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StitcherYou are not your low income, and we will prove it to you as we help you identify alternative ways of saving when you’re on an extremely tight budget. Remember that living on a tight budget and on a low income is not a place we want to live long-term. In this episode, we are your cheerleaders in hopes of inspiring you to increase your potential and have a more positive mindset.
You are living on a low income right now but you are NOT a low income person.
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- Emergencies. They happen several times a year yet we’re still shocked and bummed whenever they happen. Thankfully, most emergencies are minor but some are big. And thankfully you don’t have to be shocked and bummed by those if you have the right insurances. Don’t worry if you’re missing them, theyre so important states often require them. But you do have options when insuring yourself against emergencies and you should be comparing your insurance rates annually. We like PolicyGenius for that. It’s an insurance marketplace, not an insurance company. So if it’s time for you to compare rates on home and auto insurance visit frugalfriendspodcast.com/pg to see if you’re getting the best rate and support the show at no extra cost to you.
How To Live on One Low Income
This article from Caroline Vencil gives details and encouragement on how to live on one low income.
What Jen + Jill have to say:
While shopping, ask yourself, “Do you really need the products you are buying?”. Jen wants you to prioritize your needs when your money is tight. You can try buying second-hand clothing or furniture! Find a discount grocery store, and if you can’t find one near your area, look for buy-nothing groups, farmers markets, and online communities for you to cut your grocery bills. Focus on the basics, such as transportation, food, shelter, and bills. Recognizing where your mindset is at and shifting it to an attainable and positive one.
Jill encourages everyone to remove the mindset that they will be low-income forever. Accept where your current income is, but make sure it’s not staying at the same place. It is totally within your capabilities to live here and to progress.
How to Become Debt Free With a Low Income
This article from You Need a Budget gives an example of how to pay off debt on a very low income.
What Jen + Jill have to say:
The article laid out a process so people can plan how to budget with a low income, and Jill finds this extremely helpful. However, customize the process to fit into your own–be creative. It is always good to have a plan but give yourself small rewards as you accomplish things.
A powerful psychological tool to make significant breakthroughs for Jen is focusing on one thing at a time. Taking things all at once can feel overwhelming and discourage you in so many aspects. Try cutting back some expenses to get out of debt quickly. (i.e., lifestyle changes for a season – limited entertainment, no gifts/presents, no vacation, etc.).
The key to bringing yourself out of the “low income” trap
Mindset shifts are significant in bringing yourself out of the “low-income” trap, according to Jen. Meanwhile, Jill assures that everyone can stay at their current work and find creative ways, whether in side hustles or equipping themselves to increase their earning potential.
Bill of The Week
Thank you Ellie from Israel for sharing your bill of the week about celebrating your promotion and extra bills you found in your clothes to spend on a date night!
Thanks so Much for Listening!
Thanks so much for listening! Many of you know we have a private community where we do monthly money challenges and offer accountability groups. We want to congratulate one of our members for a big win:
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Next steps are approaching! 🙌🏻🎉
Just scheduled my last auto manual payment for one of my student loans! It doesn’t seem real! My next goal is when I get my tax returns back to pay off my other loan and all I have left is my largest federal loan!
The extra $100 a week I was paying toward this loan will go into a high yield savings account to start my emergency fund for 3 months of income to cover my responsibilities. This will take about a year or so!
Congrats! Thanks for listening and if you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
