Tuesday, May 21, 2019
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How to Survive On a Tight Budget

Living on a tight budget can be unsettling and stressful especially if you are coming from a lifestyle of abundance.

To avoid further stressing yourself out, you need to adjust your lifestyle accordingly in line with your new financial status, albeit temporarily. Trying to maintain a former lifestyle with dwindling fortunes will only get you into a deeper financial hole.

With good planning and money management, you can still live comfortably on a tight budget even as you work on growing the money in your bank and building for a secure future.

Revise your budget

Ideally, you should be looking into your spending plan every few months as your financial goals change but your hand is forced when you have limited resources.

You need to revise your budget to be in tandem with your new financial status otherwise you risk running out of money if you stick to your old budget. The last thing you want is spend money on one item only to later realize that you cannot meet other more important financial obligations.

A budget helps you avoid this by planning for your money so you know how much goes where and which expenses need to be prioritized over the rest.

Trim your expenses

With limited funds, you need to do away with some expenses that bulks up your budget for no good reason. Take a deeper look at your expenses and find way to minimize the money you spend on them.

You can start by reducing your entertainment expenses. Surely, you can do without beer and costly takeaways. By learning storing food tips, you could make your meals at home and pack the leftovers for lunch at the office the following day.

Negotiate for lower rates with your service providers. This is the time to negotiate for discounts with your car insurance provider and cut off the cable TV.

The trick is to cut one budget item at a time. Drastic changes can take time to get accustomed to which can lead you into worse money habits.

Buy in bulk

You will save a lot of money when you make bulk purchases as opposed to several trips to the store every time you run out of something.

You save a lot of withdrawal fees by withdrawing a large sum of money to carter for your budget for a week or two. Using the money, buy your supplies in bulk to get discounts that often come with bulk purchases, plus it also saves you the gas money you would spend driving to the store several times during the week.

If you can’t afford to make bulk purchases on your own, find willing friends and family to pool your money together with.

Earn some money on the side

If you are in a tight spot because your salary cannot sustain your financial obligations then find ways to make some extra money besides your regular income.

Find a suitable side hustle to earn you some extra cash to supplement what you already earn without necessarily having to quit your job.

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