Topic: How do you manage your finances and family if your income is low range? - page 5. (Read 1838 times)

Having a mediocre income is actually a fairly common problem and one we encounter a lot in everyday life. Whether it's from our neighbors or people we know. Surely some of them have a mediocre income. And having a mediocre income is actually not that bad if you talk about the short term. But yeah that would be a big problem if we talk in the long term.

Because mediocre income refers to a condition where our income may only be enough to meet basic needs. I think everyone who started a life career from zero must have also gone through this phase. Including me personally, I have experienced this phase for quite a long time in the past few years after I even started my career from zero again after experiencing bankruptcy.

In this phase, the way we manage our finances will be the same. It's just that there will be some boundaries that we have to make if we want to get out of this situation and make our financial life better over time. Like we limit expensive side dishes. Well we only ate rice with simple side dishes which were cheaper. And we only eat delicious and slightly expensive side dishes once every 2 weeks or once a month. So we can save a little money at that time.
Normally in my area we eat 3 times. Morning, afternoon and evening. So, in the phase when I still had a mediocre income, my family and I limited our meals to only 2 meals, namely morning and evening. Reduce purchasing snacks and only buy clothes during certain time periods. The point is that at that time we tried to make expenses as small as possible but still ensured that our bodies were well-nourished and able to remain strong and healthy for daily activities and work.

And of course at that time we didn't even think about buying the things we wanted. Because our financial condition would not be sufficient at that time. But after living a simple life together, we were able to continue saving and collecting more capital money. a year or two after that our lives improved. I initially had another business with my family. But in those few years I continued to develop my trading skills. Until I got to the stage where I could make a lot of profit from trading. And I decided to focus on being a trader until now. And that's enough to support a family. And I can still set aside to invest and save. And from my signature at btt I also include it for my long-term bitcoin investment. Sometimes I like to reflect on the quite difficult moments that I have experienced. And I'm grateful to have experienced it. Because bitter experiences sometimes bring good changes in our lives. My personality has become calmer and I can be more grateful for what I have now.

Seizing the available opportunities is not as straightforward as it may sound. Many individuals with limited income face substantial challenges in enhancing their Human Resources. This means there are constraints when it comes to capitalizing on the opportunities right before them. We all understand that each opportunity demands some fundamental requisites, such as initial funds, specific mindset, or particular skills. Consequently, the chances to capitalize on every available opportunity become even narrower for those with limited resources.

Perhaps, another viable solution could be to commence the enhancement of Human Resources to compete with others in pursuing more substantial opportunities. Patience and consistency are the keys, where one might take a step back today to make a significant leap in the future.

My suggestion might be to cut down on expenditures related to the improvement of Human Resources, which could involve taking courses or engaging in learning activities. This might be challenging, especially given the limited financial allocation, which is why extra diligence is essential to ensure that the expenses are not in vain while ascending from a lower starting point.

It is hard to manage your finance for you and your family at the same time if this happens to you it means that you are a sandwich generation just like me. It happens when we still need to give money to our parent and also you need to give money to someone below your ex. your wife and or brother, and also don't forget yourself. It is very hard to do all of it at the same time.

The best what you can do right now is by look for another income and start saving in form of asset I know is sound difficult but you have pretty much choice. Start invest with passive income like Stock with dividend or crypto with the staking program. you can start calculate and might save you later

Only to those people who arent busy are the ones who would really be that skeptical when it comes to proper nutrition but for those who dont have time or simply that busy then they would really be just choosing on whats the fastest way and cheapest way without minding about if ever its not that healthy as long they could really do the thing that they supposed to do then this is what they would definitely be choosing.
Its true that having your own garden and make some planting and growing your own food is never been that cheap and its true that it would really be requiring out such effort and time consuming
on which you would definitely be able to compare which one is efficient and which one could really take a toll for you to make money on something or with the time spent.

This is why only a few would really be taking up such path and only into those people who do have passive income or do able to make money or having stream even without having a physical or day job.
They would really be the ones who are really that busy on dealing up with things something like this but if you are someone who do have work 8-5 then for sure you would be skipping out such
idea and would really be just simply going into those options on which you could really be able to not to compromise your work which it would really be that
your main priority on which it is really just that a common approach.

That's good advice but in terms of healthy eating, growing your own food is way healthier than buying processed food or food full of pesticides etc. But money-wise, having own vegetable garden is not as cheap as people might think. To grow quality, nutritious food, you need to feed the plants with proper fertiliser and water them regularly. Tending to your garden can also be time-consuming, and you could use that time to earn money. So often times, buying cheap fruits/vegetables from a supermarket can actually be cheaper, but the quality will always be on the side of home-grown.

The only way to manage finances is to just cut off every expenses by reducing the standard of living and to be really discipline when it comes to spending of money. Money is something that flies when one is not conscious how it is been spent. Reducing lifestyles that takes away money and also to think of a side hustle to can be a channel of which money comes in, these are the two strategies to go with on how to meet up with the hard economy.  It is not easy to meet up with daily expenses in this economy but we have no choice than to try our best to keep on getting incomes to survive.

People living like this are actually surviving, not living at all. They can only spend with the most basic needs they have, such as basic and cheap food, electricity and water bills, rent (if not owning a house), and that is all... They can't give themselves the luxury of eating out, travelling or buying clothes, accessories and gadgets, or even having a hobby. It's a very limited daily routine and their only hope is probably the opportunity their children have to study in order to persue high paying jobs futurely, so they can change the financial situation of the whole family and finally give some confort to the patriarch and matriarch before the end.

Managing your finance to cover your responsibility and family needs is subject to the popular saying, "cut your coat according to your size", and this is one popular statement that many people haven't sat down to grasp a deep meaning of it. Some people when allocating money monthly for basic needs they expend on quantities that they don't need which before the need arises for it it has gotten spoilt or rotten, example is sauces, condiments and cereals in large quantities than needed.

Another example of people not cutting their coat according to their size can be found in the area of education of their children. Registering/admitting your child/ward in schools that school fees are far above your paycheque when other basic needs money has been subtract from salary the amount left can't meet with but for bride's sake that a neighbor's child is attend a certain prestigious school you also insist your child also will without considering your salary.

It seems we have more lazy people now in the world than we use to in those days of agrarian society where almost every home have a garden they plant a few crops for groceries use. And it helps so much in reducing expenses from going to get those items always from the market. I have a little space at my backyard I plant varieties of crops I know family will be needing regularly for cooking use and it has been supportive.

Everyone is ambitious and wants to improve their living (even more). People are working hard not just for the sake of survival but in order for them to live comfortably. Maybe I was wrong but it looks like that money is now the solution to every problem and makes us happy. In fact, as we can hear a lot of couples got separated due to financial problems which means that it has now become a more valuable thing than others.

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Indeed, proper budgeting is the best thing to do just to fit our income. Even though we already have a huge income, it is still necessary to used it and plan the future.

Actually it's easy to manage finances with a mediocre pass, the important thing is that the basic needs are met, so other things must be removed in the sense that they don't need to be bought if they still use other basic things, sometimes with low salaries we must be able to save in such a way, no need to think about saving or investing with one month's needs being fulfilled is better.

On the other hand, you must be able to find additional income if you only rely on a low salary then life will not have any changes, as you said by utilizing vacant land can be done if you have it, there are also other jobs you can do with the skills you have, actually there are many ways to generate additional as long as we try and display good skills.

Yes that's right I agree with your opinion, If indeed the income earned each month is limited or even low, it will not be too much of a problem as long as we can manage finances well. By prioritizing the basic needs that you mentioned earlier it will be sufficient for their daily lives, It's better if they can set aside for savings, this only needs self-control by reducing unnecessary expenses or even not buying things that are not too important, If they can do it then maybe they won't feel shortages every day.

This is a good idea, that way they will have additional income if they market it, also the other side is a little kitchen needs will be helped by the way you said it, If there is no land to farm then maybe in my opinion the only way is you have to look for other income to increase your finances. So in such conditions we must be able to take advantage of all opportunities that come or even create our own opportunities.

Basically everyone is born the same, but maybe it's fate that distinguishes them a little, for the problem of whether or not we are satisfied with the income we have in my opinion it depends on each individual whether they can be grateful for such circumstances or not, and also of course depends on how big their needs are, if indeed the income is still not able to cover the basic daily needs then it is only natural that some of them complain, and in my opinion there is no more effective solution unless they look for additional new income.

Yes, planning or management is also very important in terms of finances, I wouldn't say they have a difficult life if indeed their income is above average, but maybe I would say that they don't have good management in terms of their finances. For example, they freely allocate the money wherever they want without any planning and it turns out that the items they buy cannot have a good impact or balanced reciprocity for their lives, then obviously it is an expense that I think does not need to be done. The point is if your income is not enough then you can look for a place or additional work to increase your finances, and also if you already have pretty good finances then I think it's better to allocate it to things that are more useful. And yes, it is better to save or invest to avoid the impact of inflation.
     

Maybe we are born like that and we are never satisfied with our own income. No matter how much money we earn, we always think of ways to increase our income. We always want something better than the current position. Everyone is living but from low income people to high income people all are living life some in hardship some in happiness. More money is not income but our proper planning will help us to live well with family. If you have a habit of spending extra money, you should change that habit and try to do the necessary things with less money. You should not only plan for the present but also plan for what may happen in the future and save money for the future as per your ability. If we can plan for the future like this, I think we can survive the inflationary period.

Low income or limited salary will not be a big problem in meeting the family's main needs, you can still meet various family needs as long as you can manage your expenses appropriately. Allocate money to items that the family needs every month, such as basic food items, children's education costs, electricity and water. Always avoid spending money on things that are not really needed in order to save some money for other needs.

Apart from that, if you don't have another source of income, you can use your free time to work on the empty land around your house, start planting various kinds of plants such as tomatoes, chilies and other vegetables. By having produce from your own garden, you can increase your income and save money on shopping for kitchen needs.

You said and I quote that we must reduce our expenses to the point where we can afford basic daily needs, I think this the most primary need of human to have food on his table as every other thing comes second. We need food to be strong and healthy, we need food to get strength and energy to perform our daily works therefore, irrespective of how low your income is, you must make sure that your family have food to eat as that is the most important thing every family needs.

Involving oneself on taking loans just to meet up ones targets ain't advisable when your income is low because you may run into depression when you've incurred so many debts before you receive your income as you may be confused whether to settle your outstanding debts with your income or using to solve the family's basic needs. So you might run into confusion and debts draws one's goals backwards because instead of thinking ahead with your income, you may use it to settle previous debts thereby you will not have money to settle the family's current needs

Yes, I think it's a pretty good strategy that way it will reduce unnecessary expenses, even though it doesn't have a goal what you want to have but there's nothing wrong with reducing expenses and saving for the future anyway by saving it will be good for the future. I myself want to have a business that runs well every day to fill my spare time too, from the main income that is at least saved and then the rest is used as business capital, it's not a bad thing right?

But people's principles are different of course, I myself if I already have a lot of money it feels like I will invest it with a long term for my children later when they grow up so that they don't work for others but open their own business and run it well, but hope does not necessarily go accordingly but there is nothing wrong with preparing everything from now on. by reducing expenses that are not too important it will help us in the future as long as the basic daily needs are fulfilled it is better, anyway the needs that are not too important will not be useful forever if we buy them. So in my opinion, if the basic needs can still be fulfilled, it's good that the rest of the main income is saved.

As much as possible then this is my least consideration on taking up some adjustments when it comes to food, i would rather be finding any section on which i could be able to lessen up but not on food because we know on how important or crucial it would be into your families health on which we know that it is really that something important when it comes to this because if you wont really be that minding that much or making some compromise then health effects could really become that worst and it is really that something that we dont really like for it to happen. You could really make out adjustments on things which you do really know that it could be potentially be adjusted but if not then just let it be. This is why its really that important that on the time that you do see that your earning falls short with your family needs then
it would really be jus the right time for you to find out for another income source.

You cant really just make yourself that staying on one because economic situations or conditions becoming shit year by year on which if you do stay up that way then most likely you would really be putting
yourself on tough situation on which we dont really like that our family would really be experiencing some unfortunate conditions or situations which correlates into needs and wants that they do
need or simply with living.

Indeed, there is a big challenge in doing it in actuality rather than just saying it. That is why a lot of people fail to make it as we know that inflation can also affect our budget plus some emergencies. Honestly, it is not impossible if we change our lifestyle and remain low but with the inflation rate these days, it really has a huge impact on our budget. A reason why we should not just be contented with what we have earned today, we should find other sources of income to cope with the growing expenses.

I remember does days during high school when we attended economics class there were some principles that were learnt from there talk about need and want and having a scale of preference, you can not always have what you need so even if you want to handle any finance situation well, you have to reduce, and once discipline with how you manage money it will be of great help, know what your spend money on because I noticed that there is always a lot of things to spend money on. and luxury is another way to spend money because we love luxury.  


one of the most important things I know is food and except for other little things it is very possible to reduce your expenses if only important things are taken seriously at the moment, then the aim can be achieved, and like me now sometimes I reduce going out because going out cost money, that is one of my own strategies. if you want to choose luxury when you are just in starter in finance but if already rich luxury is not bad.  your income will determine the whole situation. and even the luxury is not more than just for people to recognize them in the society that they are rich.

True, whoever it is when they have poor finances due to low income then surely they will have difficulty managing their money and also in allocating each of their money, it is definitely not easy. Although maybe the income is enough for their basic daily needs such as eating but yes the income can still support them but the fear is that there will always be unexpected needs urgently such as hospital fees if one of the family is sick, and of course it can also reduce and drain their financial allocation, and not a few also end up borrowing.

Of course with all the conditions that can occur there everything cannot be predicted and obviously it will make it difficult for them to manage finances including limiting expenses. Well really one solution that can be done is just to find new sources of income to increase their income, because of course no matter how good their management is, if income is much lower than expenses then surely it will be very difficult to balance.