by Wayne Leon Learmond

Created on: June 10, 2010

Having to contend with depression, economic downturn, and recession while trying to survive on a small income can turn out to be a fine juggling act.  If all of the above can affect the rich - then even more will they affect the poor. It is at such a time as this that if you have a small income - especially - then every penny counts.

People managing on a small income learn very quickly indeed the bargains to go for, and those to steer away from. Small-income families have to make the most of the money they are bringing in because times, these days, are extremely tough indeed. It is at such times when money is scarce that people should really be saving as much money as they can.

That may sound like a crazy notion but this is something that all families who are struggling on a low income should be doing right now. Whatever the amount you save, no matter how big or small, having a bank account in which you can put aside a few pounds/dollars every two weeks or a month, in case of emergency, soon builds up into a nice little sum. 

Find banks that will offer you a higher interest rate for your savings - and for children many banks offer special interest rates for children's accounts, which you should seriously look at. At this point it would be a good idea [ if you have not already done so] to visit different banks to see which ones have the best rates that they can offer the small saver.  Once you have done this, you will then be in a better position to decide which bank you want to join.

[Personal Budget]

Every family, whether they are bringing in a large amount of money, or small, should get into the habit of making a budget.  To make a budget simply means that you are recording every penny brought into your home, and every penny spent. You should know how much money you are bringing in, what you are spending that money on, and how much you are left with.

Always keep on top of your budget [meaning, keep your budget up-to-date] which in turn means that you will always be in control of your purse strings.  If you happen to be on the Internet, then you can make things simpler for yourself by the many free On-Line budget planners -  [Budget 5000] is a good one].

[Financial Benefits]

What benefits are you entitled too?  Most countries, in developed nations, have benefit systems which you can tap into -  if you are eligible. Find out what benefits, if any, you can apply for. If you are a low-income family than you should check

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