How To Budget On A Low Income

I paid off $100,000 of debt in less than 2 years! Say, what?!?!?
Everyone, on every income level low or high, NEEDS to have a budget. I know, a budget can be a scary word. But a budget is needed no matter how much money you make.

If you have a low income, you definitely need to have a budget, to simply tell your money where to go.

There were many times before I started to do a monthly budget, that I didn’t know where my hard-earned money went. I would get my paycheck and I swear, a week later, my money was gone. My money was like my socks that disappear from my dryer. I swear, those things sprout legs and just up and walk away. You DO NOT want your money to find legs and run away.

So, how do you budget on a low income?

Budgeting is a simple task, however, it is not always easy, especially in the beginning.

Here are a few steps to starting to budget:

1. Write down ALL of your income (Job, side hustles )

2. Write down ALL of your expenses (bills, food, debt payments)

3. Look over the last 3 months of your spending

4. Prioritize your spending (start with your 4 walls: Shelter, Food, Transportation, and Utilities)

5. Make sure you have a small Emergency Fund (savings account for emergencies)

6. Cut costs- Find places that you can cut out of your spending (lots of times this is going out to eat, pre-packaged foods, snacks, etc)

7. Use Cash- you are likely to spend LESS money when you pay with cash
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