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

[bitzizzix]

Having a family with a low income in managing finances is very troublesome, because we have to really manage it well so that our living needs are still met.
However, in reality it is not that easy and the best way to overcome this is to have a side job or side income to help meet life's needs without having to reduce important needs.
What I mean by important needs are primary needs, the main or basic and first human needs which in my opinion cannot be postponed or reduced so that all aspects of life can run well and must be nutritious and healthy. If one of these primary needs is not met, then a person will experience difficulties.
And secondary needs must be minimized or if they are not very important, just ignore them or look for other alternatives.

[1714614091]

1714614091

[1714614091]

1714614091

[tjtonmoy]

Once again I will return to the argument - you can believe in anyone or anything, but if you are a bum, have no goals, don't want to work - there will be no result !

That's not the point I was trying to make. I already said that you need to work for it in order to get the reward. If you have no goals or you don't want to work then you will get nothing in return. Let's keep the religious part to a side. Let's talk with logic. Why do you get paid? Because you work for it. So someone is giving you money for your work. If you keep on working, you will get the reward sooner or later.

Now let me connect the dots to a religious perspective. Imagine you are working day and night to get the reward(salary) from your employer. But something happens and you are kicked out of your work before you can get the salary. This is an incident that could happen to anyone. But should you give up? No, you need to move on and find a new way to earn. And the way that you will get a new way to earn comes in the form of Rizq. That's what we Muslims believe. If not this then something else. But someone is out there to give us, and we just have to find a way to take it.

So working is the way to earn. It could be explained through the religious or non-religious point of view. But the thing is, you need to work in order to get it. Even the bums could get a meal if is it their fate. But in order to get the best result, you need to work for it. That's all. I don't think any further argument is needed for this. If you think you can tell me something more, then you can. I am not the all-knowing. So I would like to learn.

[DrBeer]

Once again I will return to the argument - you can believe in anyone or anything, but if you are a bum, have no goals, don't want to work - there will be no result !

That's not the point I was trying to make. I already said that you need to work for it in order to get the reward. If you have no goals or you don't want to work then you will get nothing in return. Let's keep the religious part to a side. Let's talk with logic. Why do you get paid? Because you work for it. So someone is giving you money for your work. If you keep on working, you will get the reward sooner or later.

Now let me connect the dots to a religious perspective. Imagine you are working day and night to get the reward(salary) from your employer. But something happens and you are kicked out of your work before you can get the salary. This is an incident that could happen to anyone. But should you give up? No, you need to move on and find a new way to earn. And the way that you will get a new way to earn comes in the form of Rizq. That's what we Muslims believe. If not this then something else. But someone is out there to give us, and we just have to find a way to take it.

So working is the way to earn. It could be explained through the religious or non-religious point of view. But the thing is, you need to work in order to get it. Even the bums could get a meal if is it their fate. But in order to get the best result, you need to work for it. That's all. I don't think any further argument is needed for this. If you think you can tell me something more, then you can. I am not the all-knowing. So I would like to learn.

That's the logic I like better, thanks
But I'll add a correction too. For some reason you have chosen a model where someone works for someone else, i.e. for an employer. But this is one of the models. For example you can be an investor who just invests money, or you can work "for yourself" by creating your own business. Therefore, you are considering only one scenario. Not the best, but I agree - mass for the majority of the population. But in this option - disposes of remuneration ... the employer! And it depends only on him - what working conditions she offered you, and when he paid the money. Which in turn (we'll dismiss negative scenarios) may depend on the actions or inactions of other people. For example, you work in a furniture factory, you are a cabinetmaker. You are a master of your craft, you make wonderful, beautiful and high quality furniture..... But, there is a global problem in the country, and only a few people buy furniture produced at the enterprise where you work. And it all depends on the market. And your employer can say "sorry dear employee, but I have nothing to pay you - no one is now buying our products" ....  And no COUNTRY will give your employer MONEY to pay YOU....  More precisely in this case it all depends on the purchasing power of the people in your country... Doesn't reality look more logical ?

[abel1337]

It will be hard to manage but there are things to utilize every penny that you have. There are a lot of these tips in the internet but the famous once are utilize every penny that you have, make a budget in short. Be strict and focus on your family needs. Talk to your family about the income you only have, don't pretend that you have the luxury to buy the wants. Look for other source of income, explore and experience something that don't include paying on something to achieve that. Having low income doesn't mean it's the worst thing, it can easily changed with the right discipline.

[yhiaali3]

Eating, drinking, housing, and clothing, these are the basic components of human life that cannot be dispensed with.

I saw what you did there by adding, "drinking" 🤔. Drinking should be seen as a luxury. I was given to understand in my formative years that the basic were Food, Shelter and Clothing; but it's ok if you want to indulge your cravings. We're going to call for an amendment then 🤗.

Well, I may have made a mistake in my expression. I used the word “drinking” instead of water, but in fact, I did not mean alcoholic beverages. I meant water. In any case, alcohol can be added because some people consider drinking one of the basics of life, even though I am not like that, but that’s okay.

Some people may think that this is not a problem, because in most countries water is available and obtaining it is very easy, but some countries suffer from a real water shortage and obtaining water is a big problem for the people there. In some villages, people sometimes need to walk miles to get water and perhaps It is not (clean), so I pointed out that (drinking) water should be one of the basic rights of any citizen and it is the government’s duty to provide water to people in such areas.

[Juse14]

Having a family with a low income in managing finances is very troublesome, because we have to really manage it well so that our living needs are still met.

If I could choose, I would choose to be born to someone who is financially capable, but this talks about destiny that we cannot change and if we just complain about this problem, it is useless and will not change anything. Maybe God just wants me to be more patient and try extra hard to get through all of this. We are born from people who are not financially well off, so there is no reason why I should be lazy because if I have to expect mercy from other people, it seems impossible because I also still have self-respect that I have to maintain. Other people will never care about all the things I experience, so immediately rise from all this adversity, build a paradigm and keep trying which can make us go even further. We are all born covered in blood, so life is about struggle. And I believe that with strong belief and effort we can all achieve financial freedom.

[Quidat]

I know it's tough when you don't get that much income for your family. But starting to breakdown your expenses and list them will make you see the picture out of it.

You'll be able to find what are the unnecessary things that you need to cut down because it's just a waste of money when you spend and include it to your tight budgeting.

Also, if budgeting is still not enough, you need to find more source of income or if anyone in your family is already allowed to work too. Tell the situation so that you get to have a team work for your ease.

Really tough i should say, recommendations and suggestions been given here on this thread by most members might really that sounds easy but on the time that you are on such condition and living
on a country or place on which opportunities and benefits arent something that easily be attained then for sure it would really be so tough on getting out on such situation or condition.If you are really just that someone whose really that have that limited skillset and having that only one kind of expertise in regarding towards your job then going into other extent would really be something a risks.
You cant really just make out some actions or decisions that would really be costing up you money or putting up yourself on such risks on losing  your job because you had focused into other venture
on which focus and time might really be that greatly affected. Lets say that you have decided to take up some business which causes on compromising your priorities specially with your job
then you are really that putting yourself on danger on which you dont really have no choice but to ignore that kind of idea and would be sticking on something that gives you
that sure money or salary. You cant really just simply make out such decision.

[South Park]

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?

When your income is on the low side you only have three options, you either drop your expenses as much as possible, increase your income or both, when it comes to decreasing your expenses you really need to reduce or eliminate any luxuries you may be using, an example of this are streaming apps or cable television, people now considered them a need but this is a lie, you could eliminate them and then use free apps that stream content or youtube and still get entertainment and do so for free, you will also need to go out of your way to reduce your expenses on food and change your diet depending on what is the cheapest items you can find, instead of eating exactly what you want.

[uchegod-21]

I hear people say do not start up a family if your income is low but this is not applicable in all cases. A low income earner should as a matter of necessity order his wants according to their order of priority. Why spend things you do not need? Scale of preference is the solution here.
 A family who earns a very low income should not be in a competition with the next family. Go for good products and services but at affordable prices.  All expenses should be within the family's budget and not to impress anyone.
And while managing the family's scarce resources,  an alternative source of income should also be looked into.

[Xampeuu]

I hear people say do not start up a family if your income is low but this is not applicable in all cases. A low income earner should as a matter of necessity order his wants according to their order of priority. Why spend things you do not need? Scale of preference is the solution here.
 A family who earns a very low income should not be in a competition with the next family. Go for good products and services but at affordable prices.  All expenses should be within the family's budget and not to impress anyone.
And while managing the family's scarce resources,  an alternative source of income should also be looked into.

Basically, we have to live a lifestyle that is in accordance with our income and of course we can enjoy it, sometimes what makes things difficult for us is a lifestyle that is not in accordance with our income. However, we can change the economic situation, as long as we can manage our income and expenses well. When income rises, expenses should not follow so that there will be a lot of remaining income that can be allocated to invest so that we can improve our lives in the future.

[Sebas.tian]

Since we entered this massive inflation that is affecting the global economy has made many people to strategize on how to manage their resources and family in a way they can sustain through out the season. When your income is in a low range, you don't need to go above some things that is above your account or money because it will make you not to feel comfortable. The way I used to spend money on somethings when my income was high has reduced to enable me to economize the new low range income am receiving from my new job so that I will be able to do some things that will encourage me and my family to survive.

[Xcode7]

Since we entered this massive inflation that is affecting the global economy has made many people to strategize on how to manage their resources and family in a way they can sustain through out the season. When your income is in a low range, you don't need to go above some things that is above your account or money because it will make you not to feel comfortable. The way I used to spend money on somethings when my income was high has reduced to enable me to economize the new low range income am receiving from my new job so that I will be able to do some things that will encourage me and my family to survive.

This is a step that must be taken when there is a price spike like now which has quite an impact on the economy where when prices of basic necessities increase but income does not increase, I just realized this and this has quite a high impact.
And regarding strategy, we have different strategies with the same goal, of course we have different standards for what we have to do in responding to this for survival or survival in a family in a difficult situation, but what is very important is slowly we have to find a way to quickly get out of this.

[Chilwell]

I hear people say do not start up a family if your income is low but this is not applicable in all cases. A low income earner should as a matter of necessity order his wants according to their order of priority. Why spend things you do not need? Scale of preference is the solution here.
 A family who earns a very low income should not be in a competition with the next family. Go for good products and services but at affordable prices.  All expenses should be within the family's budget and not to impress anyone.
And while managing the family's scarce resources,  an alternative source of income should also be looked into.

What I mean by low income earning is that persons in this class must exercise caution when establishing families because their needs will often outweigh their resources. Most individuals are unfair because, if they can manage their income, it will be sufficient for them and their families. However, some people have allowed their wives or families to control them. I'm not blaming those who keep their financial affairs private from their families; in my own manner, my family will be kept out of the picture when I'm making money. My own excuse is that I oversimplified the situation to put myself on the safe side. someone who doesn't no how to make money sent it anyhow, I will only allowed them to know only 50% and the remaining for future purposes.

[Taskford]

I hear people say do not start up a family if your income is low but this is not applicable in all cases. A low income earner should as a matter of necessity order his wants according to their order of priority. Why spend things you do not need? Scale of preference is the solution here.
 A family who earns a very low income should not be in a competition with the next family. Go for good products and services but at affordable prices.  All expenses should be within the family's budget and not to impress anyone.
And while managing the family's scarce resources,  an alternative source of income should also be looked into.

Basically, we have to live a lifestyle that is in accordance with our income and of course we can enjoy it, sometimes what makes things difficult for us is a lifestyle that is not in accordance with our income. However, we can change the economic situation, as long as we can manage our income and expenses well. When income rises, expenses should not follow so that there will be a lot of remaining income that can be allocated to invest so that we can improve our lives in the future.

If we succeed to live that lifestyle where we are away on luxurious things then provably we can survive even if we only earn low. Its just we need to settle up according to our needs and ignore our wants for awhile if no budget excess comes to our wallet.

Its just proper financial handling since if you are good on budgeting for sure we will never get a problem on finances. This also needs a proper cooperation to other family members and they should learn to settle according to the family income so that they can help in budgeting.

I know budgeting is hard but for current economic and high inflation we need to settle on what we can afford so that we will not decide to take a loan and buried by the interest rate asked by this corporations.

[Negotiation]

It will be hard to manage but there are things to utilize every penny that you have. There are a lot of these tips in the internet but the famous once are utilize every penny that you have, make a budget in short. Be strict and focus on your family needs. Talk to your family about the income you only have, don't pretend that you have the luxury to buy the wants. Look for other source of income, explore and experience something that don't include paying on something to achieve that. Having low income doesn't mean it's the worst thing, it can easily changed with the right discipline.

As every person's life is different, the problems in people's lives are also different, in this case, there are some things that you can never exclude. Now many people advise that if you do as needed and do nothing outside of necessity, you can save much money and avoid many problems..  Many people have faced such problems like me many people have trouble meeting the total need of money to run a family. Now we all should plan ahead because future days will be worse and economic problems will be created worldwide as it happened during COVID-19.

[Fara Chan]

Basically, we have to live a lifestyle that is in accordance with our income and of course we can enjoy it, sometimes what makes things difficult for us is a lifestyle that is not in accordance with our income. However, we can change the economic situation, as long as we can manage our income and expenses well. When income rises, expenses should not follow so that there will be a lot of remaining income that can be allocated to invest so that we can improve our lives in the future.

It's actually very simple to live life even though your income is very uncertain, because suggestions like what you said can also be very reasonable for everyone who wants to live a comfortable life without excessive burdens. Examples include establishing a simple lifestyle even though the income is large and sufficient to continue following a modern lifestyle.

But people who are smart in managing their finances will definitely not easily spend all their money into their lifestyle continuously if they know to put that money into more useful things such as investment and business aspects. This means that those who are smart in looking after their money will always make considerations when they want to spend their money on something so that they can continue to live more comfortably without feeling the burden of excessive difficulties in their own lives.

[icalical]

Talking from an experience, there are some things that I think I did right and other things that I did wrong. The first thing that I did right, the first thing that I did right is that I focused on developing my skills that will make me earn more. Some people told me to invest and such thing, but I don't have enough money to do both investing and develop my skills, so choose to focus to develop my skills and I didn't do any investment, then when I have good enough skills that make me earn more money I started to learn about investment.

Other thing is that I safe money, but I don't buy cheap stuff with low quality, I don't buy overprice stuff either, I bought a good stuff with good quality with fairly higher price but it's durable and actually useful. It actually safe more money than buying low quality stuff even though it has lower price.

Things that I did wrong is that I was rushing to start a business that I actually not really understand. This really harmed my financial condition.

[Ayers]

Basically, we have to live a lifestyle that is in accordance with our income and of course we can enjoy it, sometimes what makes things difficult for us is a lifestyle that is not in accordance with our income. However, we can change the economic situation, as long as we can manage our income and expenses well. When income rises, expenses should not follow so that there will be a lot of remaining income that can be allocated to invest so that we can improve our lives in the future.

It's actually very simple to live life even though your income is very uncertain, because suggestions like what you said can also be very reasonable for everyone who wants to live a comfortable life without excessive burdens. Examples include establishing a simple lifestyle even though the income is large and sufficient to continue following a modern lifestyle.

But people who are smart in managing their finances will definitely not easily spend all their money into their lifestyle continuously if they know to put that money into more useful things such as investment and business aspects. This means that those who are smart in looking after their money will always make considerations when they want to spend their money on something so that they can continue to live more comfortably without feeling the burden of excessive difficulties in their own lives.

How do you have a life when income is very uncertain? I don't think it's that simple even if you have set up all the solutions you think you should because commodity prices are increasing day by day because of inflation. Not to mention there will be unexpected things happening in life that we cannot predict, if you have a very unstable income, how can you deal with that? There is no effective solution other than finding ways to increase income, but increasing income is not easy. Everyone wants to have more jobs to earn more income, but when the economy is in recession, finding a job is not easy. It's easy to say, but when you're in that situation, you'll see how difficult it is.
But of course everything has its solution but it's not as simple as what you say.

[tygeade]

how can we possibly reduce the need for a need that exists, the name of a need is increasing day by day and not to mention the addition of commodity prices that continue to increase. In responding to this, we still have to increase our income and not depend on just one job. It would be better if you create an independent business opportunity through the knowledge and creativity you have. And don't forget for now to put aside first a desire to live luxuriously which only says prestige alone. So I agree that what we should do is to "increase income without having to reduce an obligation."

Decreasing your spending is not all that possible, do not let people who think that is possible to fool you, inflation will make sure that you can't live all that easily. I have seen plenty of people who try to argue that if they had 1 million dollars today, they could live off that for 50 years if they can live that long.

If you do not use it and turn that into an asset that gains value, just putting it in the bank may not be enough depending on where you live. Most people end up with something that would hurt you for a long time. I get that it may not be simple but you should be trying to do something that can help you one way or another. I believe that we are not going to end up with something that should not be doing anything special, I believe you could end up with a greater return whenever you can.

[so98nn]

That's easy, you don't spend too much on the lifestyle and stay within the limits. I have learned this trick from a family that stays very close to us and is almost like a second family. In India, the neighborhood is always at its peak and there is a lot of sharing of thoughts, festival reunions, and bonding. I have seen that family living on minimum wage for many years. The condition is due to uneducated father and mother who is doing laborious work every day and if they earn something for that day then they would eat otherwise they would just let go of the dinner or lunch. They have a daughter who is doing her graduate studies. Her father made tremendous efforts by applying for the scholarship and then only it was possible for her to take admission in college. But he succeeded and finally, she is pursuing her dream education.

Fact though they have (almost) no money, still she takes care of her family by not being burdened with extra expenses. She would generally walk to college, do a part-time job, and survive on that money for her college needs.

The only thing they would avoid is going to any entertainment stuff (movies, concerts, paid trips, long tours etc), or they would use public transport for almost everyday and every commute. They avoid eating outside since that could eat up their days of ration in a single go! They would not go shopping where you have to flaunt fancy clothes and pay 10x the cost.

These are really small things that they keep doing but they are still happy in small bubbles. They still make it up to every function and cultural programs and festivals with everyone else. It feels no difference and they are happy about it.

I would say a simple life with a smile on your face all the time.