent would really be something a risks.
You cant really just make out some actions or decisions that would really be costing up you money or putting up yourself on such risks on losing  your job because you had focused into other venture
on which focus and time might really be that greatly affected. Lets say that you have decided to take up some business which causes on compromising your priorities specially with your job
then you are really that putting yourself on danger on which you dont really have no choice but to ignore that kind of idea and would be sticking on something that gives you
that sure money or salary. You cant really just simply make out such decision.

If I could choose, I would choose to be born to someone who is financially capable, but this talks about destiny that we cannot change and if we just complain about this problem, it is useless and will not change anything. Maybe God just wants me to be more patient and try extra hard to get through all of this. We are born from people who are not financially well off, so there is no reason why I should be lazy because if I have to expect mercy from other people, it seems impossible because I also still have self-respect that I have to maintain. Other people will never care about all the things I experience, so immediately rise from all this adversity, build a paradigm and keep trying which can make us go even further. We are all born covered in blood, so life is about struggle. And I believe that with strong belief and effort we can all achieve financial freedom.

Well, I may have made a mistake in my expression. I used the word “drinking” instead of water, but in fact, I did not mean alcoholic beverages. I meant water. In any case, alcohol can be added because some people consider drinking one of the basics of life, even though I am not like that, but that’s okay.

Some people may think that this is not a problem, because in most countries water is available and obtaining it is very easy, but some countries suffer from a real water shortage and obtaining water is a big problem for the people there. In some villages, people sometimes need to walk miles to get water and perhaps It is not (clean), so I pointed out that (drinking) water should be one of the basic rights of any citizen and it is the government’s duty to provide water to people in such areas.

It will be hard to manage but there are things to utilize every penny that you have. There are a lot of these tips in the internet but the famous once are utilize every penny that you have, make a budget in short. Be strict and focus on your family needs. Talk to your family about the income you only have, don't pretend that you have the luxury to buy the wants. Look for other source of income, explore and experience something that don't include paying on something to achieve that. Having low income doesn't mean it's the worst thing, it can easily changed with the right discipline.

That's the logic I like better, thanks
But I'll add a correction too. For some reason you have chosen a model where someone works for someone else, i.e. for an employer. But this is one of the models. For example you can be an investor who just invests money, or you can work "for yourself" by creating your own business. Therefore, you are considering only one scenario. Not the best, but I agree - mass for the majority of the population. But in this option - disposes of remuneration ... the employer! And it depends only on him - what working conditions she offered you, and when he paid the money. Which in turn (we'll dismiss negative scenarios) may depend on the actions or inactions of other people. For example, you work in a furniture factory, you are a cabinetmaker. You are a master of your craft, you make wonderful, beautiful and high quality furniture..... But, there is a global problem in the country, and only a few people buy furniture produced at the enterprise where you work. And it all depends on the market. And your employer can say "sorry dear employee, but I have nothing to pay you - no one is now buying our products" ....  And no COUNTRY will give your employer MONEY to pay YOU....  More precisely in this case it all depends on the purchasing power of the people in your country... Doesn't reality look more logical ?

That's not the point I was trying to make. I already said that you need to work for it in order to get the reward. If you have no goals or you don't want to work then you will get nothing in return. Let's keep the religious part to a side. Let's talk with logic. Why do you get paid? Because you work for it. So someone is giving you money for your work. If you keep on working, you will get the reward sooner or later.

Now let me connect the dots to a religious perspective. Imagine you are working day and night to get the reward(salary) from your employer. But something happens and you are kicked out of your work before you can get the salary. This is an incident that could happen to anyone. But should you give up? No, you need to move on and find a new way to earn. And the way that you will get a new way to earn comes in the form of Rizq. That's what we Muslims believe. If not this then something else. But someone is out there to give us, and we just have to find a way to take it.

So working is the way to earn. It could be explained through the religious or non-religious point of view. But the thing is, you need to work in order to get it. Even the bums could get a meal if is it their fate. But in order to get the best result, you need to work for it. That's all. I don't think any further argument is needed for this. If you think you can tell me something more, then you can. I am not the all-knowing. So I would like to learn.

Having a family with a low income in managing finances is very troublesome, because we have to really manage it well so that our living needs are still met.
However, in reality it is not that easy and the best way to overcome this is to have a side job or side income to help meet life's needs without having to reduce important needs.
What I mean by important needs are primary needs, the main or basic and first human needs which in my opinion cannot be postponed or reduced so that all aspects of life can run well and must be nutritious and healthy. If one of these primary needs is not met, then a person will experience difficulties.
And secondary needs must be minimized or if they are not very important, just ignore them or look for other alternatives.

Agreed If you evaluate the situation from the perspective of your Faith. Some believe Cthulhu is helping. Someone - that Zeus or Poseidon, and someone believes that it is the Great Tree. I believe that everyone has the right to believe whatever they want. It's everyone's personal business, it's freedom of religion... It's the rights of people in a free society!
I, as a pragmatist and atheist, am more inclined to a practical explanation of events, and this is also normal. If it is more convenient for you to attribute these events or the management of your life to your chosen faith, that is your right too!
But try to look at life through the eyes of a realist, and you will realize that between "religious explanations" and reality, there are a lot of nuances that "holy scriptures" do not correspond in any way.
And I hope you will not prove to me from the point of view of religious canons that being lazy, untalented, you can be happy, successful, and live in wealth and quality of life ? Once again I will return to the argument - you can believe in anyone or anything, but if you are a bum, have no goals, don't want to work - there will be no result !

Well, let me explain it a bit more for better understanding. It is said that you need to work for what you want. And you need to work hard. But what you get comes from Allah in the form of Rizq. It could be anything from food to clothes to drinking water. The concept here is to keep on working, but when it comes to getting value for what you have worked for, that's in the hands of Allah. To a religious person, it is something you should believe without any question. But to those who are not from the same religion, you can take it as a form of motivation. There's someone always to give you, so all you need to do is work in order to earn it. That's it.

Everything will work out somehow, that's the thing that keeps us going in life right? So you can take this as you want. But the results will always be positive in the end. Never give up and just keep on working. Ups and downs are just a part of life. But only the end results matter.

There is a very large difference in salaries in Russia. For example, my mining farms are located in the village because electricity is the cheapest there. The average salary in the village is 70-120 dollars, for physically demanding work such as wood cutting it is 200-300 dollars. In the city you can find a job as a courier or food delivery person for $600 or more, and there are always vacancies, because the work is also not easy and you need to move around a lot.

I saw what you did there by adding, "drinking" 🤔. Drinking should be seen as a luxury. I was given to understand in my formative years that the basic were Food, Shelter and Clothing; but it's ok if you want to indulge your cravings. We're going to call for an amendment then 🤗.

Joking apart, and back to the issue at hand, I think the easiest way to manage a family on a meagre income is to tailor one's expenses to suit one's earnings. Discourage anything that will weigh on one's income. If one is married with kids, one shouldn't be in competition with others on what school one's kids attend. If one can't afford private schools, one should place the kids in public or government owned schools. At least, school is school. The kids all get to be taught the same syllabus and alphabets. Close your eyes to the environment, put extra time in teaching your kids when they're back from school. Pick what you eat to stay healthy. Hangout less so you won't spend more. Be quiet at parties, and don't spray cash because others are doing so. Cook at home more and minimize eating out. Then, finally, work on getting a side hustle.

Cut your coat according to your size, have budget for every of your needs and prioritize your needs from wants, then look into the value of your income level and guage the rate of how you spend from what you earn, you can also think about doing other things that could help increase your income level, one has to be diversified in making provisions for an additional increase on the source of income, we have to be dynamic and always seek to seize opportunities in whatever thing we done as long as they will serve us as source of income to our own profitability.

What you have to do is to increase to income. I have been following personal finance for a long time, not only theory but experiences of people who paid off their debts and subsequently got rich. Each and every one of them increased their income. You can see many cases in the Ramsey show, in the debt free screams for example, especially to get rid of debt. Once people achieve this step they can take their foot off the gas and allow themselves to earn less, although many still earn the same or more.

When people start to get interested in this, what they think about is saving, but the second and very necessary step is to increase your income. When you have been saving and investing for a while and you manage to increase your income, your finances skyrocket.

I don't want to stir up religious animosity or controversy, it's a pointless endeavor. BUT. Referring to someone controlling your destiny is a very convenient and comfortable concept to absolve oneself of responsibility. If a person does nothing, he will have nothing. If a person works, has goals and the desire to achieve - he achieves them. Environment - imposes some difficulties/comfort. But external circumstances also shape ordinary people. Faith is for the soul, but not for business, wealth, and prosperity. Let's not try to mix reality and religion !

If you are a mouse then never apply human standards of living later you will be disgusted if you have to live in a coberan and if you are a freshwater fish then never go to the sea even though it is wide because it will make it difficult for yourself and could kill yourself, better stay in the river or in the pond which even though it is narrow but it is your environment. which means if your finances are still below average then don't ever try to apply the standard of living of the rich which in the end this will only make it more difficult for yourself and always complain about a situation that you experience.


how can we possibly reduce the need for a need that exists, the name of a need is increasing day by day and not to mention the addition of commodity prices that continue to increase. In responding to this, we still have to increase our income and not depend on just one job. It would be better if you create an independent business opportunity through the knowledge and creativity you have. And don't forget for now to put aside first a desire to live luxuriously which only says prestige alone. So I agree that what we should do is to "increase income without having to reduce an obligation."

Having a low income with many bills can be stressful, and managing the family, bills, and income all comes down to two things ;
         Plan and expand.
Plan your expenses very well. Even with low income, you can get through bills when you make a proper budget and allocate funds to each pressing need.
Expanding may be in the form of getting a side hustle, and probably getting an extra hand from a member of the family.  One very important thing to note when it comes to expanding and trying to manage your family's needs would be to save up.

I know this may sound like a bad idea since" the money's not enough" and so on, but this is important. Trying to plan your expenses and getting an extra job is just a short-term solution. To make sure you're not struggling in the next 5 years waiting for some kind of destiny helper, you'll need to save. It could be 10% of income, $1 every day/ every week, however it best works for just as long as you do it periodically.
And of course, don't leave your saved money idle, invest it in something sure and less risky.

It may be hard trying to manage a family now, but trust me you don't want it to still be hard everyday till

I know it's tough when you don't get that much income for your family. But starting to breakdown your expenses and list them will make you see the picture out of it.

You'll be able to find what are the unnecessary things that you need to cut down because it's just a waste of money when you spend and include it to your tight budgeting.

Also, if budgeting is still not enough, you need to find more source of income or if anyone in your family is already allowed to work too. Tell the situation so that you get to have a team work for your ease.