Money can’t buy happiness, right? But we still have some bills to pay and groceries to buy in this capitalist world. And even this simple living requires you to have enough money to pay for essentials.
We all know that living a simple life with little money often turns out to be more challenging than it seems. However, challenging doesn’t mean impossible. Below are some tips on how to live with no money (or on a low budget) but still enjoy your life.
Is Living with Less Money without Sacrificing Your Needs Possible?
Well, living with less money is possible, even if sometimes it seems a daunting task. There are multiple tips people with a small budget share to help other low-income individuals access the utmost necessities and spend less on them. So don’t give up. Even if you don’t have a lot of money at the moment, you can still live your best life. Just keep in mind that any situation is temporary, and there are a lot of things you can take under control to reach your dream life. The tips below are lifesavers designed to ease your path to a better financial future.
Best Tips for Living Poor But Enjoy Life
Here are a few tips for living poor but still have reasons to be happy.
Don’t Go Into Credit Card Debt
When you have a tight budget, try not to accumulate your financial obligations. The first step to take to avoid it is to stay away from any consumer debt. It’s especially true for expensive borrowing options that you can access easily at any moment you need them. Such loans often lead to overspending, as you know that there is extra money by hand, and you can easily get it.
Try to stay debt-free unless it’s a last resort. Also, consider alternative ways to solve a problem without using your credit card. You’d better not put your shopping on credit, whether it’s clothes, furniture, or groceries. Instead, learn how to manage your finances efficiently.
Learn How to Live on a Budget
No matter how much money you have, it will never be enough if you don’t know how to live within your means. Learning how to live on a budget will help you prioritize spending and avoid buying unnecessary or unwanted stuff.
The first thing you need to do is to calculate your monthly fund receipt. Then, you can use one of the budgeting strategies to distribute the money in accordance with your regular expense categories.
The most popular budget strategies are:
- 50/30/20 rule,
- Zero-based budgeting,
- Envelope budgeting,
- Values-based budgeting.
Learn more about them and choose the one that suits you most. Trust us, this will help you stay on top of your finances and don’t spend money on unneeded things.
Choose a Smaller House
By relocating to a smaller house, you can free up a significant amount. This remaining sum can be used for other needs you have. Whether you’re a homeowner or renter, big houses come with higher mortgage, rent, and utility payments.
Additionally, consider moving to a quiet, peaceful suburb or choose a house in a cheaper area. This will help you save even more money. However, take into account transportation and time costs to make sure this decision is reasonable.
Buy Used
Buying used is like killing two birds with one stone. Besides saving money on clothing, furniture, appliances, and other supplies, you can also do a favor to our planet. When you buy used, you take part in a responsible consumption program. By giving new life to old things, you reduce waste and help protect the environment. And if you know how to sew or restore furniture, you can create something truly unique and resell it for more money.
Visit various garage sales or thrift shops to find some interesting stuff at a favorable price. More than that, you can often find some vintage items and unique clothing, allowing you to stand out from mass market trends.
Wait for Sales
If buying used is impossible or impractical for the kind of stuff you need, consider shopping at sales. This way, you will be able to buy new items and pay much less money for them. Learn more about upcoming sales events in 2023 to strategize your purchases. Commonly, Black Friday and various holidays, such as Labor Day, New Year’s Eve, and Easter, are the best time for smart shopping.
Grow Your Own Food
Some people think that gardening requires too much money and investment. But it’s not always true. You don’t need to do it the way our grandparents did. To get started, simply buy the right ground and add some seeds there. And if you live in a house and have a yard, everything becomes even simpler. Then, you need to follow some plant care and watering tips, and that’s it! As a result, you will always have fresh produce and will be able to reduce your grocery bill.
Change Your Spending Habits
The way you spend money often determines how much funds you have. These two parameters are closely connected, so you should stop your bad spending habits to live a better financial life. For example, make shopping lists each time you go to the grocery store. This way, you won’t buy junk food or produce on sale just because of its reduced price. Also, try not to take coffee to go and eat at home more often. You can also save sometimes by creating obstacles to spending your money. For example, when you keep your funds in a savings account, it may not be so easy to withdraw money from it just because you want this dress.
Also, make sure you can afford your regular lifestyle. Don’t spend money you don’t have, such as your credit funds. If needed, change your way of living and cut off some non-essential expenses. There are also some questions you can ask yourself before buying something. “Do I really need this?” “Can I get it for free or at a lower price?” “Is it a reasonable cost for this kind of stuff?” “Was it a planned purchase?” “Can I do without it right now?” Answering them will help you avoid spending money on unnecessary things.
Create an Emergency Fund
Never forget to pay your future self first. Even if you have a tight budget, saving money for emergency funds or your bold financial goals is still possible. Don’t be very demanding of yourself. It’s okay to start small. You can always increase the amount you set aside as your income goes up.
Knowing that you have a nest egg for an emergency will give you peace of mind, helping you enjoy the life you have here and now. We understand that saving money on a low budget is like climbing a steep hill. Therefore, we want to share some ways to build savings, even if there’s not much money you’ll put toward future emergencies.
Tips on Saving Money on a Low Budget
Below are some ways to save money
Learn More About Free Entertainment
There’s always a free alternative to the most costly entertainment. All you need is to choose the one to your liking. Love reading but find books too expensive? Consider borrowing them for free from your local library. Are you a movie lover? Apps like Crackle, Freevee, or Pluto TV can help you stream your favorite films and series without paying a dollar.
Among other available options are spending time with your loved ones or attending various free events that take place in your area. You can also find a new hobby that will give you stress relief and give color to your daily routine. Plus, you never know when the hobby you become good at can open up new financial perspectives.
Shop Groceries Smart
You and your family need to eat healthy, but the truth is that you can buy nutritious food without paying a lot of money. Of course, if you know some tips on smart grocery shopping. And here are some of them. First, you need to make a meal plan and a grocery shopping list in accordance with it. Also, you can save money on groceries by buying them in bulk. However, you should pay attention to what you buy to make sure it won’t get spoiled too fast.
Also, choose the right day to buy groceries. Experts say Wednesday is the best day of the week for doing this. The reason is quite simple: grocery stores restock their shelves midweek and try to resell the food they didn’t sell in the previous week. Another great tip is to avoid doing your shopping with overspenders or when you’re hungry. Finally, using coupons and store discount cards and buying generic store brand products can help reduce your grocery bills significantly.
Cook at Home Instead of Eating Out
Eating out or using delivery services is convenient. However, it also comes with overpaying. In some cases, your savings may be close to 50% if you simply start to make almost the same food at home. Plus, you can start eating healthier by cooking soups, salads, bowls, meat, and fish. And don’t forget to eat your leftovers!
Use Public Transport
Being a car owner can be a waste of money in some cities. More than that, public transport may be even more convenient and much faster. Another great way to save money on transportation is having a walk, provided that your destination is not too far.
Disable Subscriptions You Don’t Use
Statistics say that about 30% of all subscriptions stay unused month by month while users keep paying for them tens of dollars. The monthly average value of unused paid subscriptions is $25.34. Although it’s not a huge amount, you can still put it to better use. Review all your subscriptions and cancel those you don’t need anymore.
Ways to Get More Money on a Low Budget
Many people now don’t make as much money as they spend and cover the gap with the help of credit cards. But it’s not the best tactic. Luckily, there are ways to change things for the better. Even if you have no specific skills required to get a high-paid job now, there are some ways to generate extra cash, including various online options. Here are some of them.
Try Freelance
There are multiple freelance jobs you can do from any place with an Internet connection. And many of them don’t even require experience or skills. Freelance allows you to acquire a source of additional income with a convenient schedule. As you grow in your chosen field, you may consider moving your work entirely online and making freelancing your main source of income.
The most popular jobs you can try as a freelancer include copywriter, proofreader, survey taker, visual assistant, software or website tester, and more. Simply choose the one that seems suitable for you and start making your first money online.
Take Surveys Online
Just imagine: you can earn a few dollars for helping businesses improve their services and products. Sounds great, right? Well, you can start right now! All you need is to share your honest opinion by taking online surveys for money. There are multiple paid survey websites, such as Survey Junkie, Swagbucks, or MySurvey, that will help you with this.
Sell Items You Don’t Use
Even if you live with little money, you’re most likely to have some stuff you don’t use. It may be anything, from electronic devices to clothes, books, or even home decor. More than that, you may be surprised by how many people may need the things that live out their time on your shelves. Consider having a garage or yard sale or selling the stuff online via Instagram or Facebook Marketplace.
Earn Money by Streaming
Streaming services offer various opportunities for their users. Streamers can earn money in different ways, from getting tips for live streams to monetizing with advertising or setting up paid subscriptions. And it’s quite easy to get started. First, figure out what type of content you want to create. Then, pick the right streaming service to share it with people. Before choosing a platform, make sure to understand its terms and policies to avoid unpleasant surprises down the road.
Consider Additional Financing
This option should be considered as a last resort. More than that, you should avoid debt if you’re not sure of your ability to repay the funds without cutting off your other living expenses. Of course, loans can provide you with fast cash and help avoid financial stress at the moment of need. But keep in mind that each loan must be repaid in the end. Otherwise, you’ll face consequences that will negatively affect your financial health.
However, when you face an emergency, you may lose control over the situation if you try to put it off. The problem grows, and you can end up spending much more money to fix it. Therefore, even getting online payday loans with no faxing may be a good idea if you have a clear plan for your loan repayment. Just weigh all the pros and cons before going into debt and make sure getting a loan is a necessity.
Bottom Line – How to Live with Very Little Money
Living a simple life with little money can be challenging, but it’s still possible. You can enjoy your life regardless of the balance of your bank account. Keep in mind that difficulties don’t last forever. And it will be much easier for you to overcome tough times if you know how to manage your finances effectively. We hope our tips on how to live with very little money will help you stay on top of your finances, even if your budget is low.
