India is the second most populated country in the world today. For a land mass which is not considered huge, a population of approximately 1.32 billion people is a big deal. According to statistics, a vast 22% of the Indian population lives below the poverty line. Creating job opportunities for such a broad community is a task that seems relatively impossible to achieve.
Who is this article for
Many families in India are dependent on a single income. In this country, most of the population comprises of joint families where there are several mouths to be fed under a single roof. If you are facing a situation where you are the sole provider for your family, it can be quite a task even if you are making a reasonably large sum of money. Saving up isn’t always easy when you have growing children and aging parents to support, financially speaking. So, if you are facing such a situation, worry not. The following list will guide and assist you efficiently with managing your household on a single income.
The message we want to give
Planning forward: Planning forward and making a trustworthy budget is the first step towards being able to live on a single income. Make sure you prepare for a budget that you have no problem sticking with. Don’t be over-ambitious about how much you can save.
Cut down on luxuries: Try your best to spend a lot on luxury items or luxury services. This would be a great way of ensuring that you save on a lot of tax money. Try adjusting your lifestyle and enjoy the simpler pleasures that you can afford.
Save on power consumption: Try reducing your electricity bills by making sure that you turn off all the appliances in your house while you aren’t using them. Invest in solar heating panels instead of using geysers.
Coupons and discounts: Keep both eyes open and look for discounts on products that you can’t afford. Buy your groceries in bulk and ask the local shopkeepers to help you out with small price cuts. Coupons are also an excellent way to save your money. There are numerous websites that provide a variety of offers and coupons for many services.
Avoid credit cards: It is better to refrain from using credit cards if you are the sole earner in your family. Credit cards can build up a lot of debt for you and create financial fiascos if not used carefully. Make sure you only use them in case of extreme situations like medical emergencies.
Additional income: Try working a second job and gain a supplemental income. This is the income that you can use to create a savings account. If you don’t have a second job, rent out any unused properties you have.
How can the reader benefit
This article will help you support your family on a single income you follow the steps mentioned above and make a conscious effort to create a self-sustainable lifestyle.