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.