9,544 views since Nov 26, 2023

Learn the steps to manage your money on a low income. If you’re on a low income and living paycheck to paycheck you might think that if you had more cash you could make your finances work.

But what you really need are tips on how to manage the money that you earn RIGHT NOW.
So let’s explore how to best manage your money when you earn a low wage.

THE STEPS:

1: START WITH A RESET
If you’re on a low income you’re probably thinking about money a lot so it can be a good idea to take a break from it. For a week or longer if you can, go on a spending freeze. Try a no-spend week or more, where you don’t spend on anything (unless necessary like bills etc). Just to take a break from money for a while.

2: BUILD A FINANCIAL FOUNDATION
Now that you’ve reset your thoughts and habits around your finances, it’s time to start to build up a system that you can implement and follow. This covers: building a budget, paying debts, and saving money

3: LIVE THE PLAN
You’ll find as you go that your budget, income, and expenses, will always be adapting, so like living -- it’s important to stay flexible because you never know what’s going to come up. Treat your finances with as little emotion as possible. I know, money makes people irrational, but the more you can be as level-headed about your finances and your purchases as possible the better you’ll be.

The goal is to spend less than you earn, but still to have as good a life as you can afford.

Track your spending, look for ways to cut back, take control over your money and don’t let your income define you. You probably won’t be on a low income forever, and if there comes a time when you’re earning more, these money management skills will still work and you’ll be able to get even further ahead.

I hope you enjoy the video on how to manage your money. The tips will work whether you are on a low income or any wage. Good luck take control and saving money for your future financial independence.

Trace :)



DISCLAIMER:
Any information in my videos are my own personal opinions and not intended to be substituted for your own financial situation. Everyone has different circumstances and you need to consider what works for you and get professional advice when needed. Cool :)