How to Live on a Smaller Budget

Living on a smaller budget can mean different things for different people. It may include eating out less and staying home, simply cutting back on media subscriptions or micromanaging your investments and monthly billing. No matter your specific definition or personal mindset, there are some things to be cognisant of when dealing with the budgeting of your money.

6TH APRIL 2020

Buildout a Budget Plan

Having little to no income is daunting, especially when you are faced with living off your savings or not knowing when your next financial stimulus check will arriveTo reduce your economic stress, it is important to carefully organise your income and determine any available financials. One of the first and most effective steps to take would be to buildout a budget plan. The idea of budget planning can be complex and worrisome to many, but with the use of a budget planneryou will be supplied a clearer picture of money coming in and where it may be tied down to.  

Determine Ways to Cut Costs 

With a beginning budget plan in place, you will be able to further break down each of your financial responsibilities and avenues over the course of a year, month, or week. With an assessment of your current water, energy, electricity, internet, and shopping bills you may be able to find areas that can be controlled. Whether that starts with switching utility and internet providers or limiting the purchasing of non-essential groceries and name brand goods. 

Budgeting Loans

While continuing to cut costs and following your planned budget is a good start, it is important to claim any benefits owed. While on a smaller budget these measures can help you get by, but when other circumstances come into play you may be entitled to an interest-free budgeting loan from the UK government. This loan can help further alleviate the costs of rent, maintenance of household equipment, maternity items, and other essential needs. 

Preserve Your Wealth & Investments 

Living off a smaller budget can difficult to comprehend. Many normalities and services in your life may begin to change or shift away to cover other fiscal responsibilitiesWhile the job market or financial future may appear uncertain, it is imperative to have a financial partner by your side. At J Edward Sellars, we are proud to be your local source for sound financial advice and personalised wealth management. From tailored financial planning to additional investment & savings advice, our 50 + years of experience has helped individuals and their families control their finances. We are proud to serve clients across Clevedon, Somerset. 

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