Topic: How do you manage your finances and family if your income is low range? - page 2. (Read 1772 times)

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.

Basically, no matter how much we earn, we will feel less, but when our income is small, it will also be enough to live on. If we have a low income, like it or not we have to live simply and forget about a luxurious and prestigious lifestyle. I live in a tropical country, so if we have a small income, we can take food from gardens and rice fields, we plant vegetables and rice in rice fields so that in bad financial conditions we will be able to survive even though we have to live more simply but we will be able to survive in such conditions

Even having a permanent job it is very stressful to collect to pay back , their are other things that money us needed to settle and it can be frustrating when trying to solve other financial issues and still paying loan at the same time. 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 .

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.

I agree.

Loan is not advisable if you don't have a regular job, because you'll have a hard time paying up your loan in that case, the worst is that is they'll take another load to pay their first loan, and that will just be repeated since they don't have any choice since they don't have a regular job. This kind of scenario is happening always in a third world country, where people are thriving to survive in their everyday lives fighting poverty as much as possible.

Yes, that's true, but I've said before that preparation should be discussed from the start, maybe some people don't discuss this. But I myself discuss it by preparing everything. If we can't manage our income and expenses well, we might go bankrupt, but I myself run a beverage business with occasional free drinking events, no problem, no loss. In fact, I was able to add a business branch with a more strategic location and a large enough area, of course there are also many customers who visit with comments on the concept of comfort and drinks that go to all groups, be it young people, parents, or children. From the failures that have occurred must be used as lessons so that it does not happen again in the future, I have experienced failure but with strong intentions and high determination until now I can open many business branches. Understand the failures experienced and look for solutions not just felt and left alone with the assumption "maybe in the future it won't be like this again" this is certainly wrong, try if we understand the failure, why it can happen like this and find the best solution there will definitely be a way out. Provided with a really good mindset. People who are successful do they never fail? I'm not sure if they are successful without failure, there must be times when they experience failure and get up.

Yes, don't think of business as a small thing. Basically, the business we run will have results in the future. If people who have a business by just following the nonsense like you said, of course this is vulnerable to the loss of the business being run because of the risks involved. I say again, everything must be really prepared. Maybe some people don't mind this, but opening a business with just enough capital and this kind of thinking won't work in the long run. Try if they prepare everything from the beginning. Talking about the risks that will come and finding solutions in advance, it is less likely that the business they run will be lost, this way the business they run will be fine not by making the decision to stop their business when things are bad.
Okay, you said take 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.

That's true because many employees that are earning very well don't manage to save money because they don't know how to manage their finances. That's why coming to the point of being a low wager and when you step up as a high earner, you need to step up also your way of managing finances.

With my observation for those rich people that have thrived their ways to riches. They just become used to their routine and I think that even they're all set for life, they just want to work as if it is their body's vitamins. That's probably just me or they are just greedy.

In addition we also need to step our strategy in spending our hard-earned money.  This article[1] may give us a wider view how to manage our finances especially if we are in a low-income range.  The artilce stated that we should:

• Track your spending to improve your finances
• Create a realistic monthly budget
• Build up your savings—even if it takes time
• Pay your bills on time every month
• Cut back on recurring charges
• Save up cash to afford big purchases
• Start an investment strategy

The answer for that is either that billionaire is greedy or still want to live on the expectation of others to perform as if he is in prime age.  We never know how the billionaire thinks until we are one.  It makes sense that they are still aiming for profit because they are accustomed to earning huge amount of money so they still do it as long as they have the power to do so.

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[1] https://www.fscb.com/blog/7-money-management-tips-to-improve-your-finances

I agree that is definitely by human nature that we're not content of what we have whether it's with material possessions and with incomes that we earn. The factor also about how life is tough these days want someone to earn more and that's why if you have a low income with your salary, you need to find some better paying job if you can. But if you don't want to leave that job of yours, you need to do extra hard work and use those vacant time of yours to do or find some side hustles.

This make sense but usually these rich folks just used to their routine of working until they're dead.

Well, oftentimes - yes. At what point do you admit that the venture is a failure? Usually it's when you run out of money and can no longer afford to try to get your business off the ground. Unfortunately, it often comes in pair with personal bankruptcy. And when your bank balance is drained and the bills somehow are not paying themselves, that's when you have to call it a day and look for a safer way of making a living.
"Never give up" is a nice-sounding buzzword, but the reality is harsh - unless you have unlimited resources, you simply can't afford to keep trying over and over again.

That being said, I don't discourage anyone from taking that route. Just don't make decisions fueled by the emotional crap of "following your dreams" and the like. You need to take emotions aside and do a cold calculation of all the risks and benefits.

Do people who run a business and then fail will immediately stop? I personally would not be that easy to stop, failures and risks will certainly exist. My example of opening a business and failing, it is not a reason to stop continuing the existing business, because I myself if I want to open a business, of course, have considered everything that must be faced, including the risks that are vulnerable to making the business fail. It must be prepared and considered at the beginning before opening a business, if they open a business carelessly without considering it first in my opinion it is the same as lying it will only waste time and money that will be used up in vain.

Maybe what you mean is our superiority to others, is that so?
It is a fact that people will have a sense of dissatisfaction and envy when they see other people superior to us. But the mindset of people is different, people who have this mindset should make people who are above them as their own motivation, instead of intending to compete with them. Instead of being like that which will have no end, it is better for them to talk about it well and work together in opening a business, that way maybe they can have a large and profitable business. Of course this will be more beneficial for them while they can work together well.

Depends on the circumstances. It's a completely different situation to risk your personal wealth when you have a family to raise and feed than it is to take risks when you're young and single. In a latter scenario, even if you fail, the worst that can happen is personal bankruptcy, which usually is not as scary as people might think it is (but depends on jurisdiction).
The vast majority of new start-ups fail though, so it's important to be realistic and know when to admit defeat. There's no need to go all-in and pump all the money if the business doesn't work out as planned. Best to learn a lesson and move on.


The primary drive is to have more than others, not to just to meet your actual needs. The funny thing is, most of us would be happier having 5 times less than we currently do, provided all the people around us have even less than we do.

If the business they are going to run is productive and profitable, there is certainly nothing wrong with borrowing funds for capital at the beginning, because maybe it is the only way to have your own business. So I also thought about doing it if I wanted to open a business and did not have enough capital to open a business, the attitude of responsibility must also exist when we have borrowed. Because if there is a loan debt we have to pay it off.

Yes, that's right, it's ingrained human nature, everyone wants a big income so that they can meet their main needs and feed the current life, with the intention and effort, someone will be able to succeed in the future. So take advantage of what is available while it can be done well.

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.


Yes, it is good advice, and it will seriously be a great help if someone doesn't play when they have free time and uses it well for good things. Some people always have free time, but they hardly use it doing good things that will generate them other income. In this hard economy where everything is expensive, especially food items, having a garden with different vegetables will be a great support to the family.


It is the nature of human beings, and I also see it as competition because we want to get what other people get and be ahead of them. If not that, why will a billionaire at 80 still be looking for ways to add more billions of dollars?

Managing income in the household of course requires honesty between one another, without honesty and having a high income it is difficult to manage finances well. The wife must be able to carry out good financial management and the husband must be honest in all matters regarding finances. And you should really look for additional income if you want to cover enough for your family.

In essence financial management. Because without good management in financing it will be very dangerous for our money. By having good financial management, we can manage it very well. we keep our money safe. We can only buy useful things without spending our minds on useless things such as cigarettes, drugs and alcoholic drinks. We can choose important items to buy. We can use our money to make investments.

Some people might be earning little income, and when you look at them, you think they are managing their family affairs perfectly ok, in terms of economy, but when you look closer, you will see that a minority or possibly a majority of those people who are earning little end up with so many debts and loans here and there, which is what is helping them manage their family affairs. The economy is so hard, even if one is planning very well, they can still use their salary to even satisfy all their needs and it will won't be enough. There are too many responsibilities that can make one not even be able to satisfy every need with their little earnings, but there's a little advice to it. As follows; 

If you discover that your salary can no longer satisfy your needs, no matter how well you plan your spending, then plan to look out for other opportunities that earn you extra income.

Also, some people know fully well that their income cannot afford to raise five kids, but they go ahead and bear five children 👶👧👦👶👧. Meanwhile, they would be the ones to complain that they have too much responsibility for what they brought upon themselves.

Some people are greedy in every aspect of their lives. They always want to benefit alone, but they don't want others to benefit from what they themselves are benefiting from. There's a common parable that says, "Teach your brothers how to fish, and don't always give them the fish." If you give people the opportunity or a good idea to make money by themselves, you will save yourself the stress of giving them money all the time. For example, if I have siblings or friends who are old enough to start working and I have the opportunity to help them find a job, I can do that because it will reduce the rate at which they will depend on me for everything. If they are also working and earning, they can even sometimes support family affairs.

If your responsibility is too much and your partner is jobless, then encourage them to get a job, because a parable once said that "two heads are better than one."

And that's what should happen in every family relationship, whatever happens in the family whether it's pleasure or misery we must be able to live it together because togetherness is what must be prioritized when we already have a family. Families are not as beautiful as we think, as is the fact that happens and indeed some people who are married have also confirmed that there will be tests in the household through several problems that come continuously, so there is the importance of togetherness, as you said by sharing tasks with your wife or husband will make it easier for us to solve various problems, by possibly exchanging solutions or even when finances cannot cover the needs then our wives can also look for part-time jobs. It is indeed less recommended because basically the one who has to provide for the husband but that does not mean it is impossible because only they will feel difficulties if the economy is bad, so maybe it is also a good alternative to increase income, I see that many have also done it.

And if indeed the husband has a good enough job with a large enough yield to provide for his wife and children then as you said the wife's role may be busier in terms of financial management and also home affairs such as preparing everything that is needed by her husband or children in need.

Sharing tasks with our wife will indeed make it easier for us to complete every responsibility within the family. If we were the only ones to solve family problems, this would be very burdensome for us. If we have mutual understanding between husband and wife, of course our family life will be very beautiful even though we have an income that is only enough for our daily needs and for those who have a lot of money, they will not necessarily be able to have a happy family life because they are always busy with their own activities. so it is very rare to be able to gather with their families. It would be very good if the wife managed all the household needs because they already know what their children and their husband need.

Setup a budget before you start to do or buy things and you will be fine, no need to make it complicated.
Don't rush things, if you want something it's okay to buy second hand or save money to buy what you want instead of rush and take a loan with high interest for example.
Always think think before do do.

It is quite normal and reasonable for everyone to put the goal of their hard work to make their respective families happy because it is not only for their own happiness as well. It will be easier to increase income if one family can look after and support each other in every activity we do, because when a family is so united in working together to make more income. Any hard work will not feel difficult for them if they can consistently support each other.

Likewise in cases like that, where each family member must be open to each other to discuss every problem and try to solve it in a fairly wise way. Because when the problem starts with money, it actually won't be difficult to solve as long as there is clear income through the income from hard work that you discussed earlier. So continuing to support each other in any case will make it easier for each family to solve every problem and increase income for their own family life.