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Support for households & families created by Trust in Community - The TIC Group✅

May 10

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Budgeting Plan for a Fulfilling Life on a Low Income


This upcoming plan and a deeper look into each step over the next week

is designed to help you stretch your income further and prioritise spending that promotes your household's well-being, education, and enjoyment.


Step 1: Track Your Spending


Gather Information: Collect your bank statements, receipts, and bills for the past month. 

Categorise Expenses: Divide your spending into categories like housing, food, transportation, utilities, debt payments, entertainment, etc. 

Track for a Month: Use a budgeting app, spreadsheet, or even pen and paper to record your daily spending within each category.


Step 2: Analyze and Prioritise


Identify Areas to Cut Back: Review your spending and identify areas where you can reduce expenses. Consider non-essentials like subscriptions, eating out, or impulse purchases.

Prioritise Spending: Allocate funds for essential needs like housing, utilities, and food. Then, prioritize spending that promotes your family's well-being like education, activities, and home improvements that enhance mental health.


Step 3: Cost-Effective Food Strategies


Plan Meals: Plan your meals for the week and create a grocery list based on those plans. This reduces impulse purchases at the store.

Utilise Discounts: Look for deals and discounts –  weekly flyers, loyalty programs, and store brands can offer significant savings.

Bulk Buying (Smartly): Consider bulk buying staples like rice, lentils, and beans if you have storage space. However, only buy in bulk if you'll use everything before it expires.

Reduce Food Waste: Plan portion sizes, store food properly, and find creative ways to use leftovers.

Explore Affordable Protein Sources: Beans, lentils, eggs, and tofu offer protein at lower costs compared to meat.

Embrace Seasonal Produce: Seasonal fruits and vegetables are typically cheaper and fresher.

Consider Home-Grown Options: If you have space, even a small herb garden can provide fresh ingredients.


Step 4: Free and Low-Cost Activities


Library Adventures: Libraries offer free books, audiobooks, movies, and events for all ages. 

Explore the Outdoors: Parks, hiking trails, and public gardens offer free recreation and connection with nature.

Community Events: Many communities organize free cultural events, festivals, and concerts. Check local listings.

Board Game Nights: Invest in a few board games and have family game nights for quality time and entertainment.

Volunteer Activities: Volunteering as a family fosters social connection and purpose while offering free outings.


Step 5: Improving Home Engagement and Well-being


DIY Projects: Look for online tutorials for simple DIY projects like painting, crafting, or upcycling furniture. 

Family Movie Nights: Cuddle up for a movie night with popcorn made at home instead of expensive outings.

Game Nights (Unplugged): Embrace traditional card games or charades for a fun, tech-free night.

Cooking Together: Make meal prep or baking a family activity. It saves money and teaches valuable life skills.

Create a Reading Nook: Designate a cozy reading corner to encourage family reading time.

Mental Health Resources: Explore free or low-cost online resources for mindfulness exercises, relaxation techniques, and mental health support. 


Step 6: Track Your Progress and Adjust


Regularly review your budget and track your progress.  Celebrate your achievements and adjust your plan as needed. Don't be afraid to experiment and find what works best for your family.


Additional Tips:


Utilise Government Assistance: There might be government programs offering additional support with food, child care, or utilities. Research what's available in your area.


Shop Around for Services: Compare prices for internet, phone plans, and other subscriptions. Switching providers can save you money.


Sell Unused Items: Declutter your home and sell unwanted items online or through second-hand stores.


Remember: Making small changes can lead to significant savings. By prioritising and focusing on cost-effective solutions, you can free up more funds for your family's well-being, development, and enjoyment. 

May 10

3 min read

0

4

0

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