How to live well on less income

Maria Papadopoulou By Maria Papadopoulou, 22nd Sep 2010 | Follow this author | RSS Feed
Posted in Wikinut>Money>Money Saving Tips

Living well on less income is possible, provided that you are willing to follow some useful tips.

Live well on less income

During economic recession, making ends meet can become extremely hard. When having to live on less income, things can get even more complicated. Is it possible to live well on less income?

Cutting back on meat

Meat is quite expensive and not exactly beneficial to your health. By getting into the habit of cutting back on portion sizes as well as limiting the frequency by which you eat meat (once every week or every ten days should be enough), you will manage to save money on a steady basis. Vegetables are a healthier and cost- effective alternative. Growing your own vegetables can help you save even more.

Plan ahead

Plan your meals on a weekly basis. Check special offers and take full advantage of seasonal foods. Calculate the exact quantity you are going to need for each item and use just that. If at the end of the week you have leftovers, use them to prepare snacks or even new meals for next week.

Opt for generic or store brands

Another way to save money is by purchasing generic or store brands. When you don't have an absolute preference, that is easy to do. When it comes to breakfast bars, frozen veggies, napkins, paper towels, toiler paper, tissues and corn, generic or store brands are usually of an acceptable quality, and cost significantly less.

Compare prices

Get into the habit of comparing prices per unit and more specifically per pound, ounce, dozen or package. This is the only way to compare prices for products accurately.

Make lists

Never go shopping without your lists. Mention the exact items you need and the exact quantity in which you need them. To avoid overspending, carry with you only the exact amount of cash you are going to need for those purchases. For even better results, carry even less cash with you so as to have a good reason to look for discounts.

Alter your mortgage and credit card payment method

Start paying for your mortgage and credit cards twice instead of once a month. Divide the amount in half and start making biweekly payments. That way, you will manage to reduce the interest rate for both your mortgage and your credit cards after a while. Furthermore, it will be easier for you to manage your finances, since you won't have to pay the whole amount right away.

Pay yourself first

Another way to live well on less income is by learning to pay yourself first. Automatically deduct a specific amount of every paycheck and deposit that money to a savings account that you will have set up for emergencies. That way you will feel more financially secure in case unexpected expenses occur.

Cut back on extras

Make a list of all the things that you do not really need but still pay for and you will soon see your finances improving. Cancel your cable subscription and start seeing your favourite shows and movies online for free. Cancel your home phone service if you are not at home much, or at least cancel extra services such as call waiting service and voicemail. Cancel your subscription to the gym; you can exercise at home.

Share

By learning to share things with others, not only do you succeed in developing stronger relationships, but you also manage to spend less, save money and manage your finances better. Share books with avid readers like yourself. Share clothes with friends and relatives with the same clothing size and taste. Share grocery items with neighbours instead of hitting the grocery store everytime you need a few things.

Attainable goal

Learning how to live well on a less income , especially during economic recession, will help you get another perspective on the way you manage your finances and will ultimately make you financially responsible.

Tags

Compare Prices, Generic Brands, Less Income, Live Well On Less Income, Make Lists, Save Money

Meet the author

author avatar Maria Papadopoulou
I am a certified health visitor and i also hold two bachelor degrees in translation as well as a bachelor degree in subtitling.

I have been working successfully as a professional freelance translator and proofreader with several prestigious transl...(more)

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Comments

author avatar Denise O
22nd Sep 2010 (#)

All of these are excellent ideas. Thank you for sharing.

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author avatar La Verne
4th Oct 2010 (#)

this is true and also inspiring...:)

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author avatar Maria Papadopoulou
5th Oct 2010 (#)

Thank you guys...

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author avatar Bijay Kumar
19th Sep 2011 (#)

very good ideas

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author avatar gausan
6th Oct 2015 (#)

Nice information has been provided by you.

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