Self Development Tuesday Tips

How to live on a low income

We all want to save for the rainy season, literally and figuratively. We want to have enough money to go on vacations and also get enough money to buy our dream house. All of that can seem impossible if you earn a low income.

Over 80% of Nigerians live on a budget and are barely getting by. How then do we tell people to save when they don’t have enough? It’s all in the DISCIPLINE of surviving. Little by little, if you put aside something every week or month, it gathers and becomes a storm.

Let’s start now.

What can you do to live on a low income without losing financial steam?

Stay Debt-Free!

Stop borrowing money. It’ the first step to living within your means. Being in debt is never a good idea. If you can, stay away from living in debt; unless in situations you can’t handle like health emergencies. For rent, live in a place you can afford yearly. Try as much as possible to keep your head above water as regards to money.

Cut Down Your Expenses:

Don’t buy stuff that your income cannot justify. If it’s above your financial ability, let it go. There are so many other things you can get at a bargain. Do not live a Champagne life on a beer budget. It’ll hurt your finances badly.

Save Free Money:

If you get a windfall, you know what to do? SAVE IT! You weren’t expecting it, were you? So save it. Do not live lavishly on a financial gift. Ensure you plan your life based on your income. Any extras should be kept aside. It might seem too harsh to live this way, but the end result of your decisions will make you proud.

Start A Side Hustle:

Very important! My dear, find something to do by the side. Apparently, your day job or day business needs to be supported. The money just isn’t enough. Find something worthwhile to engage you during free hours. Not too many people can survive on just one source of income. Besides, if you lose your job, what would you do then?

However, without DISCIPLINE none of these can be achieved. Whether rich or struggling, the best means to financial freedom is FINANCIAL DISCIPLINE.

Good luck!

xoxo

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1 Comment

  • Reply
    Ezem Chinedu
    August 22, 2017 at 9:05 am

    Thanks for the advice, I appreciate.

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