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

[ShowOff]

I know that everyone has different ways of managing their living needs according to their income. About me, of course I just try my best and try my best not to disturb each other.

So far I have 3 parts that I have to fulfill from my total monthly income. The first 40% is for living expenses and family needs, the second 30% is for investments, while the other 30% is for the reserve budget including unexpected costs and charity. Of course this is a percentage that I can't always maintain consistently, but it is a reflection of how I have managed my finances over the years. It doesn't matter if you and I have different ways, but as long as it's good for ourselves then I don't find a problem in how to manage it.

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[doomloop]

One of the difficulties of managing finances with a low (small) salary requires extra commitment and patience, always thinking positively and focusing on the goals you have planned. There are times when we need to manage our expenses. Note down all the smallest things in our expenses And get used to the daily needs of the family. Build a habit of living frugally in any case. the solution in my opinion is to improve your skills and look for additional income,

The solution is cutting down your expenses, getting another job or source of income is a different topic and we are talking about how one can manage their finances if they have a low range income, so though it's true that one should try and get another source of income on the side to make things easier but what if one isn't able to do that? They will also need to manage somehow, right? I believe spending money more carefully should do the job and make one able to manage things even with a low-range income.

I've been through it. I had a high-paying remote job that used to pay me more than what I needed for my monthly expenses, I was able to save some money and buy everything we needed for the house, and then unfortunately, I lost that job, and then I struggled for about a year, having to manage with a low-income job which was obviously difficult but it thought me how one can manage with the little they have.

[NewRanger]

The solution is cutting down your expenses, getting another job or source of income is a different topic and we are talking about how one can manage their finances if they have a low range income, so though it's true that one should try and get another source of income on the side to make things easier but what if one isn't able to do that? They will also need to manage somehow, right? I believe spending money more carefully should do the job and make one able to manage things even with a low-range income.

I've been through it. I had a high-paying remote job that used to pay me more than what I needed for my monthly expenses, I was able to save some money and buy everything we needed for the house, and then unfortunately, I lost that job, and then I struggled for about a year, having to manage with a low-income job which was obviously difficult but it thought me how one can manage with the little they have.

That's right, and I think it's our job to take it easy, whether we can afford it or not, circumstances will tell us.

Maybe, something similar has also been felt, not only by you, but certainly by other people. This is indeed undesirable and there are many important reasons why things change and it is definitely not our will.

This will be a challenge in itself because if you are able to manage it well and survive with limited financial conditions where all daily primary and secondary needs are increasing at this time.

[Y3shot]

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. To be honest and I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions because the final goal of what we are trying is only for our family and not for other.

The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things. When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.

[batang_bitcoin]

The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things.

Yes, talks can be done to make everyone understand what your financial situation is. Because if someone keeps on demanding or asking for more but you can't give it anymore, it's visible what the problem is.

When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.

And if they can't really adjust by all means then there's only one way of doing it and that's to help each other, find jobs or other source of income. A lot of families does this and helping each other to keep up with the bills and to make ends meet.

[JeffBrad12]

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. To be honest and I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions because the final goal of what we are trying is only for our family and not for other.

The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things. When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.

that might works sometime but you know sometime there is some people that really lack of responsibility doesn't understand the consequences, but at least everyone in the family knows that there's something needs to be fixed since the budgeting already disclosed and properly managed.
still i would honestly say that its better to increase the income so that some problems gets automatically fixed.
therefore its essential to keep learning and learning to have skills and therefore increase the income.

[xSkylarx]

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. To be honest and I don't think it's wrong to tell the actual income conditions, the figures for how much income comes in every month. That way, our wives can understand and try to manage it optimally and of course there must be additional efforts to help cover these deficiencies. Yes. Being honest is better because we as heads of families have conveyed the true conditions because the final goal of what we are trying is only for our family and not for other.

The best thing to make things easy is to open up to the partner to know how much money that comes in for the month,  communication and understanding can help families manage no matter how small that comes in as their allowance and it will make them to manage money well not unnecessary things. When every member of a family understands what is the income that is keeping the family for the month they have no choice of adjusting every budget and standard just to meet up with bills that is very important for the family.

that might works sometime but you know sometime there is some people that really lack of responsibility doesn't understand the consequences, but at least everyone in the family knows that there's something needs to be fixed since the budgeting already disclosed and properly managed.
still i would honestly say that its better to increase the income so that some problems gets automatically fixed.
therefore its essential to keep learning and learning to have skills and therefore increase the income.

By telling your partner or your family about your financial status it can ease the burden on your mind which can be good for you mentally. Though it won't solve the problem it is a short-term solution so that when you are still looking for another source of income or even finding a new job they can still help you by budgeting money and lessening their expenses. Even myself I will open up about this because they can still support and help me in this kind of situation and then after that find another source of income for fixing that problem.

[NewRanger]

I know that everyone has different ways of managing their living needs according to their income. About me, of course I just try my best and try my best not to disturb each other.

So far I have 3 parts that I have to fulfill from my total monthly income. The first 40% is for living expenses and family needs, the second 30% is for investments, while the other 30% is for the reserve budget including unexpected costs and charity. Of course this is a percentage that I can't always maintain consistently, but it is a reflection of how I have managed my finances over the years. It doesn't matter if you and I have different ways, but as long as it's good for ourselves then I don't find a problem in how to manage it.

I personally find the figures you give quite interesting and my assumption is that if you have a family, 40% feels right for a small family, but the figures above, if there are 6 members in the mass family, there must be additional subsidies because the price of primary needs is currently at the cost of everyone.

That's right, variations definitely exist and I myself usually plot 80% of my salary at home, 15% for my operations and sometimes I also slot savings funds and set aside 5% of my income per month for social activities in community life, especially since it is part of our extended family, for example visiting someone who is sick or going to an invitation to a family party.

Even myself I will open up about this because they can still support and help me in this kind of situation and then after that find another source of income for fixing that problem.

If you are open to each other and understand each other's financial conditions, especially your wife, this is the most effective medicine in maintaining family integrity as well as encouragement to seek additional income.

[Inwestour]

I know that everyone has different ways of managing their living needs according to their income. About me, of course I just try my best and try my best not to disturb each other.

So far I have 3 parts that I have to fulfill from my total monthly income. The first 40% is for living expenses and family needs, the second 30% is for investments, while the other 30% is for the reserve budget including unexpected costs and charity. Of course this is a percentage that I can't always maintain consistently, but it is a reflection of how I have managed my finances over the years. It doesn't matter if you and I have different ways, but as long as it's good for ourselves then I don't find a problem in how to manage it.

The ability to manage finances needs to be developed at a very early stage, even when you have a very small income, which is only enough for the essentials, learn to save even in the most difficult times. As you increase your income, the amount you save will increase and this will allow you to invest more, but at the same time your standard of living will also improve. The most important thing is to maintain the habit of saving and investing when it becomes possible.

[cafter]

Here is how my father handles our family's finances: My father's salary is 70% less than that of other people in our category because he has no formal education and works as a manual laborer.
Because of this, we have to be very frugal and watch every penny we spend. Each purchase is carefully thought out and everyone in the family is aware of the financial situation.
We don't spend on luxuries because we have to make ends meet.

[xSkylarx]

I know that everyone has different ways of managing their living needs according to their income. About me, of course I just try my best and try my best not to disturb each other.

So far I have 3 parts that I have to fulfill from my total monthly income. The first 40% is for living expenses and family needs, the second 30% is for investments, while the other 30% is for the reserve budget including unexpected costs and charity. Of course this is a percentage that I can't always maintain consistently, but it is a reflection of how I have managed my finances over the years. It doesn't matter if you and I have different ways, but as long as it's good for ourselves then I don't find a problem in how to manage it.

The ability to manage finances needs to be developed at a very early stage, even when you have a very small income, which is only enough for the essentials, learn to save even in the most difficult times. As you increase your income, the amount you save will increase and this will allow you to invest more, but at the same time your standard of living will also improve. The most important thing is to maintain the habit of saving and investing when it becomes possible.

Just simply owning a piggy bank when you are a child means that if you have coins you will put them there because you know you can buy a toy if it is already full. Even in small amounts you can save it because later on it will accumulate. The problem right now is that the mindset of saving is that you'll be putting bigger than a penny into it which is why others got discouraged from saving a penny. So if we practice it then for sure even in hard times we can still save so it really depends on our discipline and mindset.

[bitterguy28]

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?

I listed some advices with Quotes.

I will also record some more advice in my diary....
Cheer,

I also experienced something like this in the past years when everything that I gain was disposed in gambling so i come to the point that almost every expenses comes from credits and debits.
then the time comes of payment and yes I need to give almost every monthly work payment to those credit.

What I did to survive? i Let my wife do Business online specially in pandemic days when the demand  for food online is truly that high.

and yes until now we are doing the business and yes this gives us almost half of our investments now.

[junder]

I know that everyone has different ways of managing their living needs according to their income. About me, of course I just try my best and try my best not to disturb each other.

So far I have 3 parts that I have to fulfill from my total monthly income. The first 40% is for living expenses and family needs, the second 30% is for investments, while the other 30% is for the reserve budget including unexpected costs and charity. Of course this is a percentage that I can't always maintain consistently, but it is a reflection of how I have managed my finances over the years. It doesn't matter if you and I have different ways, but as long as it's good for ourselves then I don't find a problem in how to manage it.

The ability to manage finances needs to be developed at a very early stage, even when you have a very small income, which is only enough for the essentials, learn to save even in the most difficult times. As you increase your income, the amount you save will increase and this will allow you to invest more, but at the same time your standard of living will also improve. The most important thing is to maintain the habit of saving and investing when it becomes possible.

Just simply owning a piggy bank when you are a child means that if you have coins you will put them there because you know you can buy a toy if it is already full. Even in small amounts you can save it because later on it will accumulate. The problem right now is that the mindset of saving is that you'll be putting bigger than a penny into it which is why others got discouraged from saving a penny. So if we practice it then for sure even in hard times we can still save so it really depends on our discipline and mindset.

Yes that's right, in my opinion when people have money they only prioritize the current lifestyle with a luxurious style followed by branded items such as clothing vehicles and gadgets only a few people who when they have money they prioritize saving or investing, indeed there is nothing wrong with following the current lifestyle but there will be a future that must be prepared for themselves even they will have their own families who will be their responsibility.

The mindset that exists in young people may indeed be to follow the current luxurious lifestyle as expensive as the current lifestyle if they can afford it they will fulfill it but they should also think about saving for their future or opening a long-term business with a good income.

[AicecreaME]

It's amazing how people with low income made it, like they gave their children education and finished college with a degree.

I came from a poor family where my only mom raised us with my sister and finished our college with only earning $3 per day. If I'm not mistaken she always borrow money in advance to support our needs in our home and school. She never bought anything for herself, she prioritize our needs above all else. So the key here I think is never spend more than what you can afford, be contented and never gave up on your dreams.

Always budget the money no matter how little it is. Spend the money wisely and ignore the wants but always prioritize your needs first.

[MarjorieZimmermanGinger]

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?

Living frugally in unstable financial conditions is the best way to avoid excessive spending. The concept of having a family is to minimize expenses for clothing, food and shelter, this is deemed necessary to avoid excessive spending in uncertain economic conditions like now. If someone cannot manage their life well then whatever level of income we get will not be enough to fulfill our lifestyle. If the income we get is below our daily needs, it will be very problematic if we cannot manage it properly and this is where someone needs to be precise in managing finances.

A simple lifestyle must be adopted in unstable economic conditions and as much as possible we must spend money only on what is needed. Managing finances may be very difficult and not as easy as we are talking about, but everyone must have a strategy to avoid this problem if they want to live a calm and fulfilled life.

[terrific]

It's amazing how people with low income made it, like they gave their children education and finished college with a degree.

I came from a poor family where my only mom raised us with my sister and finished our college with only earning $3 per day. If I'm not mistaken she always borrow money in advance to support our needs in our home and school. She never bought anything for herself, she prioritize our needs above all else. So the key here I think is never spend more than what you can afford, be contented and never gave up on your dreams.

Always budget the money no matter how little it is. Spend the money wisely and ignore the wants but always prioritize your needs first.

I can relate.
They're like the real heroes of lives and most of them are just silent heroes that don't discuss their struggles as they provide our needs.
I don't know how things became possible but they're the greatest providers despite the struggles that they've dealt.
So if someone who's still looking for some tips, maybe the first one to ask are their parents. 

[Questat]

We'd rather not think big and add more unnecessary stuff.
 - because at the moment we aim high, being jealous of others for their luxurious life, and the tendency to compromise our finances.

That is why we should be certain of our expenses and keep them low. It was very difficult honestly and many things could be sacrificed. A reason why we shouldn't make our life too easy and contented with having that situation if we know that there is a way to help it out and live even better.

[Cookdata]

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?

I will also record some more advice in my diary....
Cheer,

Here is the thing.
Family is a group of people father, mother and children, in some cases extended families all leave together and this is first started by two people. Now, my problem is not about how they start the family but the question is, do you have what it takes to start a family? Why marry in the first place when yiu are not financially buoyant and capable, don't dare bring a child in this world to come and suffocate them with the hardship of this economy. If you must be ready to start a family, the two must be financially stable to start and if you must born, do it on the budget you have at hand, don't litter everywhere with offsprings and come and blame the government for your own choice, that been said.

However, on average about hardship we are all facing, it is indisputable to say that things are right, inflation is worst right now, they are about to announce the new CPI in some minutes as I'm writing this( in 6 minutes) but we even we complain all days, we can't wait for government solution, you are the solution and you need to fix the main thing.

The solution to this finances is to increase your income, double where your income comes from and if you must do extra job to live upto a good standard of living, that is what you must do.

[Bushdark]

We'd rather not think big and add more unnecessary stuff.
 - because at the moment we aim high, being jealous of others for their luxurious life, and the tendency to compromise our finances.

That is why we should be certain of our expenses and keep them low. It was very difficult honestly and many things could be sacrificed. A reason why we shouldn't make our life too easy and contented with having that situation if we know that there is a way to help it out and live even better.

Some if the ways we can meet to our income standard is to reduce the rate on how we spend on whether we have family or not. There are people that spend more than there income and it is very bad of us if we indulge in that kind of lifestyle. We need to always weigh how often we spend our money to avoid unnecessary insult or having to go and borrow from people around us. There is need for us to make a plan for all our expenses so we can know which one and how we ought to spend our money. Those do not make plan, plan to fail and we need to always put everything we do on plan.

[junder]

We'd rather not think big and add more unnecessary stuff.
 - because at the moment we aim high, being jealous of others for their luxurious life, and the tendency to compromise our finances.

That is why we should be certain of our expenses and keep them low. It was very difficult honestly and many things could be sacrificed. A reason why we shouldn't make our life too easy and contented with having that situation if we know that there is a way to help it out and live even better.

Some if the ways we can meet to our income standard is to reduce the rate on how we spend on whether we have family or not. There are people that spend more than there income and it is very bad of us if we indulge in that kind of lifestyle. We need to always weigh how often we spend our money to avoid unnecessary insult or having to go and borrow from people around us. There is need for us to make a plan for all our expenses so we can know which one and how we ought to spend our money. Those do not make plan, plan to fail and we need to always put everything we do on plan.

Yes, it is true but not everyone can be like that but most of them are bigger expenses than the income they get. this is what must be addressed by considering the expenditure of basic needs and the need to meet the current lifestyle, they must limit the current trend of lifestyle spending with luxury items or brands. and right as you said to avoid borrowing from others.

Some people only prioritize the need to meet the current lifestyle compared to their basic needs, precisely when we don't have a family, this is our chance to prepare it, it can be by saving or investing, it can even be by having your own business, no matter how small the business is, as long as it produces it, do it well.