Fun Ways to Save Money for Families With Low Income

One of the greatest challenges of a worker or a small business owner is the ability to save money.  The type of savings I am talking about is not a case of putting your whole salary or income in your checking account at the end of each month, only to withdraw every penny you have saved before the month runs out No!  The kind of savings I am talking about is setting aside a portion of your salary or income where you will not have access to it for a period of time or until the time of its purpose.

The inability to save is the reason why small income earners find it very difficult to meet up their expenses. Every little problem encountered amounts to running from pillar to post looking for help.  When this happens, it is always blamed on poor income. Even so, a worker or small business owner should be able to pay his bills and solve his little problems without begging.

How to Manage Your Little Resources at Home

It is true that an average person may not have all the money needed to manage a home.  It is also true to say that not having enough resources is not a convincing reason why your family should suffer.   You must be able to manage what you have to achieve a good result.   Your priority should then remain how to maximise the available resources to your advantage.

You know how much you have or how much you are given each month or period to manage the home.  The steps to take are:

Planning &Budgeting – You need to sit down and put together, what and what to purchase and how to pay for other things that will sustain you and your family within the period in view.  You also need to know how much it will cost you to get all these materials you will need putting into consideration the resources at your disposal.

Allocation of the Income – You will need to share the available cash into different segments of things you need so that you will not end up achieving some and leaving others behind and become affected in the long run.  It is good to get everything you need even in small quantities than not getting it all.

The following ideas will also help you cut cost.

Buy Things in Bulk - when you buy things in bulk, you will get some discounts; you will also avoid being cheated by retailers who will always tamper with the measurement or quantity of the product. 

Cook Your Meals in Large Quantity -   It is more advantageous to cook meals in large quantities and store them in your refrigerator than cooking a small quantity in the morning only to cook another small quantity of the same food next day. This is wasting of money.  If you want to cook a soup, make a type of soup you can use to eat variety of other foods in a reasonable quantity that can last for 4 to 5 days.  (Please do not store your food for a very long time so as to prevent it from turning into a health hazard).

Dish Food in Small Quantities –A lot of resources is wasted when you heap large quantity of food in plates for people without taking into consideration their consumption capacity.  It is better for people to ask for more instead of having left-over that will only end up in the waste bin.  To save cost, dish out food in small quantities.

Engage Your Children – Put a little price tag on your laundry, ironing, house cleaning, lawn cutting and other jobs you will normally outsource and watch your children or relatives jostle for it.    Try also to identify people around you who are willing to give you what you want for a token,   this way; you will save a lot of cost.

How to Manage Your Utilities

-      To cut cost on Electrical Bills, switch off all electrical appliances when not in use i.e. TV and Musical Sets, Electrical Cookers, ovens, Computers etc

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        Cooking gases are to be used on urgent needs if not use alternative ways of cooking to save cost.

-          Do not allow wastage of water.

-     Pay your Utility Bills as at when due. Do not incur extra cost by letting them accumulate or pay      default charges.

3 Tips to Consider Before Renting an Apartment

Renting an apartment is a good thing especially for first timers.  It means you are about starting a life on your own, it also shows you are doing fine in your endeavor.  You are excited and happy but wait! It can also turn to a very bad night mare if you do not put certain things into consideration.

Many families that started well are now looking for what to eat, part of their problem being the kind of home they have rented.  I do not think it is your wish to pack from one house to another house because you later found out that the apartment you rented is a wrong one.

The following tips will help you find an accommodation that will be beneficial to you.

1. Ask Relevant Questions

Before you pay for that accommodation, find a way to get someone in that particular house who you can ask some questions about the house.  They may prove uncooperative in your first attempt because they do not know you, but getting yourself familiar with them will help you achieve your purpose.

Ask about their relationship with the landlord and among themselves.  Enquire about the neighbors you are about to have, if they are at peace with one another or they have the history of fighting each other.  Ask about their well being and the progress they have made so far in that compound.

Ask about the utility costs; check if they are included in your tenancy agreement.  Discuss with your landlord the extent of your responsibility in the yard maintenance; ask him who is responsible for what.

Ask about the security situation of the area.  How often do they experience robberies, burgles, street fights and other kinds of criminal activities.  All these you have to know in order to make your decision.

Consider the distance to your work place in order not to pay more than what you bargained.

2.  Consider Your Income

Before renting an apartment, you need to find out how long you will stay on the existing terms before any increment is made.  Some house owners increase their rents immediately an existing term expires.  You need to consider if you have the funds to handle such increment.

It is better you negotiate with your landlord for renewal of the tenancy on the existing terms for at least 3 times before any increment can be made.  This way, you will have prepared yourself for such occasions if they arise.

3. Living With The Landlord

I have heard several people say they lived in peace with their landlords but 95% of those who live together with their house owners end up in regrets.  Some house owners can be very difficult, unappeasable and resentful.  Before paying for that apartment where the landlord is also living, take a good look at yourself and consider if you are ready to manage with a difficult landlord.  Living with such person will not only make you miserable, it will end up leaving you frustrated.

Do you have other tips, please do not hesitate to share it in the comment box.

4 Tips to Financial Stability

Frankly, financial stability is what every businessman desires. The growth of any business is greatly determined by finance. This means that the business has customers and each month it achieves a certain amount of sales that enables it to survive. Without customers a business will not achieve financial stability, it cannot pay its expense.

You should always pay yourself first from the profits your business earns. Differentiate the money that belongs to the business from your personal money. It is advisable to have a separate account; your personal account should be different from business account.

1. Have Access to Information

Get access to information and widen your inquisitiveness for more knowledge of numerous ways of creating wealth.  So many people are oblivious of what is happening in their environment, some will even say it is none of their business. Information is power, if you do not have the information that certain opportunities exists, you cannot take advantage of them.  Ask questions and do lots of researches through different channels such as: internet (Google), newspapers, magazines, encyclopedia, Wikipedia, libraries etc. information is required in every strata of human life i.e in business, education, economic, culture etc., every human has the right to information especially in this era of information technology (Info-tech).

2. Position Yourself to Create Wealth

Positioning yourself to create wealth entails being ready to work no matter how small it may look like, breaking new grounds and educating yourself about innovative wealth creation.  This positioning includes (a) how to make money, (b) how to manage it, (c) how to invest it.  All these factors determine your place in the society, your lifestyle and the freedom to make the choices of how you want to live your life.

3. Don’t Spend More Than You Earn

Know the difference between what you need and what you want.  Experts advice that before you buy any luxury, wait about 30 days, if you still need that thing then buy.  Learn about budgeting and how to stick to your budget - this means that anything outside your budget must wait for the next budget. Be prudent in spending and avoid unnecessary miscellaneous expenses. Do not be in a haste to spend your money because you worked hard to get it, think it out very well before you spend. Protect your money and avoid any avenue of attracting unscrupulous individuals that may steal your money, this is because you cannot create wealth by throwing away money.

4. Take Advantage of Investment and Other Opportunities

Before taking advantage of an investment opportunity or any other opportunity which may arise, it is better to learn about the factors contributing to that opportunity and how investors adjust during the time of economic downturn.  You can get these opportunities by investing in properties, oil and gas, real estate investment, Forex trading, agricultural and banking investment opportunities. Others are government bonds and education; you can also take advantage of government grants.  

How to Have a Beautiful Wedding on a Low Budget

Wedding!  This word usually scares life out of some people and the reason is not far fetched.  They think you must break a bank before you can give it a trial.  Wedding is a day’s affair so you do not have to go into a lifelong debt to satisfy friends, colleagues and family members. This article is to provide you some tips that can help you have a wedding of your dream without going hungry after the wedding.

1.            Prepare a Detailed Financial Plan and Stick to It:  Every project must have a budget and wedding is not out of it.  This will help you have a realistic picture of all the money you will need to spend.  In addition, you can get two or three other wedding plan budgets to compare so as to have the best option.  Having a budget is not enoughbut sticking to it no matter the pressure of spending above what you havebudgeted.

2.            Organize A Committee Of Friends:  Invite your good friends, colleagues and Church members who will help to plan your wedding.  Make sure you include both male and female in your committee.  You will see that some of the committee members will be willing to take up some responsibilities.  In addition, they will act as waiters, servers, security etc.  This way you will save a lot of money and at the same time enjoy quality and organized service that will not tear your pocket.

3.            Have Priorities:  Pay particular attention to those things that are important and necessary to your wedding and go for them according to your budget.  Avoid frivolities no matter how enticing it may look.

How to Avoid Disagreements Between Spouses Over Finance

The matter of finance has always been one of the major causes of disagreements between spouses in so many families.  This problem can be avoided when couples manage their finance properly.

The following are some of the ways you can avoid these problems that are associated with financial management in the family.

1.       Do not Allow Your Partner to Carry One Hundred Percent of Expenses at Home:  Financial burdens must be shared between spouses according to each other’s capability so that one person is not weighed down so much with family’s problems.  Each partner unless otherwise agreed must work hard to contribute to the upkeep of the children, payment of bills and other financial responsibilities of the family.  Leaving all loads on one partner brings resentment and this creates problems in the home. 

2.       Discuss and Share Financial Positions Together:  Talk together about your income and future plans.  Let each partner be aware of each other’s financial capabilities so that one will not assume being cheated.  If possible, couples should run joint accounts whereby each partner will be notified when money is being drawn from the account and what such money is meant for.  In this way each person will be fully aware when there is money in the family and when there is none. 

3.       Buy and Own Properties Together: I have come across so many couples who lay claims on the properties in the house, saying this belongs to me and the other one to my partner.  Some women also buy properties like, land, building, cars etc on their maiden names and hid it from their husbands. These are powerful ways of killing the purpose of family setup as they bring divisions and distrust in the home.  Couples should buy and own properties together so that in case of any eventuality or death of each partner, the other can be able to claim such properties to the benefit of the family they have created.

How to Manage Your Salary To Stay Financially Responsible

Quite a number of people especially those who receive their salaries at the end of the month always find it very difficult to manage the little money they receive for another 30 days.  They struggle with how to pay their bills, save or invest, pay their transport or fuel their cars to the office and even feed themselves and their dependents till the end of the month when the next money will come.

It is possible you get stocked at the middle or tail end of the month and had to look for a way of getting through the month.  You will either beg friends, family members or go borrowing.  As you can agree with me borrowing money will definitely render your next pay almost useless as you will have to pay back the money you borrowed before thinking of how to spend the rest.  There is every tendency that you will continue to borrow each month to make up but this method will lead you to nowhere.  You will not be able to put yourself together not to talk of saving or investing for the future.

Below are some great ways you can adopt to manage your salary and remain financially responsible: