How to Manage a Household Budget on Low Income

It can be hard living on a limited amount of money each week for your family.

When there's a failing economy or a lack of jobs in your area, it can be hard trying to decide how your family will get by on a limited budget. While life may throw you some hardships that you will have to make it through, there are ways to be able to pay your expenses and get the necessities that you need for living. Read on to learn how you can get by on a limited income, and still enjoy life at the same time.

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Step 1

Study the expenses of the entire household. Write down costs of utility bills, mortgage, rent, car payments, insurance, medical bills, and costs of food. Compare the bills with the income of the household. Make sure that there is enough income to pay the expenses. If there is not, make a list of the bills that are top priority such as house payments and utilities, and then food. Find other ways to bring in extra income for the household.

Step 2

Look at the different kinds of services that your household subscribes to. Cancel or cut back on any other entertainment packages that you may have. For example, cut back on current cable subscriptions such as extra movie channels, and only subscribe to basic cable until your household can afford to upgrade. Cancel any extra phone or Internet services that you may have. Purchase phone cards or pay-as-you go cell phones to reduce phone expenses. Access the Internet from the library, or find cheaper Internet services if it is a necessity for school work or your business. Look into packages where you can subscribe to phone, Internet, and cable at a lower price.

Step 3

Create a menu of the meals that your family plans on having for the week. Browse coupons and sale ads to find out where you can buy the best price ingredients and food that you need to create those meals. If there isn't a lot of money left in the household budget for food, contact your area food pantries, or find out how you can purchase food from Angel Food Ministries. Families can order boxes of food for only thirty dollars.

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