Topic: How do you manage your finances and family if your income is low range? - page 6. (Read 1846 times)

Having a low income will indeed be very difficult to manage because it is very difficult to meet daily needs, let alone being able to have savings, even limiting expenses will certainly be very difficult, I think it would be better for us to look for several sources of income to be able to manage it well. the income we have. Yes, learning some new skills will make it easy for us to earn income from what we have learned. Developing our potential is indeed a very good thing to do if we have a moderate income.

This question is too easy to answer with discipline, but it's hard to do in action. Not everyone earns enough money daily, and the cost varies by country. The government adjusts the minimum wage, but it may not be enough. We must reduce our expenses to the point where we can only afford basic daily meals. It's hard since those who manage the minimum wage earner don't have to struggle with that problem. Sometimes, when I get sick, I need to loan to some people to afford medications.

Well a lot happens sometimes and people run into responsibilities that are way beyond them and I’m now using myself as a case study now. My late father of blessed memories passed on since 2016 and ever since then, life haven’t been easy and all responsibilities have been passed unto me and the death has thought me so much lessons which I’m also very grateful for and I will say that I’ve gotten a lot of experiences to manage a home and family of my own when I get married.
What I’m trying to say is that, starting a family isn’t really until you get married and I believe a lot of people are also faced with similar situations like Mine where the bread winner passed on and they have to inherit a lot of responsibilities and irrespective of how much money you earn, if you have a heart of care, you’ll definitely care for your family and I know of people who make a whole of money but yet can’t take care of their family because of recklessness and I also know of people like myself who even with health issues as well as very small earrings still try to balance life.

I’m taking time to read all comments and replies on this thread as I would love to learn how others manage their hikes as well.

Yes, that's right, if they have a mediocre monthly income they have to reduce expenses that they should not buy and must prioritize their main needs, it's better with a mediocre monthly income they can still set aside a little money to save, or they can open a small business to help their income, or look for a side job that way maybe a little will help them themselves as long as they themselves want to run it well without any coercion on themselves.

The lifestyle that is currently on the rise whether in terms of gadgets clothes or vehicles that are all luxurious but true to what you said should if we are not able to do not force it with the aim of being seen by others, I myself do not really think about and prioritize a luxurious lifestyle because of limited income as long as it can be fulfilled and can still set aside a little to save because basically there is a future to come and it must be prepared. So I think it comes back to each of us, it's up to what you choose but try not to make a loss for yourself.

if your income is in the low range, just live within your means. Proper management of funds is very crucial today as there's inflation in different parts of the world, and everyone needs to learn proper budgeting. Do not overspend and Get rid of unnecessary expenses, Allocate your income to your daily needs and monthly bills only and if you have spare time, find a side hustle or invest in your skills, in that way you will learn new things that might help you to upgrade your value and income.

You need discipline, dedication and continuous efforts to fight such situations. If your monthly income is on the lower side, you have to let go of many things and choose the cheap optimum alternative. You have to adapt to the circumstances. You have to prioritise your spending and limit your expenses by cutting down the luxuries from your budget. For example, if you can't afford a car, don't have it in the first place. Go for a cheaper alternative like a bicycle, train or bus. Focus on the bare minimum you need to survive.

It is also important to look for alternate sources of earning. Learn some new skills, get a job in a new company.

The level of financial stability of people must be different from working hard we will still be able to make money and although not too big but can make stability about the cost of living with the family. Instead of not work at all which in the end will make it difficult for us to meet the needs of life. Other important aspects even though our income structure is small by working hard we can always make money and this idea will be far better than not working at all.

Working hard will also foster a sense of responsibility and we are increasingly encouraged to work to make money as a responsibility. If those who have physical limitations can make money, it will be quite embarrassed that we are perfect we can't work anything. The key is not to complain and continue to work truly because that's where we will achieve what we want.

The size and smallness of the income depends on the extent of the responsibility you have, the greater the responsibility, the greater the income we must find, so that there is a balance between expenses and income. In the midst of unstable economic conditions working hard by working smart almost no difference for those who do not have any skills. This is talking more to the general plain how a person can make money not about the opportunities they have to make money.

Where the income is low, it is best for others to engage in works that fetch money for the family. There should be a reduction in expenses to give room for saving money that should be used for business that can generate daily income. Reducing expenses without saving or doing business equals stagnated life. It is easier to get out of the poverty if they can find a way to generate wealth. I don't understand why people are so attached to work that pay them low without doing something to help the situation. The best way to fight poverty is to have a business that can generate money even if it looks insignificant compare to your educational qualifications.

Fund or financial management would really be the key on which it would really be just that that recommended on doing so specially if you are on a budget or simply you are really that trying out to allocate or divide that salary of yours or income basing up into your expenses on which it would really be that a normal approach on which you would really be basing up on the money that you are earning and on how you would really be spending. There's no sense that you would be spending up more than on what you do earn which you are just basically trying out to mess up your life with that kind of lifestyle yet you would really be simply making out that devastation of your life if you do have this kind of habit.

It would really be just that sensible that proper planning and management into your finances would really be that crucial or something important because if you dont then you would experience the real deal.
I cant really afford on seeing my family been struggling or having that financial problem just because as you as the father or husband then it is really that your responsibility on handling things
carefully and really that have the job on making things to be right on track. Be responsible and be mindful about on the actions that you are making.

Depending on how low the income is then you can mange it. its not possible to earn $40 a month and expect to manage it you will still borrow some money and be in debt no matter the effort you put. That amount is not able to carter for one person completely rather a family of three and above.
Bitcointalk shouldn't be the only source of your income. You have to stand and look for something doing since you have a family to look out for. What if you were not accepted in any signature campaign after applying for a long time are you saying your family will go hungry?. It will also be difficult for you to save some Bitcoins in your present condition, when the pay is not enough how do you expect to save from the little you get. The forum isn't a place for live hood living at least as a man you should have a good paying job or a good skill that can fetch you money form time to time even if its a steady job but you cam get some contracts at times.

Well,
Although I try to put thought into every step of my life, it often doesn't happen. The biggest event was when I lost my job and then I got completely hooked on bitcointalk and so far bitcointalk is my only income way of worshiping. Now that I have a family and I have a child when I think about not having any money at the end of every month I have to think about what I'm really going to do.

When Bitcointalk signature income is the only asset, I have I don't think it would work but I agree with what you said and it could be a way but I want some Bitcoin for the future. But really I don't know if I can actually save bitcoins or not.

tl:dr; just those 2 products can save £17 a week (£68 a month)
..
convenience becomes the enemy of income

i dont need to be personally concerned with finances thanks to bitcoin. but i do like to look at frugality as a thought experiment and to keep me empathetic to the unbanked population
someone in my locality talked to me about their inability to save money. saying all their money leaves before the end of the month

i asked them to for one month. do their normal activities, but ask for/provide a receipt for everything they buy that month
there were many surprising things i noted when reading their receipts

they bought individual 500ml bottles of pepsi-max for £1.20 each (6litres would be £14.40)
compare that to
18cans of pepsi max(330ml each) £7.50 = (6litres for £7.50)
1.5ltr of pepsimax for £1.20 (6 litres would be £4.80)
yes thats right same retailer sells 500ml bottle for same price as 1.5ltr bottle

making one change in just how the pepsi is contained. can save them 50%-66%+
when it comes to drinks someone can go through 6 litres in less than a week meaning saving £10+ a week
...
heinz baked beans individually £1.45
supermarket ownbrand £0.30-£0.45 can save £1+ per tin by just swapping the brand
(trick is, first time instead of buying one expensive tin. buy 3-5 ownbrands totalling the 1 expensive tin. and then taste preference the one you will only buy next time)

when it comes to tinned food most people use upto 7 tins a week per person per week. so that can be £7 saving a week (per person)

just those 2 products can save £17 a week (£68 a month)

..
too many people do not think that these small £1 premium items mean much to the budget, but it soon adds up

Hard work is not always make us on the stable financial condition due many countries have lower salary payment and difficult to reach better financial although spent more than 10 hours in daily days for working. But have better condition with financial when we want working hard than keep lazy and complaint how cheapest salary payment when working on some company or another job. Regarding with some people have disability with their physical but keep creative ideas for working without complaint or lazy with their condition.

Its the same meaning "where the will there the way"

If want get stable or better financial condition work and don't make your self lazy, but hard work only not enough yet because we need smart work how to get higher payment salary than focus with physically working.

Not only can this make every penny very meaningful, but it can also make every condition capable of being faced by everyone wisely without excessive stress. Because someone who is willing to cut things that are not important and want to save every income into important savings will always be ready to face any difficulties in life.

Apart from that, support from several parties really needs to be sought, but I doubt that every community will support our efforts in this regard because currently everyone is also trying to eliminate the difficulties that exist for themselves. So the most likely means to rely on as support is our own family, because the people in our own family will always be more likely to provide full support for our success and to eliminate any difficulties we have experienced before.

Prioritize needs and always close yourself off to desires that can absorb greater expenses. When you are faced with very limited financial conditions, circumstances will require you to always live frugally.
Some people are successful in managing their families very well even though their personal income is very low because they always feel they have enough of the good fortune they get. Even though they rarely eat delicious food, rarely wear expensive things, they can still live happily due to gratitude for the good fortune they get, even in small amounts.

There is no way other than helping ourselves financially, people can provide a way and capital for us, but if we don't move ourselves to find a solution then there is no way out of the problem of economic hardship in conditions like now. All commodities increase while salaries are never increased in a balanced way and in the end we cannot meet the balance in terms of spending. We are still lucky to still have a salary rather than some people experiencing layoffs because production has decreased due to no sales value. There is a need for alternatives and skills in facing an increasingly difficult life and talking about prestige because work is not suitable is not a solution because we need food not just prestige.

I began to realize that when we have responsibilities towards our family, prestige is not the main thing we think about, but rather how we can make money to support our family life. Creating protection to increase financial balance is very important and as much as possible we must try to find ways to always be able to make money even if it is small. The method can be adjusted to each of our skills and see opportunities everywhere to make money, if not then don't expect us to get out of the current economic difficulties.

but with the fact that inflation always rising year by year that it doesn't even equate to the increase in salary, will you be able to afford living by just cutting down some luxuries? eventually your purchasing power will be a fraction of what it is nowaday, and you will be left with fewer and fewer things you could buy to fulfil your basic needs if you don't do anything to fix your financial problem.
I think thats what people with low income should always think, they are the one that always vulnerable at the slightest shake in the economy therefore something is needed to keep themselves from becoming even poorer.
its not as simple as just cutting down the things we buy, but we also need to know that inflation eats your wealth.

It all talks about hard work and effort on which this had been always the key for us to make ourselves that progress or could really be able to make money.If you do find out yourself to be that in a struggle in terms of money
then it would really be just that right that you should really be that working your ass off just to make that income or having that stream of money that you would really be using up for your daily survival. We do know that its never been that simple on living in a world like this on which every commodity and services which value increases and our salary dont increase at the same time on which you would really be ending up on struggling on day to day living but of course there would really be ways and alternatives on which you could really be able to make yourself sustain no matter what.Just like on what been said that it would really be that a matter of hard work and dedication on making yourself that progressive because if you dont act nor make a move then you wont really be finding yourself that able to survive on day to day living.

Its never been that simple but doesnt mean that you cant really be able to find ways on how to make your life better.There are really just those conditions or situations on which it
cant really be that be able to avoid but there's really ways and things which we could make out that alternative or solution.

To think big is actually a good thing. I'm not referring on thinking about those material stuffs like for example the latest iPhone, but it's about thinking if how we can maximize our capacity in order to improve our life more or others through contributing to the people around us or the society.

This is also important as a human being. It makes you identify the real purpose of living in this world. Being jealous with others is a bad thing but we can use them instead as an inspiration. It doesn't mean we also buy the same stuffs they have but it's about grinding hard and working to improve our ability, and lifestyle/routine. It's hard but later it will be compensated by the good things or good vibes rather.

There is no one who cannot make money if they are willing to work and there is always a way for those who are willing to try. The problem is that they are too lazy and not proud of the work they have so they don't want to do it. I often see people who are physically disabled but can still make money because they are willing to try. It's different about small or large income, because everyone has different needs to fulfill their daily needs and it really depends on us how to manage them.

Inflation and recession have indeed caused many people to lose their jobs because it is caused by the weakness of the community's economy in meeting life's needs, so that many workers have been laid off because of sales or job requirements that have to be simplified. Individual skills and hard work are important in conditions like this and if we can see opportunities maybe this problem can be resolved a little. Look at the sectors that are needed in conditions like this, for example what needs are needed even if people don't have the money to buy them, then make a plan to develop a business in that sector, even if it is small.