Topic: How do you manage your finances and family if your income is low range? - page 14. (Read 1772 times)

It is the lifestyle of people that decides the spending. We need to learn to move our life within the amount we earn. Spending beyond our ability gonna lead life into debts. Just because we're on the low earning range we should not feel bad of it. What needs to be done is focus on making our earnings better. Maybe this can take time, but one should continue working on it. However our plans shouldn't affect our savings, we should limit the unwanted expenses and spend on must need things. Whenever there arises a need, we should postpone it for two days. If we were able to pass the two days then it is an unwanted thing. This way more unwanted expenses can be cut and the same can be invested for better future.

When you’re a minimum wage earner your finances will go towards ensuring your survival is taken care of. You won’t put anything to savings, since making sure you guys eat today and the lights and water is on is much more important than ensuring you have money tomorrow. Which is why a lot of poor families out there give survival more importance than any other thing that they may put more focus on.

If you’re living alone the same thing also applies, you just have more wiggle room since you’re only financing yourself so perhaps you can squeeze in a few bucks to save money or whatever but you’d definitely have a lot more freedom than if you’re financing a family,

If there’s no other way to earn more then the only option left is to make adjustment with your expenses. Average salary would still give you chances to make it bigger but lower salary on the other hand will be a real problem wherein most of the time, people are the ones who adjust in order for your daily income to be enough for the rest of the day. Managing finances means you should be aware of the amount of money which is circulating with your family’s environment. However one should not settle with low salary especially if you have the skill and knowledge to know more and to earn more. Tough times would indeed push you to adjust your lifestyle for the meantime but that would be for your own good. To those who are saying investment is the key; keep in mind that ot all people has the capability to do so.

Though to me it is very simple to manage a family according to my income, if my income is low, then definitely there are things I will let them go for the main time. No condition is permanent. So people who have a low income will know how to manage their families. For example, if you earn $50 a month and plan for $80 in expenses, that is not a good plan. Cut your cut according to your size. You need to let some things go while you want to have other things. So as a responsible man who wants to manage his family in a good way and has a low income, you will know what kind of expenses you will bring up.
 
Exactly. The way the world economy is moving now, family planning is very important, and I think it will be the only way to reduce our expenses if we really want to make our family happy financially because things are getting high every day and the income is low. But when this family planning is implemented, you will definitely manage your family's financial status well.

a little story about the things that I have experienced and hopefully colleagues can all learn a little from this short story where in the past few years I have experienced financial problems that are indeed where the wages I get can only fulfill a need and sometimes worse than that where my income is not able to meet my daily needs. So what I did was to immediately spend all the money I got to fulfill my basic daily needs and this I did to prevent myself from being reckless by spending the mediocre money to just fulfill my personal desires and passions. And the other thing I did to answer this problem was to continue to improve my knowledge, skills and creativity so that I would not only depend on a job and could give me the opportunity to start an independent business. And indeed the results do not replace the process and at this time thank God I can fulfill all my needs and can make an investment and can also save a little money in case of all unexpected things that do have to spend money to solve these problems.

And indeed "the result will never betray the process" and at this time thank God I can fulfill all my needs and can make an investment and also be able to save a little money just in case of all the unexpected things that do have to spend money to solve these problems.

I absolutely agree with you, but I would add: it's still worth keeping a record of costs and income.
First of all, you will understand the balance of your funds. And the second is very important - you will understand where you spend excessively. This is very important.

Let me give you a very simple example. Suppose you regularly consume:
- mineral water
- orange juice
- cigarettes

You can see from the statistics that:
- mineral water - 30 bottles per month
- orange juice - 10 liters
- cigarettes 20 packs

You make these purchases almost daily. Among the costs you have are the retail price, and the time to buy. Solution:
You go to a wholesale store and buy:
- 3 blocks of 10 bottles of water
- 6 x 1.5 liters of orange juice.
- 2x10 cartons of cigarettes

Total:
- You spend only 60 minutes per month on this purchase
- save up to 20% on wholesale prices

Multiply by 12 and you will see the savings for 1 year !

PS I will warn you right away - this scheme is not suitable for all groups of goods, but for many - it is quite realistic to reduce both costs and time.

Each person's lifestyle will of course be very different as well as their income, but for those who have a high income, of course they have a different lifestyle from those who earn a small income, so it would be better for us to have a lifestyle that suits our income, not let our income we have cannot be enough to meet our daily needs. In my opinion, it will be very difficult for us to imitate other people's lives, this really depends on how we see the life we live and if we have a modest income, it is better than not having anything to give to their family.

My family situation is ten times better than before, I remember where we have ni choice but to eat twice daily because my parents are earning small amount of money, and the bills took a ton on them, after my brother got sick we are forced to eat once daily and it is a bad memory that lives inside me today.

When you make less money you have no choice than to limit your spending in every way, food, items and bills, we moved out of a three bedroom apartment because of the bills and moved into a smaller apartment, I was already into crypto at the time and later the bull market started, this was in 2017 and I ended up lessen the weight on my parents with the money I made from crypto.

Today they no longer have doubts about whatever I want to do, they believe me now more than ever and in the past, they always doubted, I guess it's normal for parents to doubt their kids if they have no idea what the kids are doing with their time.

You are right that my lifestyle is different from others, but when there are many opinions available, it is much easier to make personal decisions because everyone benefits to some extent by taking advice from many.

Each person finds a place of comfort, so I look for it because if a solution that has been solved in someone else's life works in my life, then surely it can be a good example.

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.

Every human life and family will have problems no matter how hard you try to solve them, but if you think that all problems will remain problems, it is a little wrong. You should always think of solving every problem to the best of your ability then you will stand out from others in your personal life and be considered successful.  Solving family issues and any kind of family problems is not same, and trying to be successful in personal life  two things are different but you have to remember to try to solve family problems.

Finally you ultimately want to be with family.  But here the family and economic problem is definitely a bit more complex and it is more to solve it.

This is a common problem of families and even people with huge income still experiences this. Especially for countries we have, where there is a staggering inflation in which the prices of goods are climbing day by day.
So if you know that you only generate meager income, you have to align you expenses with your money. Because what is happening sometimes is people tend to spend more from what they are earning. One of the ways to manage your expenses is to have a budgeting plan or a checklist, so that you will be able to monitor your expenses.
But sometimes, even if we set our budget there are still instances where we encounter budgeting problems as there can be unexpected expenses like for emergency purposes, which is not included on the budget that we set. So as much as possible, include everything on your budget and allocate funds for emergencies.

Things are not smiling, prices are skyrocketed and in some countries are more worse because the inflation are unbearable because I can speak for mine. The only way to come out of this is to start another way to have a stream of income. If you don't find a way where different incomes come from, the way the economies are going will make you cry.

Another solution for less people who have little to survive is to ensure that they do family planning, stop giving birth to kids that you cannot control, you cannot control the economy but you can control your family to your budget so as to live without pressures.

In practice, adopting the principle of austerity is the only solution, which depends on matching needs with incomes in a way that needs should not exceed incomes. This is considered one of the harshest plans that can be followed because it is subject to many fluctuations that can disrupt it overnight. Any urgent circumstance that occurs may cause this system to collapse in such a way that balance can never be restored: for example, the illness of a family member, which requires additional expenses for treatment, this will lead directly to debt.
When needs are many, especially within a family, diversifying sources of income is the ideal solution. And employing the idea of partial saving to confront emergency circumstances.

This is very important to be able to control so that our lives are sufficient even though our income is small.
the most important thing is not to be wasteful and be able to prioritize what is important to buy and what is not, and there are also some things that must be restrained so as not to overdo it and try to live at our own standards, perhaps the details are that we have to save money in buying basic necessities and Minimizing desires, but this does sound sad when we hold ourselves back, but if we get used to it, it is a good thing in life that needs to be taught to our future generations.

Of course, if you only earn a little and have a family, you will only use the money you have for your family; you will really prioritize what should be for them. You won't buy much, which is not that important because the important thing is that your family can survive with the profit you have.

And it's really not easy to do, especially if you have a large family to support just to survive. Despite all this, this is still a challenge for us if we can go through it, and many of you are experiencing these times.

If your income is not enough to manage a family and you do not have a family yet, Do not start one.

There is already a high rate of crime, do not bring children into this world when you know you cannot yet carter for them, that is just adding more to the problems of the society. You should be able to take good care of yourself first before you start a family, do not fall into that trap where you are advised that you can start a family first, that money will come to take care of them, that is a lie!

Planning is the word that explains it all.

your lifestyle should be according to how much income or how much money you can generate in a month. of course, if you are a low earner, do you think is it good to visit coffee shop regularly? i don't think so. what am trying to say here is that live within your means. budget your expenses to basic necessities first, so you won't be in trouble with loan sharks.
you will always find a way how to fit your budget with your food and other bills for what you have. don't aim for extra if your funds are tight.

It's very simple, by cutting expenses for non-essential needs and lifestyle we can actually manage our finances well, even when our income is below average. Because from what I see, why many people cannot manage their finances is because their needs and lifestyle are higher than their income and that is what is the problem. Because the root of someone's financial chaos is that they spend too much money on unimportant things and don't plan their finances well, which makes them unable to manage their finances even when their income is above average.

Manage your money well. No matter how big of an income an individual gets if they choose to be reckless at spending it then it will all come down to nothing. Hence, being smart with handling money (no matter how big or small it is) is the answer. If you live within your means and carefully planned on how you are going to spend and divide your income, then sooner or later you'll find yourself at ease in facing financial situations. You have to be smart and learn from your mistakes, always be critical of the things you spend your money on, think if you really need to buy somethning or it's just a quick desire for simple pleasure that will cost a dent on your savings.