Finance has always been an issue for most families (low income families), there are always bills to pay but little fund to pay them. Handling the daily expenses of the family is always a heartache and most times, the needs can’t just be met. Probably, you might have considered changing your work or you have done that already but you still find it difficult take change of you family needs. Then it is time to think in another direction. Maybe something could be done with the little you are receiving and more could actually be gotten from what you have. This is not rocket science, it is practical and has proven to be effective for many families who had tried it out.
In this article, we are going to explain some our “save more from less” ideas and we believe it will go a long way in helping you fix your current financial situation. Some of our ideas include:
“Saving entails sacrifice; maybe that’s why it brings rewards. Those that save always have. If tomorrow you face a problem -you lose your job or your business, you know you can survive until the situation improves or you start another business, this time with firm foundations. However those that do not save…”
Mauricio Chaves Mesén
- Save something from everything you get: some time ago I was reading a book, ‘the richest man in Babylon’ and in one chapter it was talking about “the cure to a lean purse” and one of the cures is saving one – tenth of whatever you get. I set to practice this myself and at first, it felt “stupid” because I put in a lot of plan on the drawing board to make sure I don’t run out of cash before my next pay cheque but here I am trying to save a huge 10% from my little. Well, I started and the first 3 months was not easy but I continued and by the end of my first 12 months I had already became comfortable making plans based on my remaining 90% and I was amazed at how much I was able to save at the end of my first period. You too can try it out; save something from your little and your purse will never go lean.
- Make some investment: after you have done your savings for you a period of time you had decided, invest the proceeds in any good business of its worth. It might interest you to know that many agencies could need your money, as little as it might be and pay you some interest monthly or annually, depending on your arrangement with them while your initial capital is still intact when your contract with them is done. You could also invest the funds in a business of your choice and work it to grow.
- Buy only what is needed: some luxuries are not really necessary especially when you are financially unstable. You can leave the luxury for some other time and buy only what is necessary in the family. Make proper budgets and stick to it.
- Sell off some things and reinvest the money: you may have some properties that has remained unused for the past 6 to 8 months. It is an indication that they are of less important to the family now. It will be good to sell them off and reinvest the fund into an active business and watch it multiply.
