10 Ways To Deal With Low Income, Fund Projects and Cut Down Expenses

Here is a topic we hardly ever talk about yet sometimes it happens that you may be financially constraint or you are saving up for a project that may take up some time to complete.

It may happen that you are currently living on one salary trying to make ends meet with a family to feed may not be easy.

We found ourselves in a similar situation where we were funding our company after a partnership gone wrong. We had to live on one salary and that was a tough moment.

However we learnt so much on the use of our finances to make our lives as enjoyable as the abundant times by planning well and sticking to our plans and we still do sometimes when when we have a project to do or delayed payments.

This can teach you how to plan well for your money and allocate funds well for your household. It is so easy to get caught up in the lifestyle we see on our social media and Instagram but be realistic with your financial situation and work towards creating the kind of lifestyle that you desire.

No One Is Coming To Save You!

Many of us day dream and fantasize that someone from somewhere will just come and save us from our financial situation and give us the life we actually ‘deserve’.

Chances are just that no one is coming to save you and if you do not start looking at where you are right now and coming up with a plan on how to keep yourself above the water until the tide is over chances are you may become really overwhelmed with the situation.

However if you start coming up with a plan on how to deal with your finances right now, you know that 6 months from now and further on will be a much better place for you and the entire family.

Look at where you are, then stop blaming everyone else and put yourself in a position of power by taking charge of your situation and your life in general. What I learnt is that it is the changes that you make daily that really add up to the the progress you make. Taking a huge step can be overwhelming and damaging to your will power, however if you can formulate strategies that will help you become consistent on a daily basis.

You will be able to take one day at a time and in a month, then two, then three, four months you will see a major difference.

An example would be looking at your spending everyday! It is not every day you will buy doughnuts or peanuts just because someone is selling. Be wise! Support people but do not find yourself struggling until the next pay check.

Review Your Budget

Its time to look at your income and expenditures so that you can be able to put a plan in place to cut back on expenses looking at the current income you have. This will also give you a clear picture of what position you are currently in.

Is it sustainable for a family? Can you live above water in the next months, years to come? You may need a plan that will give you more income in the long term and those are things to consider too.

As you review your budget you may notice whether you need to look for a job or if you run a company cut back on expenses or invest more on marketing campaigns.

Pay Bills

One of the things that are overlooked is paying bills timeously. Of course this will sound really strange that how can I recommend this when I am already up to the neck with bills.

The challenge with letting bills accumulate is that they may overwhelm you as they pile up and reduce the cash you have available for meeting other needs that arise. This will also teach you how to let go of money and so you can easily receive it again by allowing money to flow freely.

Come up with a plan and communicate on how to pay your bills now that you are not able to settle the full amounts.

This will not only give you a peace of mind but it will give you the confidence in knowing you can settle them and work towards your dreams without the pressure to put food on the table from day to day. I mean you can focus on other things other than the most basic needs like food and shelter.

Come up with a plan, looking at your monthly bills, which ones can be cut off by suspending the services temporarily? can you be creative with entertainment by cutting costs and saving money for the most crucial bills to pay.

The water bill
Electricity bill
Your Helper
Rent

Is it possible to cut back on fuel and pay the water bill to avoid disconnection and penalties?

Avoid Bad Debt

I am sure you know now that there is bad debt and good debt! It is natural to want to get a loan when you feel under the water yet it is not always wise to create debt that will not make money back the way it does when invested.

Navigate your situation and if cutting back many unnecessary expenses temporarily can work while you live with what you have then let it be, knowing that after a certain period of time you will get to breath a bit.

The biggest challenge with a loan is paying it off yet you have not invested it anywhere and it means your buying power is still reduced even worse off than before. So if its possible to cut off certain expenditure then do so and avoid getting a loan which may quickly frustrate you.

Pay Cash

If possible, use cash whenever you can to avoid thinking you have money that you do not have. It is possible to take things on credit yet that also reduces your cash in the long run due to the burden of paying high bills of already consumed goods.

Taking things on credit may give you the impression that you afford so much when you actually do not at the moment. If its possible opt to pay things cash and buy what you can and put the other things on hold until you can pay for them in cash.

Get Creative

Allow this to give you an opportunity to be creative with spending money including saving and entertainment. There are many ways to enjoy life besides spending on restaurant bills and vacations. As much as that is necessary to reward yourselves and enjoy life but there is a time for everything.

For example now that you will be saving to liberate yourself in the future or to simply give yourself a peace of mind by cutting back on expenses then being creative will help you enjoy life even in such a season.

Instead of buying popcorn for a movie night you can actually make it yourself, buy a few ingredients for breakfast and make a great English breakfast at home, have fun picnics as a family, thrift collect for clothing, buy at a wholesale for monthly grocery and create more ways to liberate yourself.

Have Home Cooked Meals!

It is also the take away meals from every day spending that becomes so expensive in the long run. You can cook meals from home with larger pots so you can take some as lunch box to your work and avoid spending all the time.

A homemade sandwich will save you so much money overtime and gain the confidence that you are actually good with money too. This will also teach you good spending habits so you handle larger assignments later in life.

I once told myself that no matter what i would not spend on buying meals but i would rather spend it on the weekend with my family by choosing a different restaurant to entertain our home schooled children. The entire family enjoyed it and it showed me that when you plan to adjust and become consistent, you can do whatever you want in life.

Focus On Your Own Journey

We all know that it is easy to get caught up wishing your life was like your neighbor’s who seems to have life figured out well at least that is what we tend to think on the other side. It is important to focus on your own journey and building what you can at the moment and working towards making your life better.

Our journeys are really different, we have different areas of focus and losing focus because you saw something your neighbor is doing and you now desire to have that too, it will delay you leaving you blaming everyone for the financial position you are in.

One day you will save up for the vacations you desire, it may not be now as you are still trying to minimize bad debt and create the lifestyle you want. Of course we learn from others and it keeps us ambitious but there is a thin line because you are an individual too that needs to honor her own path by committing to improving your life and uniquely so.