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Living on a low income can be difficult in today's society. But living with less doesn't have to mean living without the things you need, it just means living differently. You might not be able to afford luxuries like cable TV and expensive clothes, but that doesn't mean you should live in poverty. There are plenty of ways for someone living on a low income to save money and still maintain their quality of life.
We can't control what happens in life, but we always have the choice of how to react. When unexpected situations happen and our income goes down, it is good to do different things. For example, if you are living paycheck-to-paycheck or on a tight budget, it might be better for you to think about what other things you can do like eating at home or not buying as much stuff.
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10 tips for living on a low income
Pack your own lunch.
It costs money to eat at work. But if you bring your lunch to work, then you can save some money. You can save up to $200 a month by bringing your lunch every day for five days a week.
Dry-cleaning can be a very expensive way to clean clothes.
Save your clothes that need to be dry-cleaned for special occasions. Wear clothes to work that can be washed in a washer. You will have money in the future if you do so.
To save some money, you should consider changing your cell phone service.
One of the best ways to save when living on a low income is to look at your cell phone bill. Do you want to know about other carriers? This is a good time to switch. There are many lesser-known options that can give you more minutes, data, and text for the same price! Or change your plan with your current carrier so that you don't spend too much on features like unlimited texts or international coverage when those don't apply.
Is your cable television service too expensive?
You have 300 channels on your TV, but you still can't find anything to watch? It is too expensive. You spend more than $100 every month. You could try not watching TV for six months or not buy cable TV.
It might be hard to give up your favorite TV show. But it will feel good knowing that you're not spending so much money on cable. When I did the math, I found out how expensive my monthly bill was going for channels that I don't even watch!
Change how you do your grocery shopping.
Living on a low income may mean you need to try switching up your grocery list. If an item is on sale this week in the ads it may be cheaper than last week or last month when you bought that same product. By making a list of items that are on sale, these products will satisfy all of your needs without breaking the bank!
If you want to take the time, buy produce that is on sale in bulk. If not, make a point of shopping at your local farmers' market for consistently low prices and quality produce.
Coupons are a good way to save money on groceries. You should not buy something just because it is cheaper. This will cost you more in the long run, because you will have to go shopping more often or buy food that isn't as healthy.
You don't need to spend a lot of money on entertainment.
Sometimes it can be expensive to go to movies, museums, and golf courses. You might want to try free or inexpensive things instead like going on a picnic in your local park or biking together as a family.
If you prefer, rather than stopping all your leisure spending completely, try cutting the number of times in a month where you spend money on entertainment. For example, if you usually spend weekly on fun activities with friends or family cut those expenditures to every other week instead and see how much more free time this creates!
Plan your meals ahead of time for the week.
One of the biggest ways to save money living on a low income is by planning out what you’re going to eat and shopping accordingly. Plan where you are going to buy groceries, how much they cost per meal, etc. You can also plan out more elaborate meals that last a few days or a week, so you don’t have to buy food every day.
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Apply for all available social assistance programs
Try at least once per year to get what's due to you. Social services can provide money, food, or other types of help such as housing support or subsidized child care. Living on low income probably makes you eligible for all sorts of services you didn't think of.
Make sure you keep track of your expenses
One of the best ways to improve your finances is by paying attention to what you spend. There are a few different categories that all have their own budgets and reasons for monitoring them.
Determine a budget that works for you.
It may look different than the family living in an upscale neighborhood and driving luxury vehicles, but it's still a budget. You can even make one on paper using math calculations or with online tools from banks or financial institutions.
These tips are not a substitute for professional advice, but they should help you to make the most of your limited resources. Remember that it is possible to live comfortably when living a on low income. It doesn't have to be as hard as you think. Give these tips a try and see if they can help improve your quality of life.
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