How To Live on a Lousy Salary

Do you suffer from sleepless nights trying to figure out how to pay your endless bills with the minimal cash you have? Do you ever wonder how you can stretch your low salary until the next pay day comes?  If you are one of those who are always out trying to figure out how you can cover all your expenses with the kind of pay you have, then this article is for you. Read on to learn how you can live on your lousy salary.

  1. Look at what you spend for. Make a list of your expenses for the last three months. Include everything in that list, even those small purchases. Once you have accounted for all your expenses, analyze each item spent for and indicate whether it was a necessity, a want or neither of the two. This will allow you to check on where you actually spend your money.
  2. Write down all your monthly bills. Sit down and carefully think about the items that you really have to spend on. Record down all the bills you have to pay every month, and compute how much of your pay should be allotted for these bills.
  3. Determine how much you can spend monthly. Subtract the total of the monthly bills that you have to spend on from your monthly pay. This will be the amount you can spend on other things.
  4. Determine your daily allowance. Take some time to figure out how you will spend the amount left after paying all your monthly bills. Think of how the amount of money you need daily, and list down everything you need for each day. The amount of money you can spend in one day will be your daily allowance.
  5. Stick to your daily allowance. Once you have determined how much your daily allowance is make sure not to spend more than this amount. It is so much better if you can spend less than your allowance as this becomes your savings that can be used for other things.
  6. Explore for other ways to save. There are different ways to save money. Check on you grocery bills, and see which purchases are not needed. Limit your consumption of junk food if this always part of your grocery list. Go shopping for cheaper brands of clothes instead of buying designer. Buy in bulks when they come cheaper rather than buying them one by one. Watch out for sales, and wait to buy when prices have been greatly reduced instead of buying them in their regular prices.
  7. Look for opportunities for income. You may want to check other ways to augment your current income. Look at classified ads and see whether there are part-time jobs you can take. Think of small business deals that you can venture in. Always keep your eyes open for other money making deals or opportunities available within your community.

Do not despair if you are living on a small salary. There are a lot of ways to save money which can help you stretch your money, and there are also opportunities to make additional money to cover for all your needs. Just stick to your budget, and add more to your income.


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