Discover How You Can Budget On A Low Income

Savings in action

Even if your income isn’t where you expect it to be, you can still manage a practical budget with the right mindset. Lower income isn’t the end of the world, and you can advance from your current financial position too, just as you can in your career.  It can be a strain to try and manipulate your funds to get through the month when you’re living on very little disposable income, but it is possible.  The goal is to find the money leaks and seal those up, or at the very least, monitor the flow of them.  Once you can pinpoint your budget’s weak spots, no matter your income, you can become pro-active and plan more strategically!

We understand that living on a tight income can be extremely stressful as well.  Canadians across British Columbia who are finding themselves on a tighter budget can definitely do much better when they learn new ways to work around this.  Take weekly groceries for an example.  If you begin to keep up with weekly sales and start using coupons you might begin to save $30 and $40 at a time.  Below we are going to share some other ways Canadians can budget and manage a low income.

Tips To Manage Living On A Lower Income

A woman's hand dropping a penny into a half filled piggy bank.

A woman’s hand dropping a penny into a half filled piggy bank.

Of course, the first strategy toward saving money on a limited income should be accountability.  You need to keep perfect track of every penny spent.  This can seem almost impossible, but it is doable.  We recommend carrying a notepad with you so you can document transactions you might ordinarily forget about.  Further, you need to make debt-free living a priority.  There can be no living by a credit card, or having loans for cars.  You have to decide what is most important.  And yes, even the internet and cable are luxuries if you’re barely scraping by.  Let’s look at some other things you can do to save when you’re on a limited income.

  1.  Make the best out of extra cash you might acquire, in fact, be smart and use extra earned income to build up your savings.
  2. Yes, save your pennies!  You shouldn’t feel bad about it either, as every penny does count.  Have a jar for all of your loose change.  If you develop a plan that has you put loose change in the jar every time you make a purchase, you’ll build up your savings faster. 
  3. Sell what you don’t need!  And, thankfully, there are some great ways to do this all online.  Think of all the savings you can bring in when you sale what you know you’ll never use again!
  4. Give up processed food!  That’s right, you need to eat whole, organic, healthy foods.  Pass on all those sweet treats, fast food options and get rid of the sugary drinks!  Taking a healthier approach can save you on medical bills too!
  5. Live frugally–and we understand how tough this can be.  If you’re willing to make sacrifices to start getting ahead financially, pay attention to what you buy.  Stop shopping frivolously and look for bargains when it comes to purchasing necessities. 

Just taking these small steps can help you begin to save money on the most modest of incomes.  As always, when it comes to saving money, you have to have the will-power for the long term benefits.  If you’re hoping to save for short-term goals, then just take the time to check out some savings apps online. Every little thing does count!

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