There are many situations that force people to live on a limited income; it could be a loss of a job, a sudden illness that interferes with ones ability to work, or not making enough money on a job. Whatever the reason may be living on little income is no picnic but it does not have to be a death sentence. To live on little income means that you live a simpler, less materialistic and less lavish lifestyle. It does not mean that you spend everyday depressed thinking of the things that you wish you had. You may never know when you might be at the mercy of an unexpected change in your income so it is wise to be prepared for situations like these. Below are simple tips on how to live on little income.
Let go of costly services that are not of necessity. Examples of services that cost much but that are not of any true value are cable service, cell phone service, movie rental service and magazine subscriptions. These items are not essential and can be discontinued until your situation improves. Cutting back on things like these will save you a great deal of money.
Let go of costly items that are not of necessity. Items such as jewelry, entertainment systems and game systems are examples of costly items that lack necessity. Any items rented from the furniture store (computer, stereo, television.) are also examples. It would be best to get rid of anything that you rent monthly. If you must rent you should only have 1-2 major things in your home that you rent such as a furniture or refrigerator.
Avoid shopping sprees. If you usually spend $40-$100 a week on clothing you will have to stop. Some people shop constantly so that they decrease their chances of wearing the same clothing or outfits over again. If you are living on a little income a lifestyle like this would not be reasonable. You can not be too proud to wear clothing items more than once. The only justifiable reasons for you to go clothes shopping would be; your clothes have become overly worn and are starting to tear and get holes in them and you have lost a significant amount of weight and can no longer fit into your old clothes. If you feel as though you have to spend something on yourself you should spend no more than $20-$23 a week on yourself. Do not buy brand name clothing opt to purchase the lesser known brand of clothes at retail stores or shop at a thrift store.
Stray way from takeout- It’s very easy to spend $100 a week on fast food without even realizing it because fast food is cheap, quickly served, and convenient. Spending a mere $5 a day on fast food adds up and becomes and unnecessary expense. You want to be careful not to fall into the trap of relying on the nearest McDonald’s or Pizza Hut for your meals. Purchase your meals at a wholesale grocery store.
Avoid going out to dinner. If you have acquaintances who love meeting over a meal you will have to find away to refuse their desire to meet over dinner. If you are too coy to admit your financial situation then make yourself seem so busy that you can not make it to lunch. It’s always best to be outright with acquaintances and friends to avoid awkward situations. If you are good at whipping up dishes on a budget invite them over for dinner at your home.
If things gets really tough for you visit local food pantries. Check for the operation hours and days of food pantries in your area. Some food pantries run once a month and others twice a month. Every pantry has different hours and policies. If you can go to 2-3 pantries a month you may not have to do much grocery shopping.
Buy in bulk and eat leftovers. Purchase food in bulk at wholesale markets. Save the food that you do not eat and use for leftovers.
Get rid of multiple vehicles- If possible lessen the amount of it vehicles you own. Sell your extra cars to cut down on car insurance and gas.