Last Updated on June 17, 2020 by admin
How to Live On A Tight Budget And Save Money
Do you think living on a tight budget is something to be embarrassed about? It’s unbelievable how many people think about this.
We are going to share with you our favorite tips on how to live on a tight budget and still save money.
Living on a tight budget is not a shameful thing, it just means that you need to be wiser about how you spend what you have.
Everyone falls on rough times once in a while.
And instead of going out and getting a personal loan (which is not necessarily a bad thing), you can still manage your income and live comfortably.
The best way of doing this is to re-evaluate your budget and spend money accordingly.
I know many of you believe that living on a tight budget is impossible, but honestly, with the right strategies in place, you can do it.
If you have not read my other post on the tips I share about the different ways to save money on a tight budget and still make $3,000 be sure to check it out.
Living a Simple Life With Little Money
Remember living on a tight budget does not mean that you are doomed. You need to take a look at your personal finances and see how to take back control of it.
That’s basically it!
A good place to start is to really stop letting your finances control you and use this powerful financial advice for women to help you improve your finances today.
Once you know what you are dealing with, you can go ahead and create a budget and stick to it.
Your lifestyle might change a little but what won’t kill you will only make you stronger as an individual, a couple or a family.
With this in mind, how can you make living on a tight budget more fun? And if you haven’t already, this is a good time to think about starting a budget!
Before we get started on the best ways living on a tight budget is doable, we did want you to follow us on Facebook for more awesome ideas on saving or making more money. You can also follow us on Instagram for more tips.
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What Is A Tight Budget?
A tight budget could mean so many different things for a lot of different people.
In other words, my tight budget may necessarily be your tight budget.
According to the dictionary, “A tight Budget” is: involving a relatively small amount of money for planned spending! Today we are going to share our best tips on how you can live on a budget that makes sense to you.
This post is for you if you have any of these questions:
How do you live comfortably on a tight budget?
Or, how do you survive on a low income budget?
How do you pay bills on a tight budget?
If you any of these questions or more, we are so happy that you are here.
Learn to Live on a Small Budget
Living on a budget is extremely hard but absolutely doable.
Learning to live on an even tighter budget can be hard on some people. As long as you can create a working budget, most people can safely learn to manage the money they have to live with.
Having money management skills is ideal for families that have to manage on little money.
Most people worry about how they can get back each month especially if bills are constantly pilling up.
But if you know exactly what you need then all the unnecessary expenses can be cut off.
Living on a budget just requires to live within your means.
How to Live Frugally and Happy: 7 Tips to Follow
We are going to share a few tips you can follow in order to be more comfortable especially if you only have one income to go by.
When I found myself suddenly pregnant and on bed rest 2 years ago, I knew we had to make some financial adjustments and sacrifices.
Apart from finding ways to make money while on maternity leave, I found other ways to make us more comfortable living on a tight budget.
1// Cut Off Unnecessary Expenses
As soon as you know that you will need to live on one income, make the necessary adjustments quickly. These tips for living on one income goes for anyone that may be tight on cash.
So go ahead and call the cable man and cut off the cable. Does anyone still watch cable?
Do you have a house phone and a cellphone? Do you really need the two?
I went ahead and disconnected my cell phone because I was home most of the time and I had my laptop and internet if I ever needed to look up anything.
Make the choice and get rid of one. Now go through your utilities, re-occurring bills and trim your expenses where necessary.
Feel free to use the FREE TRIM APP to help cut off your unnecessary expenses.
2// Create a Realistic Plan for Living on One Income
If you know that you will be living on one income, you need to make a serious plan.
Who is making the money in the family? How much money are they bringing home?
Is the money going to be able to cover all the necessary bills?
What happens if you can not pay the bills?
Ask all of these questions openly and create a plan to address the shortfalls if any! You can’t ignore your mortgage otherwise you will lose your house.
For example, I created a plan of 30 ways to make money fast to pay for piling bills.
Also, do not ignore your debts!
Instead, I also had a plan for paying off debt fast even with a low income! Just sit down and make a plan that will work for the best.
3// Create a Realistic Budget that Works
If you know that you are going to be living on a tight budget, you need to work with a budget! A good budget that will work when things are tight.
Write down to the penny exactly how much cash is coming in and how much will be spent on bills, food, and necessities.
Make sure you are able to track every penny otherwise things might slide through the cracks.
We are showing you how living on a tight budget is not a bad thing. Hence we are stressing that you track every penny.
If money is not tracked accordingly and something is missed, you might overspend and skip on bills.
If you are not sure how to create a budget, check out these FREE Monthly budget template printables you can use to track your expenses.
4// Spend Money Wisely When On A Tight Budget
You know you are living on a tight budget. You need to spend money wisely now! This means finding specials, deals, shopping when sales are on and keeping track of your budget.
Here are a few more ways to spend money wisely while living on a tight budget:
- Don’t eat out a lot, invite friends over and make meals together
- Avoid going to the movies frequently. Host a movie night instead
- Take the bus instead of driving around and wasting gas
- Find online shopping hacks to help save more money
- Shop for seasonal items when applicable
- Use a shopping list when you go grocery shopping
- Find ways to have fun at home instead of going out
- Work out from home and get rid of your gym membership
If you can find ways to cut out expenses while living on a tight budget, you will manage just perfectly!
5// Use Cash For Daily Expenses
Pay your regular bills how you normally do! However, for all other expenses, try using cash. It’s easy to control money if you have it in your hands.
Using a card to shop will make you overspend. Avoid walking out of the house with your credit cards and debit cards.
In fact, while living on one income, be sure to permanently or temporarily get rid of your cards.
From now on, when you go grocery shopping, or if you are pumping gas, try to use cash bills to pay.
I like to use the jar method, where I label the jars with all my expenses and grab the cash when needed.
For example, I will have a food jar, a transportation jar and so on.
I will put my monthly allowance in the jar and when the money runs out, it runs out. This method will force you to properly manage your money.
It’s like giving yourself an allowance!
6// Understand Why You are Living on One Income
Living on a tight budget can be very stressful for a lot of people. And it can even be harder for those that are the sore primary providers.
It’s a good idea to think back and understand why you are in that situation in the first place. By understanding the situation, you might find a little peace in that. So many people choose to live in this situation for many reasons such as:
- Just having a baby or raising a family
- Low employment rates in your area/ Lack of jobs
- Illness and disabilities that do not allow you to work
- Widow/ loss of family member/ forced to be a single parent
- Loss of job
They are so many reasons for living on one income so definitely stay positive and stick to what is working for you and your family.
7// Find Ways To Increase Your Income
If money is really tight, find ways to increase your income if you are the one responsible for bringing in the money.
And if you are the one staying at home, looking into ways to make extra money from home should be your priority.
For example, you can find 17 legit passive income ideas to increase your income for extra cash. Find out more about how one amazing lady made over $47, 000 working from home as a proofreader or try using these apps that pay you real money!
You may also want to consider becoming a Pinterest Virtual Assistant on the side. Or even trying out these high paying side jobs might help.
Just try to find a way to bring extra income to make living on a tight budget possible and realistic.
Related Tips for Living on a budget:
7 Profitable Side Business Ideas to Start While Working A Full-time Job
7 Quick Ways to Make Extra Income Working Full time Fast
Living on An Extreme Budget
How about some of you who are living on a shoestring budget? How can you manage?
I suggest meeting up with a financial adviser or a financial expert to help you get through living on an extreme budget.
Missing bill payment will not make the situation better for you, it’s best to get the help you can before things become ugly and it gets harder to get out of.
Remember, asking for help is not a bad thing.
YouTube is also a great resource for finding tips for living on a tight budget.
For example, I watched this amazing video where Jordan shares grocery shopping hacks and how to save big money at the groceries!
Did you like our list of tips for living on a tight budget?
If so, we would love to hear from you in the comments below. Be sure to tell us about any tips you may have about living on one income.
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