Living on a lower income isn’t easy. Financial advice like “cut back on your premium channels to lower your cable bill” falls flat. How is someone supposed to cut back on the cable bill when they can’t even afford cable to begin with?
That’s why we created this comprehensive list of financial tips designed for those who are making much less than the average American salary between $35,000 to $150,000.
Apply For Assistance
People who are eligible for SNAP, WIC, or other benefits should definitely apply. Even seeking meals at your local food pantry can help. Although some people may think they are “too proud” to take advantage of assistance programs, they are there to help. Research how many programs you are eligible for and apply to as many as you can.
Go Dutch On Bulk Purchases
One way to trim down the grocery bill is to collaborate on bulk purchases with your friends or family.
The warehouse store cost per unit for basic food items is way lower than the traditional store. If you know someone who has a membership at Sam’s Club or Costco, see if you can go shopping together and split the price of bulk items. If you don’t know anyone, consider splitting the price of the membership with someone you’re close with. As you’ll find out, collaboration is key on a tight budget.
Collaborate On Pricey Tasks
Remember the friend you went bulk shopping with? Collaborate with them on group dinners to lower the cost of tasks like food preparation. If you have kids, you can even offer to make dinner for a few close friends in exchange for free childcare. Both food preparation and child care can be ridiculously expensive. Knocking these tasks out with the help of friends will help you avoid costly, routine expenses.
Do Your Best
Always do your best at work – regardless of where you are or what you’re doing. While a job usually means a paycheck, it can also be a stepping stone to finding a better, higher paying opportunity. Bring your A-game to either get promoted or move on to a different job entirely. You don’t want to be working at the same income for years to come, right?
Save Save Save
After all the tips and tricks we’ve gone over, save whatever money you can. Even though low-income situations can be difficult to overcome, it’s not impossible. Be sure to take advantage of your available benefits, work with friends to lower monthly bills, do your best at work, and save any cash that may be left over. It won’t be easy, but it will be worth it.