Managing money and making ends meet when you’re on a low income takes careful organisation. Find out some of the best ways to make sure you’re doing all you can to stay in control when you’re on a tight budget.
1. WORK OUT YOUR BUDGET
The first step to taking control of your money is working out your living costs, including knowing what’s coming in, what’s going out and when.
Making a budget gives you a clear picture of where your money goes and shows you where you might have a chance to save money. It will also help you see whether you’re living within your means.
2. LOOK AT WAYS TO CUT COST
It can be difficult to increase the amount of money you have coming in, but you have much more control over what goes out.
While it might be possible to cut costs, some bills will stay constant and should be prioritised.
3. CLAIM ALL THE BENEFITS YOU ARE ENTITLED TO
It’s easier than you might think to check that you’re getting all the benefits you’re entitled to if you’re on a low income.
Some benefits are one-off payments to help with a particular set of circumstances, such as cold weather. Others, such as Income Support, top up your regular income.
4. BUDGETING LOANS
If you’re on a low income and claiming benefits, you might be able to get an interest-free Budgeting Loan from the government. This can help with things like travelling expenses, clothing or footwear, furniture or household equipment etc.
TAKE CARE OF YOUR MENTAL HEALTH
Often, there’s a link between struggling with money and poor mental wellbeing.
Feeling low can make it tough to manage money. And worrying about it can make you feel even worse.


SOURCE: https://www.facebook.com/zingerpay