- November 12, 2019
- |Finance, Legal Moneylender, Loans, News
- 0
Unless you’re a heart surgeon, an investment messiah, or a drug lord, you’re probably not too rich. Today, to live a comfortable life, all families have almost every member earning, unless your kids are still ‘kids’. Even in a family where every member works, it is difficult some days to make life as comfortable as we want. But the most troublesome thing is when it’s a family of four and there is just one person who is bringing in the basic income every month. Then, making ends meet becomes difficult and you can’t have the things you dearly wished for. In such families, the earning member feels laden with responsibilities but the other members can help with little things. When there is just one income, every member of the family should take it upon themselves to change certain things from everyday life and make it possible to live in good financial conditions.
1. Make a Budget
The most common and important thing in the world for anyone is to make a budget for their daily expenses. Even teens in high schools are taught about this by their patrons. And it is the most important thing that a family must do if it has just one source of income. Making a budget gives you info about your expenses daily. Include the most basic things first in the budget. For example, the daily commute of the earning individual, everyday food for the whole family, special days for eating out, education funds if you have kids in school, utility bills, credit card bills if you have any dues, network and internet bills, etc. While making a budget, look for everyday expenses that you can do without and remove them. Out of all the important payments you need to make through the month, prioritize the most important expenses and get rid of them first. Record your expenses every day and keep track of the things that unnecessarily drain you of little amounts. You can also use budgeting tools that help you budget more accurately.
2. Always Know Your Worth
Even if you want to fly, you can’t buy the wings with your food money because it takes energy to flap the wings. Everyone should know what they can have and what they can’t. Know what you can afford in life. Every time you want something, ask yourself if you need it. When all you can buy is a used car, there is no reason in going ahead and buying a luxurious sedan on credit and then trouble yourself for the coming months and have meager meals because you’re paying off the car company. Avoid going on shopping sprees for unnecessary clothing or expensive foods. If you deplete your only source of income, you will end up having more debt in your account than money in your pocket, and it’s called bankruptcy. Keep away from expensive goods that you can do without and always make sure you clear previous debts before you begin to take credit again.
3. Cut Down Expenses
Spending money lavishly feels good but it is not for everyone. You have to accept the harsh facts of life when it comes to saving money for living with your family. Cutting down expenses that are not the necessities for living a normal life. Take, for example, the cable connection in your home. If you have an extended family that decision is surely hard and especially when you have young kids. But if you have a supportive and understanding family then you can decide whether the idiot box is really necessary for your entertainment. Certain food items in your kitchen that you use very rarely, or have a mutual consent on not liking that taste, can be removed from your grocery. Gym memberships can be canceled and finding better ways of exercising at home can be another trick of saving.
4. Earn Additional Income
When it comes to families with a single person earning, it is hard for others as well. It calls for the same thing I said above, help the earning member through little things. Today there are means where you can earn income sitting at home without being bound by a contract. Freelance websites offer a variety of jobs that you can do while being at home. For stay at home mothers, it can be a delight to earn some extra money and help the husband have it easy. Jobs like writing from home, designing websites or babysitting children can be a good way to earn some extra cash.
5. Use Offers and Vouchers
Earning extra income is a task as it might seem. But there is another way of saving money from your income. And that is shopping. Well, not going on a shopping spree but to shop on offers that give you discounts and extra items that you can use later. Even while grocery shopping, be on the lookout for the items put up on offers and ask the supermarket personnel to inform you about coupons which you can collect and have benefits like free goods or mega discounts. Sometimes bulk buying can get you major discounts that save you money for a significant amount of time.
6. Downsize
Living is not about owning things. Every household has extra stuff that is just lying in one place and perhaps hasn’t been used for a long time. Everyone likes owning things but you have to let go of some things to get another. You just have two hands. Look for such gadgets, devices and other stuff that you don’t use anymore and sell them on used goods business portals or thrift shops. You can buy cheaper alternatives for some of them from the same place. You can also consider moving to a different location with pocket-friendly amenities. If you have a big space that you don’t require, you can move into a smaller place with lower rent.
It might seem discomforting but at some phases in life, it is better to know your limits. As they say, money gets money; unless you save some of it, you can’t expand your limits.
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