How to balance low income and high expenses?

[Pablo-wood]

I often get in the mood to save heavily because I want to put aside more money. Then I start cutting back on my spending, and everything goes well until I get around to ordering delicious food. I can't live without my favorite dishes like pizza or sushi for long. And I think you understand. And these moments are the biggest test of my savings.
Then I ask a girlfriend to cook it for me. It works out cheaper.

That might work out well until a major problem comes up that forces you to dip into your savings something serious enough that leaves you with no other choice but to spend that hard earned money. Personally, I only save to handle immediate issues, while the bulk of my funds go into investments, preferably ones that offer long-term profits. That makes Pizza dishes more affordable with no worries of what the future holds.

[doomloop]

OP, if there really were a solution or a way to balance low income and high expenses. I think there won't be many poor people anymore and we won't have to struggle for survival. Or many people do not have to risk their lives doing hard manual labor just for low wages. Or take the risk of investing your small savings in high risk assets in the hope of improving your financial situation.

It is clear that there is no other way but to increase income no matter what method we use.

I would say it's about a macro economic situation where we do not have enough jobs, and that is the main reason why things are getting worse for most of us. Back in the day the more labour someone would brought in, the more the capitalist would earn.

So let's say that you owned a farm, you would buy more lands and hire more workers, or you owned a factory, you would open another factory and hire more. Human labour was worthwhile at the time, and while it may not be paying tons, it would pay for something. Even as recently as 60's, we would have people living a decent life, a home, a new car, kids free of debt to college, and yearly family vacations, all paid for by one persons salary. Now we compete for our jobs and that is causing the trouble.

[Japinat]

There’s no possible balance for that. That will always bring struggles for money, trying to fit in your small budget for a big crowd. Although survival may still be possible, but you won’t see a healthy and productive life for your family. So I think the best suggestion I can give you is to increase your income by getting another job that would add some budget for your family. Otherwise, the health of your kids may be at risk, as well as depriving them from the basic needs especially the quality education that every person has the right to experience.

[bakasabo]

Balancing low income with high expenses is similar to postponing a problem. It can be done only until huge problem hits. That is the way I see it. I dont know whole situation with LDL and place he and his family lives, but the best it would be to start thinking about finding solution long time ago, not when the problem is already at a doorstep. Again, we dont know much and it is easy to reason when we are not in his skin. Right now only a tough solution is a solution - exchange time spend with family to extra job.

[Gamanka@@]

Recently, the number of members in my family has increased, but I have not been able to increase my source of income.
Moreover, with the salary I earn working in a farm, I am able to support my family and somehow make ends meet.
Right now, my child has been admitted to school, which has led to an increase in school fees, transportation fees, and tiffin fees. In this situation, I am facing a crisis at the end of the month when I have to support my family with my monthly salary and also cover the expenses of my children's education.

How is balancing possible even with a low income?

This is a very sad situation that is a challenge to many households, when their expenses grow faster than their income. In this case, the first thing you are to do is to restrategize, which in detail means you should cut costs where necessary, and also separate your needs from your wants. Focus on the important things and the daily necessities of life, like food, shelter, and others. The best way to achieve this is by budgeting, which will help you outline the cost of everything.

You should also think of an alternative job, like a side hustle, that will support you, or even work overtime to get more money.

For one to balance his or her low income and expenses is one way or the other meaning not necessary salary u earn as living covers all your needs so to be balanced,  one needs to engage his self to any skills that can brings him more income to resolve the necessity one needs  to double up, work overtime most especially as for a family man if you look at it daily basis survival now addays has no care, so its wisely for one to have another way to balance your low income.

Many challenges arise which one needs to restrategize and adjust to solidify his or her needs otherwise low balance and high expenses will keep arising and can not be possibly solve except alternatives is being taken to rectify marginal satisfaction,  so for the wise, the only way of balancing low and high costs is by engaging into extra work to earn more, there are side hustle aside from salary earning,  business are there, hand skills also.

[gunhell16]

When you have a scenario like that, it's not easy to balance high expenses with a small income. Situations like this require
a good strategy for us to achieve balance.

This means what we need to adjust here are our expenses. So, to achieve balance, we need to reduce our spending.
Our expenses should only match the low income we have. That's really the only way I see it, to be honest.

[letteredhub]

How is balancing possible even with a low income?

First you have to adopt family planning mechanism to avoid a more increment to your family numbers because for situations like this it's unlikely not to add to the number as a married man.

Every family man that's in the working class is passing through this challenge of putting everything in place to balance it with what's coming in as salary which has never being enough due to the demands. Sadly, the demands continue to grow 3x faster than income as inflation keeps gaining momentum. We're in a time that survival and ease from pressure is by identifying and separating needs from wants and knowing what to prioritise.

[FBCTorg]

Even if you have tried hard to reduce unnecessary expenses and you still experience a shortage, there is no other way than you have to move quickly to find additional income. I have also been in the position you mentioned, the main thing I started at that time was how to make money without spending any money first that month, because in that month we cannot spend money on business.

The effort I made was to become an affiliate in well-known media, both TikTok and other media. And I've also partnered with passenger transportation apps. Of the two that I mentioned, I have experienced situations where my finances were disturbed by a very hard life. The point is that we have to fight this life no matter how hard it is, if we don't fight it hard, we can be sure that we will be defeated by reality and circumstances.

Affiliate marketing or drop shipping business has really shown me potential as well and I was able to earn a decent amount via commissions without actually investing anything. This can be a good idea for OP to start affiliate marketing.

Even amazon has a affiliate side where you can just sell trending products on social medias and earn good commission. Few of my friends have earned thousands of dollars every month by just boosting their advertisements meta. This can be a good start for OP to start earning additional income without actually spending much of the money but time.

OP will have to invest a lot of time though because nothing comes for free. I hope OP can manage to spend this amount of time and I wish you the best and hope you can achieve at least what you want to stabilize your finances.

[Baki202]

There’s no possible balance for that. That will always bring struggles for money, trying to fit in your small budget for a big crowd. Although survival may still be possible, but you won’t see a healthy and productive life for your family. So I think the best suggestion I can give you is to increase your income by getting another job that would add some budget for your family. Otherwise, the health of your kids may be at risk, as well as depriving them from the basic needs especially the quality education that every person has the right to experience.

That's one thing about finance money is never enough and a lot of people are always struggling when ot comes to money and the best everyone can do is to to cut down expenses and the case of having a low income is a serious case. And having a quality life is expensive especially for your family, and the inflation is even crazy and it is affecting every single person because everything have become expensive at this point. And only few people can even afford the life style. And the suggestion you gave is a good one because if you don't increase income everything will be hard so the best thing is to look for possible opportunities and make use of it, and if it does not work then new things can be tried out. To see how things can be figured out financially people are always scared they don't know were to start from and this is why they are still were they are. All what everyone needs is just encouragement nothing because this economy situation is not friendly at all.

[DanWalker]

I would say it's about a macro economic situation where we do not have enough jobs, and that is the main reason why things are getting worse for most of us. Back in the day the more labour someone would brought in, the more the capitalist would earn.

So let's say that you owned a farm, you would buy more lands and hire more workers, or you owned a factory, you would open another factory and hire more. Human labour was worthwhile at the time, and while it may not be paying tons, it would pay for something. Even as recently as 60's, we would have people living a decent life, a home, a new car, kids free of debt to college, and yearly family vacations, all paid for by one persons salary. Now we compete for our jobs and that is causing the trouble.

Of course, the main cause lies in the macro situation, but we cannot blame fate, circumstances or anyone else. Since we are all facing such a common situation, why are there still so many people who are able to change their lives for the better while we are the opposite? Not everyone has difficulty.

For example, around me there are many poor families but in just the past 1 decades, they have become rich and have a prosperous life. I think the reason is because they adapt better than we do. So instead of blaming and making excuses, let's find ways to adapt and try harder.

[ASloveapg]

Recently, the number of members in my family has increased, but I have not been able to increase my source of income.
Moreover, with the salary I earn working in a farm, I am able to support my family and somehow make ends meet.
Right now, my child has been admitted to school, which has led to an increase in school fees, transportation fees, and tiffin fees. In this situation, I am facing a crisis at the end of the month when I have to support my family with my monthly salary and also cover the expenses of my children's education.

How is balancing possible even with a low income?

When the number of family members increases, responsibilities increase and income remains stable, then there is some pressure to fulfill the responsibilities. In such a situation, if the responsibilities cannot be fulfilled properly, finding alternative income can be a good way. And if an alternative income arrangement is made, then there will be some additional income. And if a proper financial arrangement is made for the complete income, then the needs of the family members can be properly met and some money can be left over, which one can create as a possibility in his future. In this case, it would be best if someone invests some money in Bitcoin through DCA every week or month. As a result, it will be convenient for him to continue investing in the long term and even if the amount of money is small, it can be a very good amount in the long term. So in the situation you are in now, if fulfilling your responsibilities is stressful, then you will not be able to save or invest from there. So I think you should look for alternative work right now and then make your own proper financial plan, fulfill the needs of your family and create wealth for the future.

[dezoel]

Balancing low income with high expenses is similar to postponing a problem. It can be done only until huge problem hits. That is the way I see it. I dont know whole situation with LDL and place he and his family lives, but the best it would be to start thinking about finding solution long time ago, not when the problem is already at a doorstep. Again, we dont know much and it is easy to reason when we are not in his skin. Right now only a tough solution is a solution - exchange time spend with family to extra job.

That always happens too, that's the bad thing. Like just as you say you are getting better, something else comes up. I have had this life for 5 years now, as soon as I say that we are doing fine, something comes up and I end up being in debt again.

This month, I was finally managing to lower my debt to under 1 month of salary worth price, for the first time in years, I was reaching to lowest debt, and suddenly a new doctors appointment and new drugs all causing me to have new debt. I mean it is not "debt", it is a constant payment for the drugs, but doctors is new expense. So these new expenses will set me back another salary, which isn't something I can't handle, I can still pay them eventually, but it is making it very hard for me.