Living on a limited income can be intimidating, and can easily make someone feel helpless. However, having a limited income doesn’t necessarily mean you have to limit yourself; rather you need to know how and when to make smart and frugal decisions. Here are some great tips and tricks that will help you maximize your limited income so you don’t have to worry about money anymore!
Consider becoming partly self-sufficient
There are so many things you can do for yourself and your family that can benefit you immediately, right in the comfort of your own home and yard. Consider planting a garden to cut down on produce costs, learn how to hem and sew to make clothes look and feel brand new, and do your own car maintenance like rotating tires or changing the oil. You can make foods in massive batches, like applesauce, soup with veggies from your garden, baby food, even your own butter.
Buy as much as you can in bulk
Speaking of food, there are so many kitchen staples that you can easily buy in bulk and save plenty in the process. Head to your nearest big box store and stock up on rice, pasta, beans, peanut butter, crackers, cereal, flour, sugar, and granola. You may also benefit from something like a coffee subscription, which will deliver your favorite coffee every month in a big batch.
Make it a point to only shop discount
There are more than just discount clothing stores out there. Take a look online and see if you can find discount grocery stores and appliance stores that will offer deep savings for a tiny scratch or a dented can. If you make it a habit to only shop at these discount stores, you won’t have to worry about impulse buys that can cause you to go severely over budget.
Know your weakness and make a promise to yourself
We all have our weaknesses, and it is okay to splurge once in a while. However, this can be a double-edged sword. On one hand, if you splurge a bit too much, you can easily plow through your financial goals and be set back. On the other hand, if you don’t splurge at all, you may end up going on a spending binge without even realizing it!
So as a way to bypass this, make a promise to yourself to save whenever you splurge. For example, if your weekly splurge is a $10 coffee and cookie, make sure to put an additional $10 away in a savings account. This way you can spend and save at the same time without going overboard. However, if you do get off the bandwagon, there are online payday loans to help you get back on track.
Know where your money goes
Once you have set a budget, make sure every single dollar you make is accounted for. This may sound a bit counter-intuitive at first, but it simply means that you know how much money you have and where your money is going.
Additionally, this also means that you should “spend” your budget completely each month, meaning you actually make sure that not only do you spend your money on necessities, you put money away for retirement, into savings, and investment accounts if you have it written down to do so.
The easiest way to do this is to keep a financial journal that you update weekly with all your total expenses and when you made payments, investments, and splurges.
Living life on a budget doesn’t have to be limiting. With these tips, you will be on your way to worry-free financial freedom.