How to be financially stable with a low income..
Hello friends, I am here again to talk about a topic which I believe will be of benefit to us all. This topic says how to be financially stable with a low income.. In this dispensation where we have hike in prices of different commodities,we see that it is very hard for those that have a low or unstable income to cope especially for those that have families which they cater for.. The question is how is it possible to make this happen even with a low income budget which one has..
Designed with canva app
There are divers ways this can be possible and easy to do, I will be giving some few tips on how to go about this and become a successful in every aspect of life... Everyone knows his or her capability before settling into any project and ones you have known your limit, going pass it sometimes might be very difficult and even if you want to crosss that limit, it would be with some certain criterias which must be followed..
How to be financially stable with a low income..
First is, you must ensure you have a budget which you have checked well and rated with with your income before setting up and strategy against it.. This is the first thing to do because it is what leads whenever you want to get a plan to do anything for yourself..
Powered by giphy
Second is, ensure you reduce your budget. This is very important because when you want to do anything and you have checked your financial stand, you ought to know that this is what you are capable of doing and this is what you are not. You should not go beyond your limit, only when you have and helping hands, then you can decide that.
Third is, ensuring you eliminate debt from your financial status.. Debt is a problem most people like to do because some believe you should owe to get better things done. At this point, I do not see a meaning to that because what's the point in owing when you know quite well that even the money you have can't pay your own bills let alone paying for debt.. Debt ruin and proposal you are planning and can destroy ones life..
Powered by giphy
Fourth is, feeding. Food is paramount in every man's life, but at some point when feeding rate is very high that the income coming in, then it gets to affect our financial lifestyle.. Cutting cost on feeding will go a long way, if one want to get a better financial lifestyle.
Fifth is, ensure you have a saving strategy policy.. This is the very last point I will share and it is the most paramount amongst all.. When you have a better savings, you have 80% of everything you want to yourself. As a human, it is not adviced to keep all eggs in a basket because when the basket gets broken, then all eggs are gone so you have to start from the very beginning again..
When you cultivate the habit of generating savings automatically for yourself, you will be able to foot any plans you have for yourself without any issue. I think, this has been a ble to help one way or the other and has impacted into you.. Low income can be so hard sometimes but one have to plan toward everything so one won't get stucked in the middle...
Posted Using LeoFinance Beta
https://twitter.com/1221356179307167744/status/1605540401640775682
The rewards earned on this comment will go directly to the people( @anonymous02 ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Thanks
Having a low income makes it harder to invest, but not impossible. Crypto is global, which makes it easier for first world citizens to buy crypto with their spare money and actually stack a good amount of any token, but for a third world citizen, their spare money amounts to crumbs when it comes to purchasing power. If we look at this from a micro-regional perspective it is not have to be financially stable with a low income, but generating long term wealth through investing is harder. Great post!
Congrats on getting a manual vote from our decentralized curation initiative! Thank you for making great content on Leo Finance!
We just launched an initiative to encourage long-term thinking on Leo Finance. Set some LeoPower goals and get rewarded in the process! It would be great if you join us!
#MyLeoGoals for 2023
Posted Using LeoFinance Beta
Thanks so much for this, I really appreciate. It is very hard investing when you have a low income truly, but one want to try it because investment pays off.. I will try joining perhaps with the little I have . It should amount to something one day.. thanks for coming around and for your support
Congratulations @temi-tee! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 2000 upvotes.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts:
Support the HiveBuzz project. Vote for our proposal!
Thanks
Merry Christmas to you and your family 🎅
Thanks
You seem to be an expert on financial matters. I have a few questions.
What are you five most important budget strategies used when formulating your budget and in what format do you keep your budget?
What do you mean by reduce your budget? What are your five best tips for a low income earner to do so?
What are your suggestions for eliminating debt. Please be specific. What would a low income earner do if debt repayments exceed income?
How does one reduce what they eat and do you feel this is actually the best way to save money? I'm sure you have several other more valid means of cost-cutting. What are they?
You mention a saving strategy.
This actually makes no sense, so maybe you could explain, in a more legitimate fashion, a saving strategy that you, in your great financial wisdom, would see as advantageous.
I'd prefer if you answered my questions as yourself, not by finding an article, reading it, and trying to paraphrase it.
Okay according to my knowledge about what I wrote,
1 . The first is
I plan before setting in any budget
I work with time
I make saving towards the budget
after saving them I carry out the budget bit by bit according to my capacity
2 . okay what I meant there was that, reduce your budget for a low income earners, one must be mindful of spending, one must at least ensure you have a saving no matter the amount he or she might be getting as an income, one must have a goal and must try to work towards it, tho it might not be easy for a low income earners but it's what one just have to do to sustain his or her self.
3 . Okay according to my understanding, for a low income earner, their income are never enough to sort things for them but in one sense what I will suggest is ensuring you know your limit for instance one getting $50 dollar as a payment should not settle for thing that are of $200 only if he or she wants to make a savings for getting that..
If debt repayment exceeds income which is sometimes normal especially when you have a huge plan and you don have enough, in my own opinion I would say, for every loan or money lent from a where, there has to be an agreement before the money is been lend out. So what I feel the person can do is ensuring that he is removing some part of the payment he or she is getting and avoid doing too many things at a time so he can pay up the debt..
4 . yeah there are divers ways of cost cutting and not by food alone.. we can cut cost from transportation, clothing, even other expenses. For example when you spend $50 dollar on transport everyday and you see that there is a way you can manage and spend $20 dollar, you will actually be saving back $30..
5 . well what I meant there was, when you have a savings, you can easily carry out plans which you have for yourself. And even if you want to add or borrow fund with it, then it will be little or no because you have something down for you..
These are all base on my knowledge and my little experience about fiance tho, I hope I have tried my best in giving answers to your questions. I am always available for correction if there is any. Thanks.
Can be honest? I think you're not well-suited to giving financial advice. You should probably stick to what you know; finding articles, spinning them, and presenting it as your own work isn't something you do very well.
Okay then, no problem will work on that; Thanks..
I don't think you will, but I'll provide some motivation with some downvotes, ok?
🥺😣😣😣 but actually, this was written base on my knowledge tho and it was not somes else article or from online
I don't believe you, it might sound strange to you, but that's how it is. I believe you are spinning articles...You couldn't even come up with an original comment on my last post, you simply paraphrased what I wrote and repeated it back to me in a comment.
I think you're manufacturing your finance posts from articles written by others so that you have something to post into the leofinance community for the vote they sometimes give you. You are free to do so of course, just like others are free to upvote, or downvote, as they see fit.
I remember having this same conversation when you account popped up, not long after someone with a very similar name (and doing the same thing as you are) disappeared after being addressed. You have continued to do your thing, and fait enough too, but just remember that others can do the same, their thing.
Sad face emojis won't have much affect on me temi-tee, nothing will...unless you do original work and cease spinning. You're presenting yourself as someone who knows about finance matters and clearly you really don't, so...you can keep going if you like, I won't try and stop you, but I'll keep an eye on things over the seven days each of your posts is available for me to adjust the rewards.
I am actually for real, well that comment you said might look that way but I am not spinning for real. And for the post I made, I try as possible to make it 100% because it's mainly what has happened or based on my experience I write. Well we are meant to be corrected and I stand to be corrected each day but will try and add more efforts to what I write so it won't look like it is a spinned post again..
I don't like adjusting people's posts downward, I don't take pleasure from it, but this blockchain means something to me, I value it, and I'll not stand by and let it be abused so I downvote.
My suggestion is to be more real in your posts, you know how to do that right? Stop trying to present yourself as someone that knows about finances and financial matters, it's clear you do not. Just post with more personality, your own, and cease the charade.
I don't know how else to say it, nor do I want to go over and over it with you, my downvote finger will do the talking, or my upvote finger. You know?
It's well
But I promise to work on it the more as you have said. And a downvote won't be okay please I will sure do better next time🙏🥺😣