Money Management Corner

Creating a budget on a low income

Planning your budget when you have a low income involves tracking your spending, knowing how to better spend the money you do have and giving yourself saving goals. Here are some budgeting advice to help you manage your spending better from here.

Keep a spending diary. Stay in control of your spending by keeping a record of everything you buy. From car insurance payments to purchases at the corner store, logging every cent can help you spot places to save money.
Use monthly totals. Instead of looking at one-off purchases, consider how much you spend on items like cigarettes, new clothes and eating out every month. You might be surprised at the total. Is it time to cut your spending on these? It might seem like a sacrifice at first, but you’ll feel much better when you realize how much money you’re saving

Shop smart. When grocery shopping, go once or twice a week and get everything you need. People often spend more when they drop by the store daily. Plan your meals for the week and buy only what’s on the menu. Even better, make meals in bulk and freeze leftovers for a quick meal another day. Don’t go grocery shopping when you’re hungry as we tend to spend more. And don’t forget to load your shopper’s card with digital coupons before you leave for the store.
Have a reason to save. Having savings goals can help you save money more successfully. Whether you want to build a fund for emergencies or raise money for house repairs, saving targets can help you set and achieve weekly and monthly goals and build savings faster.

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