How do you manage your finances and family if your income is low range? - page 13.

topbitcoin

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Quote from: Dimitri94 on October 03, 2023, 08:55:17 AM

There is a proverb that “cut your cloth according to your cloth” no matter how little or small our income we have to live within it.

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.

Quote from: wallet4bitcoin on October 03, 2023, 09:00:23 AM

INCREASE YOUR INCOME or REDUCE YOUR LIABILITY!

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."

Bitco55

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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

livingfree

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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.

wallet4bitcoin

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In one sentence:

INCREASE YOUR INCOME or REDUCE YOUR LIABILITY!

Everything you have to do to maintain a balance in the finances of both your family and your personal life is hinged on the above statement. If you can uphold it at every point in time, it guarantees a balance. If you consume less than you earn and don't increase it while you keep increasing your income, its best for you as you will have been at the very extreme of abundance.

Dimitri94

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

There is a proverb that “cut your cloth according to your cloth” no matter how little or small our income we have to live within it. Many may be struggle to manage life but still have to continue struggle to survive. In recent times, we have seen that due to global inflation, the prices of all kinds of goods have increased to a large extent, while people's incomes have not increased. But even in this situation we have to survive so the necessary expenses have to be reduced. Spend as little as you can just to survive and have to find ways to increase our income.

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

Managing household finances is an additional job for each head of the family so that it is in accordance with what was planned at the beginning of the month. People who manage their families very well even though their personal income is very low always look at their financial conditions realistically before spending. Every individual always has desires and goals that he wants to realize immediately, this is where you as the head of the family must be wise in determining priorities between desires and needs. Your decision will really determine your financial condition, so you have to be wise in deciding what to achieve and postpone for next month.

Spend something according to your budget planning in each monthly period. You also need to record your expenses regularly so that it can help you know where the money is spent in that period. Expenditure records really help you in finding financial problems and it is also easier to find solutions if monthly expenses balance with income. Apart from that, you can immediately evaluate the goals you want to achieve in the future so that you can leave a little money to save or invest elsewhere.

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Quote from: el kaka22 on October 02, 2023, 11:22:00 PM

I would suggest try to find more money is the only thing that you can do. Trying to learn to live with a small amount is not acceptable and you are going to end up with something that would be a lot worse. If you go from 1000 dollars to 500 dollars and get used to it, then you will get used to 300 and then to 200. Don't do that, find a way to grow your income, I do not know what OP can do or anyone else that can read this can do, we all have our own separate lives so always try to find something that fits you personally but I believe that unless you try to make some more money than you are not going to do a lot better.

I think it should be important to remember that we are going to end up with a better life not by cutting down on our expenses but get better life by earning a lot more money by finding something we love doing.

I agree with you, finding additional source of income is the best way to ensure that we have enough to provide for our family and even save up for the future (and possibly unseen circumstances too). It is hard to just get by and make do of what we are currently getting as we can never be too sure that things will always go smoothly, in such situation if an emegency or sudden changes happen we will surely find ourselves at our lowest and with no way to go. Hence, while it is still early, it is best to find a way to prevent this from happening and much like you have stated it can be answered through finding additional source/s of income. In line with that, developing and learning skills are a must to help us in our path as we find opportunities to earn.

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Isn't managing finances, especially on a low income, like playing chess in the modern economy? Your seemingly simple question has numerous layers that many don't understand or overlook. Low-income families use many tactics, each of which is incorrect. It goes beyond budgeting and thrift. It requires managing economic issues, comprehending financial management, and making judgements that often conflict with personal wishes and requirements.

Those who survive such conditions are not just “managing” their finances; they are fighting economic forces and making decisions that affect their future. Think it's a tireless endeavour that requires sacrifice, smart preparation, and a profound understanding of the economy?

el kaka22

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I would suggest try to find more money is the only thing that you can do. Trying to learn to live with a small amount is not acceptable and you are going to end up with something that would be a lot worse. If you go from 1000 dollars to 500 dollars and get used to it, then you will get used to 300 and then to 200. Don't do that, find a way to grow your income, I do not know what OP can do or anyone else that can read this can do, we all have our own separate lives so always try to find something that fits you personally but I believe that unless you try to make some more money than you are not going to do a lot better.

I think it should be important to remember that we are going to end up with a better life not by cutting down on our expenses but get better life by earning a lot more money by finding something we love doing.

Strongkored

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

People who have a small income that is not enough to meet their family's living needs will start to get involved in debt and slowly when they are no longer able to get debt and are also unable to pay it, they will be involved in crime, at least that is what we see in poor and developing countries, whereas Developed countries' citizens will always have the opportunity to get a job with a large salary and also have double jobs.
If that happens to us, the first way is to get additional income and improve your skills to be able to get a bigger income.

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

First of all, I would like to state that I am commenting as someone who lives alone and doesn't have any financial responsibilities regarding my family. When checking my personal financial situation, I first calculate my fixed expenses for each month. Then, I calculate the amount I can spend for that month and list my possible expenses in line with this budget. In this way, I use my income efficiently and move on to the next month without going out of my budget unless there is an unexpected expense.

The most important point to consider when planning your financial situation is to accurately determine the amount of fixed expenses compared to monthly income and to follow the budget plan in a disciplined manner.

poodle63

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income low means you need to increase it somehow, you just can't stuck with low income forever right?
not to mention that there's no workaround to make your family financially sufficient when you are having low income.
therefore the only logical solution would be increasing income whether through having second job or something like that.
indeed its gonna be difficult, exhausting both physically and mentally but there's nothing you can do about it really.
work hard and get a better life, or just stuck like this forever. after all, earning money is indeed hard, many people also experiencing the same thing, really hard to earn money, but its the only way.

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

If your income is low, you have an extra work to do in order to sustain your family. You must first be smart to detect that your present income is not enough to cater for your family. You have to do the following;

Try and handle more jobs in order to earn more in order to sustain your family.
You have to learn to spend less. Deprive yourself some luxuries because of your family.
Plan to relocate with your family in the case you are living in a very advance area.
Endure you do not lose money carelessly
The most important is to train your child to leave according to what you have

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

Live by your means
Live according into your capability
Live a life which you dont make yourself too lavish on spending
Choose first your priorities
Proper money management

People do really differ on this aspect on which there are ones who do really that ending up on devastated just because of wrong budgeting or spending out of their income which they are
going into those borderline without even thinking on whats tomorrow but there are those people who are really that having that good financial planning on which despite of having not that
sufficient number of their salary but still they do able to partition it out well and able to compensate somehow. Yes, its hard but its not impossible. It would really just depending
or would really be entirely be basing up on how well you do handle yourself when it comes to this matter.

Some cant really just be able to realize that living within their means does give out that kind of advantage. Dont make yourself chasing on being on the trend and buying
shit things along the way because it would really be derailing you out if you are really that making a budget.

Fortify

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

Some people find great value from family and manage to scrape through life very happy in these situations. Sure, they would gladly like the have more money but I have encountered plenty of families who have a very strong bond in comparison to others after going through this lifestyle. There are all sorts of ways to save money in a family, like sharing clothes across the generations - especially for younger kids. Making meals go further with lots of cheaper vegetables. They really have to think creatively and always be on the hustle where they can. Taking advantage of benefits available to them should also be a top priority because in some ways large families are supporting future generations so should be encouraged or at least helped.

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We also went through this situation, we reached the point where we were looking for wire (Scrap Copper Wire) in the house just to have something to eat. It used to be sold, I just don't know now if it's still like that. And thanks to my parents because they really worked hard so that we wouldn't be in that situation again.

I saw how mom and dad overcame that. They didn't give up or were just satisfied with their work, they tried to do many things like business etc. Until they had savings little by little. Don't ever give up. Just work hard and be patient, you'll get through it too

erep

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Quote from: romero121 on October 02, 2023, 01:50:25 PM

It is the lifestyle of people that decides the spending. We need to learn to move our life within the amount we earn.

I agree with you, the important thing is that all aspects of your lifestyle must be adjusted to the amount of salary you earn, try not to have monthly expenses higher than your salary and not leave debts every month. If your salary is low it will not be enough to allocate savings because the current cost of living is very expensive due to the influence of inflation which increases the prices of all goods and services, so we have to use our free time to look for other additional work to increase our monthly salary for future savings needs.

Actually, managing living costs with a low salary is very simple, prioritize using 60% of your salary for basic needs and the rest for other needs and also for emergency needs.

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Quote from: tjtonmoy on October 02, 2023, 01:51:06 PM

A man should always provide. This is what we have learned as we grew up. So doesn't matter what your income is, a man can find ways to provide for his family. I live alone so I may not know about it, but when there is a responsibility on my shoulders, I will find a way somehow. Maybe I will have to suffer, or my family will suffer too, but that's the push that I will need to expand my way of earning.
Here's an interesting fact. As a Muslim, I believe in it. So here it is.
The word Rizq is mentioned 123 times in the Quran and most of which essentially addresses how it comes from Allah the Exalted. It is He who determines what a person will obtain in this life. It is Allah who gives us happiness and Allah who sets the events for sadness. He is Allah Ar-Raziq and Ar-Razzaq
Source

So you have to do what you can to earn but Allah is the one who will provide for you. But the thing is you need to try and keep on working. When you are providing for your family, their rizq(Some scholars translate Rizq as ‘sustenance’, ‘provision’ and some call it ‘blessings’. ) will also come from your hand. So somehow everything will be alright. All you need to do is work in order to get it.

As a human our job is to do our best for our survival and then leave results on God. Of course there will be no help if we keep sitting in our home idle.
Things are getting tougher and tougher in almost every country due to increased inflation. But there are also ways that let you increase your income. Like as a bitcointalk.org member we have the opportunity to earn bitcoins every week which is very handy if you have a job or a business.

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Quote from: rat03gopoh on October 02, 2023, 10:52:37 AM

Quote from: Negotiation on October 01, 2023, 11:54:59 PM

There are many people who manage their family very well even though their income is very low in their personal life

Low for you, doesn't mean it's not enough for someone with an economy like that. A guy wouldn't maintain their low income unless it was at least enough to support his family.
The answer is I don't know, even if you want to ask them, they have the answer and it will sound unreasonable because your lifestyle preferences are different.

yes it is true that nowadays most people prioritize lifestyle to meet the requirements of the current trending, of course with the current high lifestyle most people will prioritize their lifestyle over their basic needs. few people today prioritize basic needs for themselves and their families, it is important for us to be aware of the income we get to balance which basic needs which lifestyle of course there is also a future that must be prepared for people who think about their future will save or invest for their future who do not prioritize excessive lifestyle or current trends. and for a man who has a big responsibility to his family of course must think about the future to come few people dare to open a small business to increase their income every day.

But everyone has different principles, there are those who prioritize a lifestyle following today's trends, there are those who prioritize the future by appearing sober and adequate in the present.

tjtonmoy

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Quote from: Negotiation on October 01, 2023, 11:54:59 PM

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?

A man should always provide. This is what we have learned as we grew up. So doesn't matter what your income is, a man can find ways to provide for his family. I live alone so I may not know about it, but when there is a responsibility on my shoulders, I will find a way somehow. Maybe I will have to suffer, or my family will suffer too, but that's the push that I will need to expand my way of earning.
Here's an interesting fact. As a Muslim, I believe in it. So here it is.
The word Rizq is mentioned 123 times in the Quran and most of which essentially addresses how it comes from Allah the Exalted. It is He who determines what a person will obtain in this life. It is Allah who gives us happiness and Allah who sets the events for sadness. He is Allah Ar-Raziq and Ar-Razzaq
Source

So you have to do what you can to earn but Allah is the one who will provide for you. But the thing is you need to try and keep on working. When you are providing for your family, their rizq(Some scholars translate Rizq as ‘sustenance’, ‘provision’ and some call it ‘blessings’. ) will also come from your hand. So somehow everything will be alright. All you need to do is work in order to get it.

Topic: How do you manage your finances and family if your income is low range? - page 13. (Read 1772 times)