10 Budgeting Tips For Low Income Families

Instead of struggling to support your family, make use of the 10 budgeting tips for low income families. Provide for your family's needs without putting a strain on your budget. Even families with a low household income can get ahead with proper budgeting.

  1. Avoid eating out Eating out is not a wise decision for a family with low income. Instead, use the money in your budget to plan better meals at home. Learn to cook healthy and delicious meals for your family.
  2. Drink water Purchasing soda and fruit punch is a waste of money. Learn to drink water with your meals and improve your grocery budget. Your health will also improve. Put the money that you normally spend on beverages into a savings account each month.
  3. Buy in bulk Food items with a long shelf life are cheaper purchased in large packages. Buy rice, beans, grits and dry pasta in large packages. Buy household products such as laundry detergent, bath soap and bathroom tissue in bulk.
  4. Shop with coupons Coupons help low income families stretch their grocery budget up to 50 percent or more. The benefits are even greater when coupons are used during sales. Coupons are essentially free money.
  5. Buy second-hand clothing Quality used clothing can be purchased for all members of the family, reducing the clothing budget by up to 80 percent.
  6. Purchase used furniture If your furniture is damaged beyond repair, buy used furniture for a replacement. When budgeting for a family, do not get side-tracked by large ticket items.
  7. Avoid buying disposable plates and paper towels A family could go through several rolls of paper towels and a few packs of paper plates each week. That is simply throwing money in the trash. The cost of these items might break your budget. Use cloth napkins and plan to wash dishes each day.
  8. Do not rent or purchase DVDs Make better use of your low income. Visit the local library to borrow DVDs, CDs and books to enjoy at your family’s leisure.
  9. Stop playing the lottery Low income families often waste several hundred dollars a month playing the lottery. Stop focusing on the one in a million chance of getting rich quick. Budget wisely and use your money to provide for your family’s needs.
  10. Pay yourself first A good budget always includes money for savings. Have money automatically taken from each paycheck and directly deposited into a savings account. Even $25 per month will add up to thousands of dollars over time.

Maintaining a budget will make life easier especially if your family is living on a low income. With diligence and determination it will be possible to save money.

 

 

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