How to get more out of a small salary
These 5 Tips for budgeting a low-income can:
- help you to cut back on spending
- create room to help you scale your income
- give you full control of where your money goes.
But to reap all the benefits that come with budgeting, you must do it strategically and with intention. There is no one way to become successful at budgeting as everyone has varying incomes, expenses, needs, and wants.
However, there are a few practices to keep in mind to budget a low income successfully.
Disclaimer: I am NOT a Financial Advisor, Planner, or Counselor. Hence, the information presented here is NOT professional advice. It is my own opinion and exists only for educational and informational purposes.
1
Nail down the #1 rule to Budgeting your low income.
There are many ways to budget your income each month. But there are some rules that are old and golden regardless of which budgeting system you decide to use.
The #1 rule to budgeting a low income is to use cash only. Cards take away from your physical interaction with your money and increase your spending with their many fees. The more aware you are of your spending, the better control you will have over your budget.
2
Get specific about where your money is going.
When creating a budget for the first time, people love to include a space for miscellaneous spending. What even is that?
Successfully budgeting a low income means knowing exactly, word-for-word, where your money is going and how much of it went there. There is no place for random in a successful budget. If miscellaneous to you means going to Ross Dress for Less and picking up a few personal items, add the word Ross to your budget and attach the amount spent or that you plan on spending there.
3
Focus on your journey
Realizing that your financial goals are different from the next person’s is vital for successfully budgeting your low income.
While trying to up your financial game, quit looking over to see what the next person has more of or guilt-tripping yourself over not being able to do what others are doing.
If you stick with your plan, you will get to where they are. Try to focus on how to get better at managing your finances rather than inquiring about new expenses just because you want to have what the next person has.
4
Shop no more than once per week.
I enjoy going to work because it stops me from being able to go out and spend money. Because that is all I do when I am off, and I know you probably do the same.
Limit shopping to once per week, and be sure to include all the things you will need, such as pet supplies, groceries, toiletries, cleaning supplies, etc. Then, spend the rest of the week getting creative with the things you have on hand before exhausting the option of running to the store.
5
Track every income and expense
Find a system for tracking your income and expenses daily. There are many options for tracking available such as apps and spreadsheets. But there is also the traditional pen to paper method that happens to be less overwhelming and most effective for beginners or anyone who isn’t tech-savvy.
Find something that works for you but never quit.
To recap, there is no one way to budget a low income. These are tips to keep in mind as you get started. I share from a place of experience as I have worked a low salary income for many years while trying to meet my bills and elevate my life.
Thank you for reading, and good luck on your journey!
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