Are you living on a low income and struggling to maintain your bills and cannot get ahead? If you are one of the many thousands of Aussies that struggle every month to pay your bills and stay out of debt, you are not alone. However, there are many ways, that if collectively done can ensure your financial troubles disappear and that you can enjoy a better lifestyle.
Use the System’s Help Hand
In order to get ahead as a low income earner, you may need to put your pride aside, and use the tools that a progressive society like Australia has to offer. From national food banks that offer a great way to supplement your monthly grocery bill to community organizations that provide meals on wheels, local toy drives for Christmas and other charitable donations to families and individuals in need; there are programs that can help you specifically.
By reaching out to these community organizations you can often start cutting your monthly expenses and increasing your spending in areas of need that previously went unheeded due to budgetary constraint. Further, reduce financial stress by taking advantage of all government benefits and grants. In situations of urgent cash needs, utilise Centrelink cash advances or government benefit loans that come with low or no interest. This will help keep you out of debt.
One of the most essential and crucial things that a low income earner needs is quality money management skills. Although you may think, I do not need to manage my money, because I do not have that much, you would be enabling your future collapse.
Money management is a lifestyle commitment that puts your future goals ahead of your current wants. The first and most important part of this plan is knowing exactly what you are spending and what your expenses are. Effective budgeting means understanding that your living expenses may comprise 90% of your income and learning to live within that constraint as best as you can and not spending beyond your means.
Part of this management for a low earner should include a very aggressive frugal nature. Second hand clothing shops offer quality clothes at a fraction of the cost for dress up events, Halloween costumes for kids and even every day wear. Grocery coupons can often cut your grocery bill by 10% or more and skipping restaurants in favour of home-cooked meals save a ton.