On a low income? Discover how you can save money here.
When you’re already stretching your budget each month it can feel like you’re swimming against the tide. Sadly, millions of households each year struggle with the realities of living on a low income and trying to make ends meet. You may have enough money to keep everyone fed and warm, but what if there’s an emergency? Or you lose your job? The idea of losing the modest income you have is daunting to say the least, so it’s never been more important to focus on saving as much as you can and making the most of your finances – until your circumstances change.
Want to find out more? Read on to discover how you can save money when you’re on a low income.
Take back control of your debt
Debt is crippling. And we’re all familiar with how spiraling debts can damage us financially and emotionally. The answer is to take back control and tackle your debts head-on. This website can help you take on your high-interest debts, help you to look forward to the future as well as provide guidance and advice on your current financial situation. Check them out.
Make sure you’re getting what you’re entitled to
Many low-income families qualify for benefits and financial assistance with food, baby products, free childcare and money that tops up their monthly income. The system is not easy to navigate and can be infuriatingly complex and draining. The most important thing is to be honest about your income, and if you’re unsure if you’re getting everything you could be entitled to, make a call and speak to someone. Don’t circumnavigate your way through depths of websites.
Be brutal with your expenses
Sometimes it can feel like you simply cannot cut back anymore. But there are ways you can squeeze a few extra pennies out of your monthly budget. Of course, you can meal prep and switch your energy bill, but if you really want to make a difference consider downsizing your home, switching to public transport and getting rid of your car or maybe even rent out a spare room if you have one.
Can you make money from home?
An additional income would certainly make things easier. Of course, taking on a second job isn’t for everyone but you could consider making money from home. Get paid to take online surveys and review products – sign up to sites like Topcashback. Do you have any hobbies that could earn you money? Freelance writing, data entry even babysitting are all side hustles that have great earning potential.
Track every single penny
Tracking your spends is the simplest way to see how you can effectively cut back on your monthly spends and keep your money safe in your account. Take note of every single penny you spend, and you’ll probably be amazed at where your money is really going. Tracking your spends is also a good deterrent for those off the cuff purchases such as a new top or stopping for lunch at your favorite café. You won’t want to write it down!