How To Live On A Extremely Low Income

So if you are watching this video, you might have a low income and are trying to figure out how to live a good life with it, I wouldn’t recommend that. Its like learning how to live with a bad situation, you can live in bad situation of season in life but you wanted to make it for your entire life.

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1. The First thing you want to Do ( if you are on a Low Income )
– You really want to figure out your budget and what your money is being spent on
– Its basically taking responsible for your financial health and knowing where you currently stand

So do me these 3 Favor:
– List all your expenses in two categories: Need and Want ( don’t worry im not going to tell you to live like monk)
– List All your income
– List all your debt and the Amount of interest you pay ( its irresponsible not to know how much someone is charging you to borrow money from them )

2. Prioritize your Financial Goals: According to where you are not according to what you want
– You ever heard the saying, that if you chase to rabbit you wont catch any
– Samething here, a lot of people are trying to invest, while they pay debt and they also try to save for emergencies ( and they have a plan to buy a vacation )
– You’re doing to much, you want lock into something

Here Are the Priorities:
– First: Minus your income from your Expenses: that tells you if you are underwater or above water ( obviously you need to deicde which expenses to keep, lower or get rid off )
– Second Step: Decide if you are Paying of Debt, Saving for emergency or investing or saving up for a house
– Third: Commit to the priority and take atleast 1-5% of your income to enjoy it guilt free

3. Tips to Help you on this Journey
– Remove your credit card information from website you frequently use ( and stop carrying it around )
– Use the 3 day rule: if you want something, wait 3 days until you buy it, most of the time, you’ll change your mind and refocus
– Compare Prices Before Buying ( you can even do this with groceries and especially gas prices )
– Avoid Shopping out of Boredom ( I know this lady with over a 100 pairs of shoes, shes retired and doesn’t really have anything else to do )
– Use apps to Help promote saving: Like Coupons and deals ( but only buy what you need, because theirs always to be a sale )

More Tips:
– Ask for a raise at work ( use Ramit Sethi to help guide you )
– Start a side hustle
– Free activities are also important ( this doesn’t have to be boring )
– Friends that have the same goals or joing a community helps too




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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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