Finances

5 Ways To Survive On Low Income

5 Ways To Survive On Low Income. Salary is one of the things that many people complain about. A lot of us learn a relatively small income that can hardly cover all our expenses yet we want to live comfortable lives.  Here are a few tips that can help you survive on that small salary;

1. Good Budgeting

Although it may be tempting to bury your head in the sand and bumble along in the hope that everything will be okay, this approach will ultimately lead to debt. Taking a long hard look at how much you have coming in and where it goes may be difficult, but it is the only true way to gain control of your finances.

 

2. Cut Back and Shop Smart

When you see your budget down in black and white, it may surprise you to find how much you are spending on non-essential items. It’s important to feel like you can treat yourself now and again, just buying a sandwich each day is another financial drain that many people are oblivious to. This is an item you can easily substitute, creating an instant saving. Buy a travel cup and make your own coffee before you leave the house, and get into the habit of preparing yourself a packed lunch. This may have health as well as financial benefits!

3. Get Smart At Home

Turning off lights and appliance standby lights can save money too. And if you have the choice, then taking a shower instead of a bath each day will save you money on your annual water and electricity bills. Indulge in a bath on a Sunday perhaps, and use some of the money you’ve saved to buy yourself a new book to read whilst you enjoy a soak!

4. Benefit From Benefits

Living on a low income is hard work and you can feel like you are constantly fighting an uphill battle. But with a little effort and self-control you may find that making ends meet is easier than it looks, and whilst you still may not feel affluent, just being in control of your finances can help boost your energy and mood, and improve your quality of life.

5. Earn Extra Income

If you can’t cut costs anymore than you already have, consider diversifying your income by starting a side hustle to earn extra money. Aside from your full-time job, you can get a job on the side to provide another income source. Many side hustles can be done right from your own home in your spare time. Think about what you’re good at doing, what kind of hobbies that can earn money, or what you already enjoy that can be turned into a side job.

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