Budgeting

5 Tips for Families on a Low Income

Families with low incomes can improve their situation by getting their priorities right. The trick is to focus on making sure that your income not only covers all your needs, but lays the foundations for achieving a better life in the future. Get started with these five helpful tips.

1. Do you really need a car?

If you don’t really need a car, then sell it and forget it. Car expenses can add up: fuel, insurance, registration and repairs – the bills never end. If you have easy access to public transport you will be definitely saving money.

2. Visit your local charity shop

Buy second hand. Charity shops provide an array of goods, including clothing, toys and kitchenware. Shopping at these places will save you an absolute fortune. You might even discover some great bargains that you could resell for a profit online. In addition to charity shops, auctions and garage sales are excellent places for buying necessary goods at significantly reduced prices.

3. Get smart in the kitchen

Be a clever and thrifty cook. Bring money saving strategies into the kitchen. A one pot meal that can feed the family several times will cost a lot less than everyone eating individual meals. Buy in bulk and compare grocery prices from shop to shop. Take advantage of supermarket specials, use coupon offers and avoid eating takeaway.

4. Budget, budget, budget

Making a budget that focuses your spending on obtaining essentials is crucial. A good budget means you can avoid thoughtless spending and the risks of using your credit cards. There is a wealth of free advice available online to assist you in improving your budgeting skills. You can even learn how to save a little money for the future.

5. Improve your skills

Use the money you save with your budgeting to improve your future employment prospects. Consult with government and employment agencies to construct an educational or vocational training pathway to increase your career skills and enhance your opportunities to earn more money.

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If you’re ready to get your finances family fit, here are some tips to help you get started.