by Laurie Childree

Created on: March 25, 2010

Living on a low income is challenging but not impossible. In fact there are those that live off of a low income each and everyday. The problem is that some are living from paycheck to paycheck. At $7.25 an hour you end up with $290 before taxes after a forty hour work week. After taxes that’s an estimated $232 a week which is only $928 a month. Believe it or not there are those that manage to take care of a family for this amount.

They are careful with their money. Ideally they have learned to save money and set something aside for a rainy day. When you have less than a $1,000 each month to cover everything you need there is a requirement of weighing every decision. Rent can be $450 to live in a neighborhood where you feel safe. This only leaves $478 for the month which means that paying that much isn’t usually an option. What if they were lucky enough to have a $300 mortgage payment? They still have to pay insurance and taxes that can put a drain on the budget.

Live Below Your Means

Living below your means makes it easier to live on a low income. When you don’t make that much you want to make sure that you don’t budget every dime that you make toward bills each month to ensure that you aren’t going to end up without the ability to buy what you need. You have to know that difference between your necessities and luxuries to live on a low income.

Compare Prices

When it comes to shopping on a low income you have to compare prices. You may even find the need to shop at pawn shops and second hand stores along the way. If you’re buying the kids’ clothes to wear at home during the weekend and the summer you can find them enough clothes to last the year for a very low costs at a second hand clothing store. If you spend enough time looking you might even find some work clothes for yourself if they don’t provide you with uniforms.

Pack a Lunch

Packing a lunch to send to school with the kids or to take to work yourself can save you some money. While school lunches aren’t that much you can save a few dollars a week if you send leftovers to school with your children. When you pack your own lunch you’ll be less likely to go out to eat which can cause you to go over budget.

 Living on a low income can be frustrating at times but it’s not impossible. You have to make adjustments to your lifestyle and practice patience. There are dozens of things that can be done to make life more comfortable and still obtain everything that you need without making a large amount of money.

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