by Abby Way

Created on: April 29, 2009   Last Updated: May 22, 2010

Budgeting. Saving. Spending. Three words that send shivers down the spine of almost anyone. It's even scarier when you're being paid minimum wage, and survival is a month-to-month uncertainty.

You'll be relieved to know that survival is possible on minimum wage. It might not be easy or luxurious, but is possible for the careful spender.

1. BUDGETING
The most important thing to start with is a budget! Remember, you can't go wrong starting with estimates and then beginning to fine-tune it based on what you actually spend each month.

Start with a chart or some kind of organizer. This can be on the computer (if you don't have Microsoft Excel, Open Office or Google Docs are great free choices), or using pencil and paper. If possible, however, spreadsheets on the computer are much easier to use because you can use formulas to save a lot of work.

Make sure your budget includes basic expenses like food, utilities, rent, and transportation costs. Anything that is essential to your survival (that doesn't include internet or entertainment costs, for example) comes first. Then, add in extras like clothing, entertainment, household expenses, etc. Review your budget each month to see where you can possibly cut back costs, and where you need to add more money into your budgeted expenses.

If possible, cut back on your expenses. Cable television and DSL internet can "downgraded", or you could cut them out entirely. An alternative would be reading books from the public library and using the internet there. Try saving money on gas and parking by taking public transit to work, if possible.

There are many great Helium articles on creating budgets, like this one.

2. SAVING AND SPENDING
Every penny saved is important to you. When it comes to food shopping, look for coupons (the local paper is sometimes available for free), and find out when the sales are announced in stores nearby. Cook your meals at home as much as possible; even though initial costs of some basic cooking supplies might be higher, it will save you a lot in the long run. Plan your meals based on what's on sale, and buy enough for that week's meals.

See if you can find free sources of food. Grow your own herbs or vegetables in pots on the windowsill, balcony, or back porch. If you have a garden, take advantage of it. Look up gardening produce and vegetables to add extra healthy food to your diet.

When it comes to spending, be as careful as possible. Buy no-name products and buy on sale, and make whatever you can. Check

• 1
• 2
• Next Page >>