Topic: How do you manage your finances and family if your income is low range? - page 3. (Read 1846 times)

But now or nowadays, many young couples choose their own paths even after getting married. Because some couples sometimes both have different careers and both work and earn. So they manage their finances independently. And they just try to work together in raising their children and work together in saving money for their children's future. But apart from that, they seem to have their own paths. And it seems like this is now common. And this makes the position of head of the family sometimes less visible. Well, the point is that sometimes the wife doesn't really think of her husband as the head of the family. Because she feels capable of taking care of everything independently without her husband's help.

You would really be that to be open with your wife since she's your partner after all or the one you would really be having for the rest of your life on which it is really just that normal that you would really be needing to be open as much as possible and dealing up problems together. Somewhat there are really some individuals on which they do really just tend to solo out the problem and becomes that secretive on whatever things that they are dealing with specially with some husbands or fathers who would really be just loving on taking the problem alone. Yes, its not really that a bad thing considering that we dont really like for our wife's to be that get stressed on whatever problems that the family does have.

Finances is one of the most common problem at all yet we know that there are really that common factors on which do affect the way we do live specially on economic or with some unexpected emergencies
on which it would really be causing that huge effect when it comes to finances on which it would really be just that normal on having that kind of probabilities.
Therefore, if you dont like on struggling out when it comes to finance then having multiple source of income would be always the key, it cant really be just that so easy.

Prioritizing an honest and open attitude towards family is very necessary in a household and in managing family finances. Especially to our wives. Because after all, we and our wives must fight together in everything and we must always solve all problems together. Including financial problems. So of course our wives must also know how money flows in and out of the family. And he also has to know our sources of income if we want our wife to help us manage our finances. Unless we feel capable of managing family finances ourselves. But I think it's a difficult task. Because sometimes we have to share tasks with our wives in this matter. We focus on making money by working hard and our wife will manage the household including the finances. Because sometimes our wives know more about what needs must be met in the family. Our children's school needs and so on are always better known to our wives.

Increasing income is definitely something we need to do if we want to maintain family life. But to be more certain, we also need to cut spending and cutting here does not mean cutting down on daily necessities but cutting down on unnecessary things in life. Just like my family before, when the economy is difficult, we will limit buying too much food, only buy enough to eat, not buying things that are too expensive...That also helps me save some household expenses.

Regarding increasing income, I think it's not only in difficult times like now that we think about that. We should find ways to increase our income whenever possible because life will always have unforeseen events and we must always be prepared for that. Don't wait until things happen to you to think about increasing your income.

It's not easy, but if we try hard to increase our income, I think it's quite possible to achieve it. It's all just a matter of desire and hard work. If someone really puts in the effort and is consistent, I think it's very possible and also family will certainly be a big motivation because for Everyone making their family happy is a life goal that is always a priority.
It cannot be denied that problems in a family are due to financial factors and if we can manage this well then we will minimize the problem, and I think every family has its own way of managing finances.

Carrying loan to solve family problem is not bad but make sure that the load is for reasonable things and also note that, the load you took can be managed by the monthly income you earn to avoid any damages. We can take loan for any kind of problem but it shouldn't go beyond your control and also inform you family member like your wife and children if they have grown up and can understand because in this kind of situation family members have to be aware so that if their is any changes in time of financial issue you will not owe them any explanation, this like fish not in the food or eating the same food constantly or some of their needs but not that serious to stop them from anything they want to do.

This idea is also nice one but in my place people usually go to work early morning and comes back towards evening and when they are back they looked so tired and next thing they do is to shower and eat their food and sleep and continue the same thing tomorrow and when you talk about during weekend the see that period as resting periods. To be at the safe side we have to involve our family members in every of our plans because we has head of the family can't do it alone, like preparing a garden if we are busy we have to engage our children to do the preparation of the garden, with this plans we can a little bit relieved and have more money to save.

That is human only few among us escape it but majority are involved, take a look at our working place we get promoted with the increase in our money too but still we keep on complaining about the needs. Let me tell you even those that have escaped it are just contented with what they are earning and also using the application of "scales of preference" to control the spending.

That's right, having clear communication with your family may help to manage well your income. Both parent should be transparent when it comes to their incomes, expenses, and other things that money may involved in. Communicate with other family members to be more mindful about spending on things that aren't that important, Eliminate some debts, and build a budget that works for you and your partner. Once you determine how much money you have coming in and going out, time to figure out where you can cut back on your expenses like your non-essentials or find a way to increase your income.

That's good, even though the business that is owned is small in appearance or value as long as it is productive and profitable I suggest continuing to run it. But my advice is that no matter how small the business is, force to set aside a little to save because over time, at a later time the savings can be used to increase the business products that are run so that they are a little bigger or better until they can have additional workers or employees. That way who knows from the small business we have can become a big business, right?

Although the main income is limited but if we have a small business maybe it will help our finances although a little in my opinion it is not a problem, instead it becomes a good thing because of the spare time we have. So others should be able to follow how to generate additional income for ourselves. That way the income that was mediocre will be helped by the business we have, it's okay that the business is small as long as it produces and is profitable for us like what you do online-based small businesses, in my opinion it's good because now people mostly shop online because along with the technology that supports it.

That is the best way to maintain a good home and also improve income that will last the entire family to enjoy before they will separate to their own family in the future. Using that low income to create such opportunity, which I know is not easy to make such thing available but if you can make such thing reality, it will make the family not to experience any challenges in this massive inflation that is affecting the global economy and is collapsing many family. But to lay such foundation in this season is not easy without the support of your family member like your wife and children, because if they can support you to make those things establish in the family, it will increase the family higher in all aspects of life.

Many of our families, big and small, often face financial problems or continue to have these problems.If your income is struggling to cover the family expenses then you must increase the source of income and work out how to increase this source.If you can do a small business or job in addition to your current salary then your source of income will increase.I am working a job to support my family and also running a small online based business now I am not having much problem.

About cutting down on expenses, it’s easier said than done. It’s not so easy to cut down on the lifestyle you’ve been used to for years and that could prove difficult.
Looking for another income source to bolster your earnings is also a good idea. And it’s an idea that a lot of people have thought of but unable to actually do it. With not enough jobs around for people who are willing and able to work, it wouldn’t be so easy to secure a second job. Hence the need to grow and improve on ourselves so we can be indispensable at our work place and also looking attractive for employers looking to hire people.

The issue is prevalent and requires coordination with wives. It is acceptable for monthly income data to be disclosed honestly, as it helps wives understand and manage it. However, additional efforts may be needed to address shortcomings. Being truthful allows family heads to communicate the actual circumstances, as the only group they aim to help is their own family, not others. This approach is preferable as it allows for better communication and understanding.

I think the only way to manage family is get another source of income because family responsibilities increases expecially a family that has children at hand, because reducing the standards of living can't only help in managing the family. As the children are growing their demands are alo increasing.  Having another source of  income is the only way on how to meet up with the bills, and also to avoid spending unnecessary on things that are not important,  doing this will help to solve the major bill that is in the family.  When income is not much one needs to consider a small family to be able to meet up financially.

supporting family with lower income by properly managing money which just simply means cutting your basic needs, or never buy something luxury without any proper reasoning, is just temporary means, until when you will be able to do that? isn't the inflation gonna decrease your wealth in the long run? as mentioned its better to increase the income.
even better if we also invest, after all with investing, we could increase our income as well, so not just doing nothing meanwhile our money keep decreasing.
thats why knowing to invest is important.

That's I will do too. The competition for having new jobs is there but I won't stop since I've got my own reasons not to give up and why I need to find another job or another source of income. When life is too tough and gets tougher, this is when we can do the impossible. Believe me, when you're too motivated and you're feeling to do the impossible, you are very optimistic with every approach that you do just like finding another job. Because when you can see the whole situation of what you and your family is going through, you'll have to do something.

It is what it is but you will learn that eventually on how to properly manage your money, finances and salaries that you'll be taking. That's always the hard part when you've got nothing to budget on but when money comes in and you only need to budget it, that's gonna be easy for you.

I've said it before and I'll say it again - this is the wrong type of thinking. You need to start thinking of your time as your most valuable asset. Instead of finding another low-paying job that will leave you no time to spend with your family or raise your children, you should shift your focus on getting paid more for your work. The simplest way to do that is to get some skills that others don't have. And I'm not even talking about any fancy degree that takes years to obtain and costs a fortune. Just literally learn something that an average man can't do himself and that will improve your life significantly.

This is correct that you should first give importance to your needs because wishes cannot be completed as you will work for one wishes after which you will wish for another happiness therefore always thinks about needs first. Make a monthly planning that you will use your income in basic things only and specify certain amount which you will keep save in each month. If a person spend his money on specific and necessary things only then he can easily manage his expenses in a little income otherwise he will be unable to do anything for himself.
Other people cannot teach us that how to spend money because its our own salary, our own needs and our own expenses so no one can understand better than ourselves. As we are working hard for getting money so we can also use some hours to make a plan and save our money.

There's some good information in this post and then there's some bad information, or misinformation.  I have to ask, how did you select these people and the "advice" they are giving?

As a licensed financial advisor of close to 20 years now, I would highly recommend NOT taking advice from anyone you don't know their educational background of when it comes to finances.  I can't tell you how many clients have taken "advice" from friends/family/co-workers that has come back to bite them in the butt.

One thing I did notice and is absolutely correct...budgeting is your first step.  The first calculator on this page is a great monthly budgeting tool- https://www.empower.com/learning_center/calculators/index.shtml?_gl=1*7ilj50*_ga*MTk5MDIyODk4NS4xNjk4MjU4NzQw*_ga_MDRRLSW4FM*MTY5ODI1ODc0MC4xLjEuMTY5ODI1ODc0NC41Ni4wLjA.#/

If anyone would like some help with their finances, from a financial advisor, I'm happy to help..just shoot me a DM.

Exactly! If my current income is not sufficient to cover my family expense then I will try to find an additional income source or I will try to find another job that will be enough to support my monthly expenses. Sometimes it is not only our low income but also our lack of proper money management that causes financial problems. You can support your family even with lower income if you have knowledge about money management.

Managing finances is really necessary, especially with a low income and only one income. You need to know that if your salary is your only source of income, then you are only one step away from poverty. So indeed all of us, especially those who are married, must have a long view and try to find additional work. This way we can make money, save money, and employ this money (investment) which is the most important thing.

In life it is very difficult to predict what will happen in the future and there are times when it is very difficult to manage finances because sometimes unexpected things can happen, so the easiest way is to just enjoy it and be grateful for what you have... if you have more money, save it.