What are some financial tips for poor/low-salary people?
One child is gold, further, you are adding loans.
Look for a working life partner to have a much better quality of life.
Start saving and investing since the first day of the job, so that you can cope when responsibilities hit you hard.
“Assets are those products whose value increases with time and are resellable, rest everything is a liability”, never forget this.
Exercise and walk in public parks, don't spend in gyms unless you are too passionate.
Make a diary of fixed monthly expenditures and allocate money to each class, to have a planned spending every month.
Invest something out of the minimum salary you get in a pension plan. Old age can be quite harsh.
EMI's must never cross 10 to 15% of your income or you will slowly get caught in the web of loans.
Go to public gardens, and temples for picnics, go often and take home-cooked tiffin, and make life interesting without spending much.
Have a limited closely bound social circle to reduce expenditure and to avoid the tendency of showing off.
Don't keep a credit card, it's too lucrative, especially when you are a little deprived in life.
Prioritize expenditures, first is groceries, then child education, then bills, then leisure.
You desperately need growth, keep acquiring new skills without fail, and work part-time if possible.
Delay your purchases but get products of decent quality to avoid high wear and tear and replacement costs.
Take good care of household utensils and gadgets to prolong their life.
Try and do maximum grocery shopping on one particular day every month to have economies and avoid traveling costs later on.
Create an emergency fund out of any bonus money you get.
Prefer wholesale markets over malls, you will find many products of fine quality (especially clothes, shoes, bags, and plastic products) available at half the prices.
Try and do shopping on weekdays in the morning to have maximum bargaining power.
Visit the mall once in a while with your child and spouse, and let them enjoy a softy or a burger, it won't cost much, and their cravings will be reduced. (But don't step in a resto-bar by mistake)
Use apps like YouTube for entertainment, and avoid boasting on apps like Facebook.
Avoid wastage like cinema hall food, maintaining a car, alcohol, smoking, etc.
If you live life in a systematic and planned manner, life with low funds can also be happy and content.
Try and use permanent birth control measures once you complete your family.
Protect yourself as much as possible, you can't afford to be casual, so use a helmet while traveling and wear clothes as per season.
Have friendships with neighbors, you won't need to travel to meet and chat with them, also you can pool certain resources and save some money.
Eat seasonal fruits and experiment with new recipes for cooking inexpensive vegetables like potatoes.
On outdoor visits once in a while, carry as much water and food as you can, and plan, and save money on tickets and stays, shopping while holidaying is overrated, avoid it.
Use low potency, light ACs in combination with a fan to save electricity, similarly use LED technology for lighting.
Live your family life with love and care so that money loses a little value.
Most importantly, have peace of mind, stay away from stress and negative people, focus on happiness and togetherness, a lot of money would be saved automatically.
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