How do you manage your finances and family if your income is low range?

[Texac]

There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

Although it may sound difficult for someone with a low income and a large family, actually when we are in that situation, we will always have a solution that suits our situation.  I was also in that phase, when I didn't have much money, I would stop spending on everything like coffee, beer, buying new clothes... I just focused on providing enough food for my children.  whenever I think back, it was really extremely difficult but I was able to maintain it for 2 consecutive years before my life got better. Depending on each person's situation, we will have our own solution, it's difficult to give good advice because everyone is different.

[Woodie]

There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

It starts by knowing how much the family uses in a month that's from utility bills(water, electricity, phone & data),  food, your transport or fuel Bills and if kids are in the picture school fees need to be worked into the calculations then draw up your budget to know how to use available resources.

If one finds themselves in a budget deficit then a side hustle or second job needs to be considered  as these bills won't pay themselves...

This condition is very common and is not something new. Well, I think this is where we need to activate coordination and communication with our wives.

Mature advice right here !!!

Communication is the key to solving these problems, if both husband and wife need to get a job, then let it be so until husband finds a well paying job to get wife off work duty.

[0t3p0t]

There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

Income management in a family is really important, given the fact that basic needs right now is quiet high in prices. I myself only buy something that I needed the most, no wants just  literally needs. Though the government here in my country provides poorest of the poor financial assistance. On my part, I don't have an income yet but yeah election time here is like christmas time you know what I mean. 😆 Since I am single and I'm living in the province, I think $100 would last like 5 months or less depending on the necessity. 😁

[Accardo]

Running a family is not one sided. In most part of the world people stay together with extended families to cut cost for individuals. The most difficulty, falls on a household where only the husband or wife makes the income. If they do, they'll need to calculate every expenses before buying a product. Money management is crucial, when running a family. Although, people's idea differ, the best answer is being contented. Get punctual to work and improve the quality of your skills. With good plans a person can manage a family despite earning low income and have extra funds to save. A lot of high income earners trying to impress the society, struggle to manage their family financially. Most times they get help from the low income earner, who manage his money. I've experienced or seen cases, where a low income earner complains about lending a high income earner some money. yet has not been paid. So, I expect advises that centers at running a family, regardless of the income range. Inexperienced people lose out lots of resources, while trying to maintain a quality family standard of living. Which lifestyle, weighs their finances down and lead them to take loans. You'd notice that without proper management anybody fails in running a conducive family. A low income earner, shouldn't rent an expensive house or eat in restaurants. They must depend on home made foods. Then invest time on the growth of their kids. It's a good job that can generate more income to the family in future. Chasing for extra income, terminates the time meant for the kid's growth. Parents who don't spend time to teach their children, underestimate the value of children. The next few years that child may not depend on you completely. Teaching them will enable financial freedom in their lives as adults. Reducing expenses and maximizing profits, for the family. If a parent makes so much money, but has less time and in future their kids run low on income, such a parent will lose lots of money. What is certain is that the family growth will move, but the direction it points, rich or poor, must be mastered.

[bitLeap]

There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

Although it may sound difficult for someone with a low income and a large family, actually when we are in that situation, we will always have a solution that suits our situation.  I was also in that phase, when I didn't have much money, I would stop spending on everything like coffee, beer, buying new clothes... I just focused on providing enough food for my children.  whenever I think back, it was really extremely difficult but I was able to maintain it for 2 consecutive years before my life got better. Depending on each person's situation, we will have our own solution, it's difficult to give good advice because everyone is different.

Well it's true what you said, sometimes we can have a solution when something comes to us, for some reason the way our brain works may be faster at certain times, at times of difficulty for example. Or indeed we only want to think when the difficulty comes to us. I'm sure it's not just 1 or 2 people who have experienced this (limited income, but a lot to fulfill), but not a few people can get through that difficult phase.
Therefore we must have good planning about our financial future, lest when something bad happens to us, we are in a condition that is not prepared at all.

[bayu7adi]

Buy something that saves you from death first and foremost. They will always have a chance as long as they are alive, so the lifestyle they adopt is highly cost-effective.

Living frugally doesn't mean consuming nutritionally deficient foods. In fact, individuals with lower incomes often learn which foods are most suitable for their nutritional needs. Even if it's not every day, it's better than the daily consumption of junk food by the affluent.

Lastly, never consider yourself the lowest of the low. There are still many people whose lives are more challenging simply because they are not ahead of you; you should never lose hope.

[TheSpiral]

reducing your personal expenses is the first way to manage your family with little income. If your income is not enough to handle all the things well then you should either increase your earning or minimize your expenses.

Nothing is difficult but once a person decide to do it like if you have 100k$ of income then you should save at least 10$ per month as if you don't have concept of saving amount then you cannot manage your family. It is my personal experience that your expenses will increase as your earning increases because there arises specific situations in which your money will use according to your income.

Wealthy people have more money but their desires are also very big on the contrary poor people have small income and their desires are not more than their earning so a person can do anything if he wants and have interest to do.

[lovesmayfamilis]

The expression “very well even though their income is very low in their personal life” is not entirely true. Maybe these people and families are well-fed; maybe they are clothed, but we don’t know their real needs. Most likely, they deprive themselves and their children of the most ordinary things, such as what we provide for ourselves and our children. Yes, many people have different levels of happiness. And not everyone’s happiness is measured precisely by money. However, for you to feel good, you first need health, and maintaining it is becoming very expensive these days. But be that as it may, people should not kill themselves with suffering because they are not getting something in life. As harsh as it may be, the fact that someone is poor is always their fault. The fact that people agree to be poor is the biggest problem for them.

Nothing is difficult but once a person decide to do it like if you have 100k$ of income then you should save at least 10$ per month 

Ten dollars a month, with an annual salary of one hundred thousand?

[knowngunman]

Managing a family is all about proper planning. If you have good planing, despite the low income you will succeed in running your family. Know your basic needs such as food, rents and children school fees. Food is the number one on the list when it comes to expenditures. Buy food as much as you that'll cover for a month or at least for up to 20th of the month, divide your rent in to twelve and save money for your rent on a monthly basis, children school fees should also be a priority because giving them quality education prepare them for future. Keep a little amount as a reserve for emergencies like sickness and shortage of foods. Do not live above your means or imitate your friends/neighbors who earn higher.

That is quite an optimistic view, but no one can run a family on an income of $1 per day or less. There are basuc necessities that has to be paid for, of which the most important is food and shelter, if you cannot provide these 2 basic needs, there is no family

Things are drastically high in price now but there are still people who earn $1 or less here and they're still managing a family with at least 4 people. A father, mother and two children. The concern is focus on food alone as they're living in a large family house. People are really struggling and adding burden to themselves. I see no reason to start a family no matter the pressure with that kind of earning honestly.

[lombok]

It is a blessing for me to have a wife and children who are willing to live a simple life with me. This carried over when I was still getting low pay. It's not that I limit their desires, I just teach them what they need to buy for their needs and what they shouldn't buy because it's not a necessity/prestige. And I am grateful that what I teach is always applied by my wife and children.

Small or large payments will not feel enough if we are wasteful or unable to apply finances correctly/according to needs. We also need to avoid prestige, prioritize health and only necessary needs.

[demonica]

This kind of situation is very common but we all can agree that it's hard to manage your finances if you're a low or middle wage earner. Especially nowadays where basic needs and everything is getting more expensive due to inflation. But if you really have a strong mindset when it comes to budgeting, you can allocate your income properly. Also, I'd suggest to find other sources of income since if you know that your salary isn't enough, you can't just settle for that.
It's not easy but knowing your priorities and having self control with how you spend your money is a great attitude in order to manage your finances properly. Also, always try to look for an opportunity (even if it's a small one) on things or events around you. It might help with your income and finances.

[Baki202]

There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

It depends on the type of wife you have. Some wives are good managers, even in terms of spending, and others are not. If your wife spends a lot of money, it will be difficult for you to maintain financial stability because of her demands and household demands. There are many people I know that make little money yet are nonetheless highly successful. And if someone does not feel that everything is difficult at this point, they will also face financial difficulties.  Knowing what to accomplish at a specific time and having a solid plan are both advantages over trying to address every problem at once.

[webzuka]

This kind of situation is very common but we all can agree that it's hard to manage your finances if you're a low or middle wage earner. Especially nowadays where basic needs and everything is getting more expensive due to inflation.

This is one is good. Globally this is very hard. Read many articles on global scale that they increase payment for some small percentage but they increase food for double that amount.

How this is one example me and m wife both work I have 2 jobs one is part time. And only like this we manage. Paying bills and private university (dont get me wrong but my older kid was not bright in high school and he could not pass exams). How he is final year younger is having activities besides school just not to sit on pc playing games r with phone in hands.

We also have house outside of town. We manage all that together, yes there were hard times but nice ass well. But in every family wife is the one that keep balance man work for that balance.

[dothebeats]

Manage your money well. No matter how big of an income an individual gets if they choose to be reckless at spending it then it will all come down to nothing. Hence, being smart with handling money (no matter how big or small it is) is the answer. If you live within your means and carefully planned on how you are going to spend and divide your income, then sooner or later you'll find yourself at ease in facing financial situations. You have to be smart and learn from your mistakes, always be critical of the things you spend your money on, think if you really need to buy somethning or it's just a quick desire for simple pleasure that will cost a dent on your savings.

[retreat]

It's very simple, by cutting expenses for non-essential needs and lifestyle we can actually manage our finances well, even when our income is below average. Because from what I see, why many people cannot manage their finances is because their needs and lifestyle are higher than their income and that is what is the problem. Because the root of someone's financial chaos is that they spend too much money on unimportant things and don't plan their finances well, which makes them unable to manage their finances even when their income is above average.

[AmoreJaz]

Manage your money well. No matter how big of an income an individual gets if they choose to be reckless at spending it then it will all come down to nothing. Hence, being smart with handling money (no matter how big or small it is) is the answer. If you live within your means and carefully planned on how you are going to spend and divide your income, then sooner or later you'll find yourself at ease in facing financial situations. You have to be smart and learn from your mistakes, always be critical of the things you spend your money on, think if you really need to buy somethning or it's just a quick desire for simple pleasure that will cost a dent on your savings.

your lifestyle should be according to how much income or how much money you can generate in a month. of course, if you are a low earner, do you think is it good to visit coffee shop regularly? i don't think so. what am trying to say here is that live within your means. budget your expenses to basic necessities first, so you won't be in trouble with loan sharks.
you will always find a way how to fit your budget with your food and other bills for what you have. don't aim for extra if your funds are tight.

[Rruchi man]

There are many people around us, where their income is not enough to manage a family how do you manage your family and economy?

If your income is not enough to manage a family and you do not have a family yet, Do not start one.

There is already a high rate of crime, do not bring children into this world when you know you cannot yet carter for them, that is just adding more to the problems of the society. You should be able to take good care of yourself first before you start a family, do not fall into that trap where you are advised that you can start a family first, that money will come to take care of them, that is a lie!

There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

Planning is the word that explains it all.

[gunhell16]

Of course, if you only earn a little and have a family, you will only use the money you have for your family; you will really prioritize what should be for them. You won't buy much, which is not that important because the important thing is that your family can survive with the profit you have.

And it's really not easy to do, especially if you have a large family to support just to survive. Despite all this, this is still a challenge for us if we can go through it, and many of you are experiencing these times.

[uswa56]

This is very important to be able to control so that our lives are sufficient even though our income is small.
the most important thing is not to be wasteful and be able to prioritize what is important to buy and what is not, and there are also some things that must be restrained so as not to overdo it and try to live at our own standards, perhaps the details are that we have to save money in buying basic necessities and Minimizing desires, but this does sound sad when we hold ourselves back, but if we get used to it, it is a good thing in life that needs to be taught to our future generations.

[coupable]

There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?

In practice, adopting the principle of austerity is the only solution, which depends on matching needs with incomes in a way that needs should not exceed incomes. This is considered one of the harshest plans that can be followed because it is subject to many fluctuations that can disrupt it overnight. Any urgent circumstance that occurs may cause this system to collapse in such a way that balance can never be restored: for example, the illness of a family member, which requires additional expenses for treatment, this will lead directly to debt.
When needs are many, especially within a family, diversifying sources of income is the ideal solution. And employing the idea of partial saving to confront emergency circumstances.