Discover How You Can Budget On A Low Income

Posted on Saturday 12 March 2016


Even if your income isn't where you expect it to be, you can still manage a practical budget with the right mindset without getting a second job. A low income isn't the end of the world. With consistency and adequate planning, you can always move up the ladder and improve your financial position. It can be difficult to live on a low income and create a tiny budget for your expenses, but it is possible.  

The goal is to assess your regular expenses and reevaluate them based on needs and demands.  Once you can pinpoint your budget's weak spots, no matter your income level, you can become proactive and plan more strategically! We understand that living on a tight income can be extremely stressful as well.  Canadians across British Columbia who find themselves on a tight budget only need to learn some habits to maximize their budget. Some of the things to learn include time management and how to reduce taxes. Take weekly groceries for example.  If you begin to keep up with weekly sales and start using coupons, you might begin to save $30 and $40 at a time.  Below we are going to share some other ways Canadians can budget and manage a low income.

Tips To Manage Living On A Lower Income


A woman's hand dropping a penny into a half-filled piggy bank.[/caption] Of course, the first strategy toward saving money on a limited income should be accountability.  You need to keep perfect track of every penny spent.  This can seem almost impossible, but it is doable.  We recommend carrying a notepad with you so you can document transactions you might ordinarily forget about.  

Further, you need to make debt-free living a priority.  There can be no living by a credit card, or having loans for cars.  You have to decide what is most important. Yes, even the internet and cable are luxuries if you're barely scraping by.  Let's look at some other things you can do to save when you're on a limited income. Just taking these small steps can help you begin to save money on the most modest of incomes.  As always, when it comes to saving money, you need to have the willpower for the long-term benefits. If you're hoping to save for short-term goals, then just take the time to check out some savings apps online. Every little thing does count! Nevertheless, if you still find it difficult to meet your demands despite having a budget, you might want to consider cash advances and learn how they work. My Canada Payday stands out here owing to the platform's easy application process, among other perks.

  1. Make the best out of extra cash you might acquire, in fact, be smart and use extra earned income to build up your savings.
  2. Yes, save your pennies!  You shouldn't feel bad about it either, as every penny does count.  Have a jar for all of your loose change.  If you develop a plan that has you put loose change in the jar every time you make a purchase, you'll build up your savings faster.
  3. Sell what you don't need!  Thankfully, there are some great ways to do this all online.  Think of all the savings you can bring in when you sell what you know you'll never use again!
  4. Give up processed food!  That's right, you need to eat whole, organic, healthy foods.  Pass on all those sweet treats, fast food options and get rid of the sugary drinks!  Taking a healthier approach can save you on medical bills too!
  5. Live frugally—and we understand how tough this can be.  If you're willing to make sacrifices to start getting ahead financially, pay attention to what you buy.  Stop shopping frivolously and look for bargains when it comes to purchasing necessities.