subject: Living Within Your Personal Means [print this page] Many of the articles dealing with finance that you find on the web or in money magazines work on the premise that you have plenty of money to start with. However, for those of us who do not have many means, we often ask the question - but how do you manage when you have very little?
There could be various reasons for you not earning much money. Unemployment, for instance, is one of the most common reasons. The best solution in this situation is to look for a job and get one.
However, sometimes your circumstances are such that you cannot change them so easily. For example, if you are chronically ill and can't work, if you are a single parent, or if you work very hard but you can only get low-paying jobs in your field and you don't have the time or means to retrain for something else, you are often stuck in your situation and have to learn to live with it.
Prepare your budgets carefully, keeping your needs and bank balance in mind. Don't over-budget thinking that you would be able to make up for a loss next month. Wait to purchase things until you can actually afford them.
When you prepare a shopping list, ensure that you make a list of only those things that you need and not things that you want. Differentiating between the two is important and necessary for you to maintain discipline.
A great way to do this is to buy generic brands at your local grocery store and pharmacy. These products usually offer the same quality but are much less expensive.
Another habit that you need to maintain is saving. Even if you are able to save several dollars per day and keep that aside, your account would grow over time and give you a sizable amount. This amount can be saved to be used on a rainy day.
Another important thing is to keep as far away from credit cards and loans as possible. These can spoil your budget and make you worse off.
by: Erica Stanson
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