By: Michael Stevens - Staff Writer
Published: May 19, 2021
How To Live On A Tight Budget, 10% Savings

How To Live On A Tight Budget, 10% Savings

How To Live On A Tight Budget. It’s not easy keeping track on all your expenses unless you have a budget. It’s really not that difficult to budget and we got a few tips to help you. It doesn’t matter how tight your finances are, you can do it, and achieve financial security at the same time.

Learning how to live on a tight budget gets easier after the first month. First, find a place you can afford. This one should be obvious, but it is the most overlooked step in achieving financial security. As a general rule of thumb make sure that you pay no more than 30% of your net income.

Second, live on cash only and that means not paying for anything unless it’s in your wallet. You might think that your money is safer in the bank, but honestly we all know that the temptation to overspend is there. Third, only use your credit cards for emergencies. Never buy things now with the intent on paying later.

Last, but not least, pay yourself. This is similar to saving your money except that instead of saving whatever money you have left after paying all the bills, you are paying yourself a salary for your services. You should be saving 10 percent of your paycheck and this must be a priority.

Once you begin to put money into a savings account, you will feel the financial reward. You will also get a great feeling that you do have money. If you can’t do 10 percent, then cut back on your expenses.


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