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Topic: How do you manage your finances and family if your income is low range? - page 8. (Read 1846 times)

sr. member
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Stop eating outside, cooking your food is a better option than going outside. If you're a family and you've got a limited budget, that's one lifesaver that one has to remember. Obviously, that's what gonna work for a family that's consuming food because you'll not even be able to afford to eat outside because of how expensive food is nowadays. And do not settle that you're just the sole provider to the family if there are some of you that can work just as you, you need to convince them that they also need to work and provide for everyone.

Also if you have leftover food that you can still use like reheat and to add, like for hams that can go along to anything like sandwich and part of the recipe. I think that way you can also saved up money, cause my mother is good at recooking foods that could last for a week. Whenever you're going to grocery, always have a list to follow cause for sure you would see everything that will led you to buy as well the unnecessary things. Don't also forget the discounts like the buy one take one, it's actually also good as saver, cause I always buy a lot to have stock at home with the same price but double product so it's a win situation. Well, I started to give some money for the needs in the house early at 16, any part time and side hustles would do as long as it's legal.
hero member
Activity: 2646
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Stop eating outside, cooking your food is a better option than going outside. If you're a family and you've got a limited budget, that's one lifesaver that one has to remember. Obviously, that's what gonna work for a family that's consuming food because you'll not even be able to afford to eat outside because of how expensive food is nowadays. And do not settle that you're just the sole provider to the family if there are some of you that can work just as you, you need to convince them that they also need to work and provide for everyone.
hero member
Activity: 1022
Merit: 600
Managing your finances and family when your income is low can be very challenging and sometimes It can even lead to brain stress in the sense that the expenses you do at the end of the day, weeks, and month outweigh the amount of income, and with the current economic situation in place, people with low-income range tend to suffer and feel the heat the most, and to curb this, multiple streams of income are highly encouraged.


legendary
Activity: 2464
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We have to spend according to our income every month.
Sure. We mustn't have bigger spending than our income. If it happens, we probably take the option of borrowing money. When we have a debt, it will burden your expenses every month. So, we must avoid it, never think to take a loan money if it isn't for an urgent need.

To avoid overspending, make a list of how much money you spend every day or where you can spend money in a month.
Yep. Making a list of all our spending daily/weekly is needed. It will make easier to allocate how much money to spend daily/weekly. So, we spend the money on the right things. We can avoid something that isn't really needed. It is an effective way to optimize the use of money (minimize excessive spending).

It is possible to manage a family well with relatively less money if you plan properly.
Indeed. A good plan will make easier to manage the money.  Wink

hero member
Activity: 1022
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Watch&Pray.
This condition is very common and is not something new. Well, I think this is where we need to activate coordination and communication with our wives. To be honest and I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions because the final goal of what we are trying is only for our family and not for other.
The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things. When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.
We have to spend according to our income every month. If the amount of money we earn every month, at the end of the month, if it is seen that the monthly expenses are more than our monthly income, but it is not possible to manage the family with additional expenses. The best plan would be to try to meet the monthly needs of the family by taking a portion of the total amount of money coming in monthly. To avoid overspending, make a list of how much money you spend every day or where you can spend money in a month. It is possible to manage a family well with relatively less money if you plan properly.
The income we do get from different jobs is something that we need to plan on how we use it and spend to pay our bills. There are people that earn weekly and also workers that earn monthly, this is kindly different and if the salary is not huge enough, it can be very difficult for monthly workers on taking care of there bills. When the capital we get or profits we get fr different jobs we offer can not handle our budget, it is very important for us to cut some of our expenses so that we are not going to be spending more than our budget at the end of the month or week when we get paid for work done.
hero member
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This condition is very common and is not something new. Well, I think this is where we need to activate coordination and communication with our wives. To be honest and I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions because the final goal of what we are trying is only for our family and not for other.
The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things. When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.
We have to spend according to our income every month. If the amount of money we earn every month, at the end of the month, if it is seen that the monthly expenses are more than our monthly income, but it is not possible to manage the family with additional expenses. The best plan would be to try to meet the monthly needs of the family by taking a portion of the total amount of money coming in monthly. To avoid overspending, make a list of how much money you spend every day or where you can spend money in a month. It is possible to manage a family well with relatively less money if you plan properly.
Live by your means
Live on something that would be focused on wants
Live according into your income
Spend on something which is important
Not to spend too much on leisure or wants
Dont try to reach things if you cant realistically be able to do so.


If you are the husband or father of said family then it would really be that responsibility that you would really be needing to manage your finances and budget management.
If you do find out that it is really that lacking or not enough then it would be smart that you should really be looking for another side income on which it would really be
patching up on whats lacking..

Just dont make yourself do spend on things which arent really that important. Always set and prior those necessary things rather than on making yourself
involving on something on which arent really that in necessary because if you do or you are a fan of it then most likely you would really be messing up
things later on.

Oftentimes, it's always the mother who manages the household economy from utility bills to finances involving food and kids' school fees. She will go the extra mile to submit a promissory note to the school for the kids to be able to go to school up until she can save money through the husband's salary. The father usually works and maybe even gets 2 full-time jobs for them to survive.

Sometimes the mother will make veggies to save money. If they are knowledgeable in planting crops and animal farming right in their backyard, she will do it. I've seen one mother do this actually.
hero member
Activity: 2730
Merit: 632
This condition is very common and is not something new. Well, I think this is where we need to activate coordination and communication with our wives. To be honest and I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions because the final goal of what we are trying is only for our family and not for other.
The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things. When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.
We have to spend according to our income every month. If the amount of money we earn every month, at the end of the month, if it is seen that the monthly expenses are more than our monthly income, but it is not possible to manage the family with additional expenses. The best plan would be to try to meet the monthly needs of the family by taking a portion of the total amount of money coming in monthly. To avoid overspending, make a list of how much money you spend every day or where you can spend money in a month. It is possible to manage a family well with relatively less money if you plan properly.
Live by your means
Live on something that would be focused on wants
Live according into your income
Spend on something which is important
Not to spend too much on leisure or wants
Dont try to reach things if you cant realistically be able to do so.


If you are the husband or father of said family then it would really be that responsibility that you would really be needing to manage your finances and budget management.
If you do find out that it is really that lacking or not enough then it would be smart that you should really be looking for another side income on which it would really be
patching up on whats lacking..

Just dont make yourself do spend on things which arent really that important. Always set and prior those necessary things rather than on making yourself
involving on something on which arent really that in necessary because if you do or you are a fan of it then most likely you would really be messing up
things later on.
sr. member
Activity: 1386
Merit: 406
This condition is very common and is not something new. Well, I think this is where we need to activate coordination and communication with our wives. To be honest and I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions because the final goal of what we are trying is only for our family and not for other.
The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things. When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.
We have to spend according to our income every month. If the amount of money we earn every month, at the end of the month, if it is seen that the monthly expenses are more than our monthly income, but it is not possible to manage the family with additional expenses. The best plan would be to try to meet the monthly needs of the family by taking a portion of the total amount of money coming in monthly. To avoid overspending, make a list of how much money you spend every day or where you can spend money in a month. It is possible to manage a family well with relatively less money if you plan properly.
hero member
Activity: 2338
Merit: 737
Yes, it is true but not everyone can be like that but most of them are bigger expenses than the income they get. this is what must be addressed by considering the expenditure of basic needs and the need to meet the current lifestyle, they must limit the current trend of lifestyle spending with luxury items or brands. and right as you said to avoid borrowing from others.
Avoiding borrowing from other people can start by not following too much of a luxurious lifestyle which you may not need to fulfill if your income is very limited. I also agree with your opinion because consideration of spending money on basic needs should be the main basis for everyone in spending money on what they need, but I exclude people whose income is greater. Because those with large incomes can easily follow the lifestyle trends they want.

Quote
Some people only prioritize the need to meet the current lifestyle compared to their basic needs, precisely when we don't have a family, this is our chance to prepare it, it can be by saving or investing, it can even be by having your own business, no matter how small the business is, as long as it produces it, do it well.
For some people who still live alone or don't have a family to support, of course they have to be smart enough to take advantage of opportunities to build a brighter future. Even though everyone must continue to work and hope for good luck with their discipline in managing the money and income they get through their work, because if during their single years someone is still quite generous in using money, of course they will find it very difficult to organize their future for the better.
sr. member
Activity: 812
Merit: 436
As a member of the family, when things are not working as expected, then it's high time to restrategize and make new moves, first of all, i will engage every member on doing something that could bring in an opportunity for independency for them, they can learn trade, develop skills, or look for menial jobs to do and earn from them, everyone cannot continue sitting down at home expecting a change to come up, we will take steps and act upon them, there won't be any form of overdependency on one single person, everyone will have to go out and look for opportunities and be independent.
sr. member
Activity: 826
Merit: 460
Some if the ways we can meet to our income standard is to reduce the rate on how we spend on whether we have family or not. There are people that spend more than there income and it is very bad of us if we indulge in that kind of lifestyle. We need to always weigh how often we spend our money to avoid unnecessary insult or having to go and borrow from people around us. There is need for us to make a plan for all our expenses so we can know which one and how we ought to spend our money. Those do not make plan, plan to fail and we need to always put everything we do on plan.

Well that's right one of the ways that we can still balance between expenses and income is by managing our own finances, management will always be the best way to balance. True, no matter if you are married or not but certainly management, especially in terms of finance, must be formed from an early age, sometimes there are already some of them who are still confused about what is meant by "wants and needs", not infrequently the two things are confused, which is where they really want the item when in fact it will not provide any benefit or reciprocity for their lives, they assume that it is a necessity, but I honestly say they cannot distinguish which is meant by wants and needs, obviously if you want something just for lifestyle then it is your desire to always look perfect.

That's right, as I mentioned above, management is very important in any case especially in finance, allocate money only for something we really need and don't let you misinterpret between needs and wants, after that if you have money left over from needs then it's better to save it for future needs.
hero member
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We'd rather not think big and add more unnecessary stuff.
 - because at the moment we aim high, being jealous of others for their luxurious life, and the tendency to compromise our finances.

That is why we should be certain of our expenses and keep them low. It was very difficult honestly and many things could be sacrificed. A reason why we shouldn't make our life too easy and contented with having that situation if we know that there is a way to help it out and live even better.


Some if the ways we can meet to our income standard is to reduce the rate on how we spend on whether we have family or not. There are people that spend more than there income and it is very bad of us if we indulge in that kind of lifestyle. We need to always weigh how often we spend our money to avoid unnecessary insult or having to go and borrow from people around us. There is need for us to make a plan for all our expenses so we can know which one and how we ought to spend our money. Those do not make plan, plan to fail and we need to always put everything we do on plan.

Yes, it is true but not everyone can be like that but most of them are bigger expenses than the income they get. this is what must be addressed by considering the expenditure of basic needs and the need to meet the current lifestyle, they must limit the current trend of lifestyle spending with luxury items or brands. and right as you said to avoid borrowing from others.

Some people only prioritize the need to meet the current lifestyle compared to their basic needs, precisely when we don't have a family, this is our chance to prepare it, it can be by saving or investing, it can even be by having your own business, no matter how small the business is, as long as it produces it, do it well.
sr. member
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We'd rather not think big and add more unnecessary stuff.
 - because at the moment we aim high, being jealous of others for their luxurious life, and the tendency to compromise our finances.

That is why we should be certain of our expenses and keep them low. It was very difficult honestly and many things could be sacrificed. A reason why we shouldn't make our life too easy and contented with having that situation if we know that there is a way to help it out and live even better.


Some if the ways we can meet to our income standard is to reduce the rate on how we spend on whether we have family or not. There are people that spend more than there income and it is very bad of us if we indulge in that kind of lifestyle. We need to always weigh how often we spend our money to avoid unnecessary insult or having to go and borrow from people around us. There is need for us to make a plan for all our expenses so we can know which one and how we ought to spend our money. Those do not make plan, plan to fail and we need to always put everything we do on plan.
hero member
Activity: 1106
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Not Your Keys, Not Your Bitcoin
There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

I will also record some more advice in my diary....
Cheer,

Here is the thing.
Family is a group of people father, mother and children, in some cases extended families all leave together and this is first started by two people. Now, my problem is not about how they start the family but the question is, do you have what it takes to start a family? Why marry in the first place when yiu are not financially buoyant and capable, don't dare bring a child in this world to come and suffocate them with the hardship of this economy. If you must be ready to start a family, the two must be financially stable to start and if you must born, do it on the budget you have at hand, don't litter everywhere with offsprings and come and blame the government for your own choice, that been said.

However, on average about hardship we are all facing, it is indisputable to say that things are right, inflation is worst right now, they are about to announce the new CPI in some minutes as I'm writing this( in 6 minutes) but we even we complain all days, we can't wait for government solution, you are the solution and you need to fix the main thing.

The solution to this finances is to increase your income, double where your income comes from and if you must do extra job to live upto a good standard of living, that is what you must do.
hero member
Activity: 2982
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We'd rather not think big and add more unnecessary stuff.
 - because at the moment we aim high, being jealous of others for their luxurious life, and the tendency to compromise our finances.

That is why we should be certain of our expenses and keep them low. It was very difficult honestly and many things could be sacrificed. A reason why we shouldn't make our life too easy and contented with having that situation if we know that there is a way to help it out and live even better.

hero member
Activity: 2338
Merit: 517
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It's amazing how people with low income made it, like they gave their children education and finished college with a degree.

I came from a poor family where my only mom raised us with my sister and finished our college with only earning $3 per day. If I'm not mistaken she always borrow money in advance to support our needs in our home and school. She never bought anything for herself, she prioritize our needs above all else. So the key here I think is never spend more than what you can afford, be contented and never gave up on your dreams.

Always budget the money no matter how little it is. Spend the money wisely and ignore the wants but always prioritize your needs first.
I can relate.
They're like the real heroes of lives and most of them are just silent heroes that don't discuss their struggles as they provide our needs.
I don't know how things became possible but they're the greatest providers despite the struggles that they've dealt.
So if someone who's still looking for some tips, maybe the first one to ask are their parents.  Cool
hero member
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There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?
Living frugally in unstable financial conditions is the best way to avoid excessive spending. The concept of having a family is to minimize expenses for clothing, food and shelter, this is deemed necessary to avoid excessive spending in uncertain economic conditions like now. If someone cannot manage their life well then whatever level of income we get will not be enough to fulfill our lifestyle. If the income we get is below our daily needs, it will be very problematic if we cannot manage it properly and this is where someone needs to be precise in managing finances.

A simple lifestyle must be adopted in unstable economic conditions and as much as possible we must spend money only on what is needed. Managing finances may be very difficult and not as easy as we are talking about, but everyone must have a strategy to avoid this problem if they want to live a calm and fulfilled life.
sr. member
Activity: 2436
Merit: 455
It's amazing how people with low income made it, like they gave their children education and finished college with a degree.

I came from a poor family where my only mom raised us with my sister and finished our college with only earning $3 per day. If I'm not mistaken she always borrow money in advance to support our needs in our home and school. She never bought anything for herself, she prioritize our needs above all else. So the key here I think is never spend more than what you can afford, be contented and never gave up on your dreams.

Always budget the money no matter how little it is. Spend the money wisely and ignore the wants but always prioritize your needs first.
hero member
Activity: 1092
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Leading Crypto Sports Betting & Casino Platform
I know that everyone has different ways of managing their living needs according to their income. About me, of course I just try my best and try my best not to disturb each other.

So far I have 3 parts that I have to fulfill from my total monthly income. The first 40% is for living expenses and family needs, the second 30% is for investments, while the other 30% is for the reserve budget including unexpected costs and charity. Of course this is a percentage that I can't always maintain consistently, but it is a reflection of how I have managed my finances over the years. It doesn't matter if you and I have different ways, but as long as it's good for ourselves then I don't find a problem in how to manage it.
The ability to manage finances needs to be developed at a very early stage, even when you have a very small income, which is only enough for the essentials, learn to save even in the most difficult times. As you increase your income, the amount you save will increase and this will allow you to invest more, but at the same time your standard of living will also improve. The most important thing is to maintain the habit of saving and investing when it becomes possible.

Just simply owning a piggy bank when you are a child means that if you have coins you will put them there because you know you can buy a toy if it is already full. Even in small amounts you can save it because later on it will accumulate. The problem right now is that the mindset of saving is that you'll be putting bigger than a penny into it which is why others got discouraged from saving a penny. So if we practice it then for sure even in hard times we can still save so it really depends on our discipline and mindset.

Yes that's right, in my opinion when people have money they only prioritize the current lifestyle with a luxurious style followed by branded items such as clothing vehicles and gadgets only a few people who when they have money they prioritize saving or investing, indeed there is nothing wrong with following the current lifestyle but there will be a future that must be prepared for themselves even they will have their own families who will be their responsibility.

The mindset that exists in young people may indeed be to follow the current luxurious lifestyle as expensive as the current lifestyle if they can afford it they will fulfill it but they should also think about saving for their future or opening a long-term business with a good income.
full member
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There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?



I listed some advices with Quotes.


I will also record some more advice in my diary....
Cheer,
I also experienced something like this in the past years when everything that I gain was disposed in gambling so i come to the point that almost every expenses comes from credits and debits.
then the time comes of payment and yes I need to give almost every monthly work payment to those credit.

What I did to survive? i Let my wife do Business online specially in pandemic days when the demand  for food online is truly that high.

and yes until now we are doing the business and yes this gives us almost half of our investments now.
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