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by moha on October 17th, 2009

moha

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In a month i earn $700 and am living in a house of $400,i have a wife and 2 kids,with no extra income,after everything i remain with nothing,how best can i save some money?

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  • by yahoot on October 17th, 2009

    yahoot

    that is really hard. Part of it is discipline, part of it is desire, but you will also need to create opportunities.

    the math is pretty simple - you either have to increase income or decrease expenses (but you already know this).

    On the expenses side:
    Start by recording every penny you spend for a month, then look at where your money goes.
    are there things you could reduce that are not important for your long term prosperity? For example, could you stop smoking or spend less in the pub?

    -next, set a budget and include an amount for savings in your budget. It may not be much - maybe only $10 or $20 a month.

    -do you have debts? if so, focus on reducing them as quickly as you can, and try to avoid it for the future.

    On the income side,
    -what could you do to increase your income?

    -could you find another source of income? (avoid "get rich quick" schemes - they always end up costing more than they produce).

    -Make a plan for where you want to be financially in five years. then figure out what you would need to do year by year to get there. Set goals for each year along with the steps you need to take to acheive those goals. write it all down so you can review it every month.

    -Ask yourself questions -can you get a better paying job? what would it take? do you need more education?

    -any time you get a rise in pay or extra money, save at least half of it.

    For some better advice, go to the library and read / borrow a book called "The Richest Man in Babylon" by George Clason.

    Comments

    • thanks man for you nice answer,you have touched alot of points that are very important but most of all is that i need more deucation to get a better paying job,but how can i go to class while my bank account is reading zero?

      moha

      by moha on October 17th, 2009

    • That is a very difficult problem. I don't have an answer.
      Is there an education fund available through your government?

      I know there are private groups that can help, but I am not sure what would be available to you personally. For example, I know the Church of Jesus Christ of Latter-day Saints has a perpetual education fund to help people in your position, and I believe it operates in East Africa but I think it may only be available to members of that church. Information on that program is at:
      http://www.lds.org/pef/0,12038,2073-1,00.html

      DO you belong to a church or some organization that might be able to help?

      yahoot

      by yahoot on October 17th, 2009

    • @yahoo am not member to any church or some ogranizations,will try to save some money so that i can at least go back to class.thanks men.

      moha

      by moha on October 21st, 2009

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