Mastering the Art of Good Living on a Low Income: 21 Expert Tips

Welcome back to our channel. Today it's all about smart living on a small income. Get set for 21 tips to help you make the most on a tight budget, whether before retirement or in retirement. We'll be right back.

Hey everyone, welcome back to We Are Talking Money. I'm Phil Clark, founder of OmniStar Financial Group, and today I'm sharing 21 tips for living on a small income, and best of all, you don't have to sacrifice a great lifestyle. Before we get started, don't forget to subscribe to our channel so you never miss an episode of great financial tips and advice.

Okay, let's dive in. First, you've got to create a budget and stick to it. Knowing where your money goes is crucial for effective financial planning. Most people don't like the term budget, and you've heard me say that more than once, but if you will embrace it, I promise it will change your life.

Number two, downsizing your living space. A smaller home means lower expenses. Most of us live in homes that are far greater than what we need. I didn't say than what we want, but than what we need. Downsizing means lower cost, and likely you will take the equity from that larger home, and that translates to more income.

Next, it's getting rid of subscriptions that you don't use. Sellers of subscriptions make record amounts of money every year on consumers who simply forget to cancel those unused subscriptions.

Save on groceries by shopping sales and using coupons, and if you have the room, buy in bulk.

Next, cook at home. Do it more often. It's not only healthier, but also it's more cost effective. Cooking is a great way to spend time with family, and hey, if you're good in the kitchen, gift-giving just got easier and more affordable. Besides, your creations are far more appreciated than the typical gift card or some other random gift.

Next, rethink your transportation. If you're driving what we used to call a gas guzzler, consider a more economical car, and consider downsizing your vehicle if you rarely need that larger SUV, for example.

Next, if you really want to get out more, maybe you just don't want to be at home as much, try exploring discounts that are all offered by restaurants or stores or even entertainment venues. There's lots of discounts available, but you might have to look for them. Plenty of those, by the way, are available online. Just do a little searching in your local area.

Next, you want to learn to negotiate prices and ask for discounts. Believe it or not, many businesses are willing to lower prices for loyal customers, and sometimes simply because someone asks, they'll lower the price. Don't be afraid to ask. In fact, in the Bible, Matthew 77 through 11 says, ask and it will be given to you, seek and you will find. There you have it.

Okay, next. This one might be a little sensitive, but cable television and internet, very expensive, especially when you add services along the way. I speak, of course, of premium channel packages. Explore more affordable streaming options for your entertainment. Many of you don't watch enough television to justify the high cost of cable.

Are you a reader? Well, here's an easy one. I love to read, but I can tell you that books and even online book subscriptions like Amazon, they can add up quickly. Try something that is considered old school: the library. Use your library card to borrow books, movies and even digital content free.

Next, review your insurance policies. Do it regularly to ensure that you have the right coverage at the right price. Now, I'm not talking simply about your homeowners insurance. I'm talking about home, car, any type of liability coverage, life insurance, health insurance, you name it. Insurance comes with a lot of premium, and the more you review it, the more likely you are to find savings.

Now, you want to utilize community resources for free or low-cost services for things like health care or fitness or even social activities.

Next, stay physically active. That will reduce health care costs in the long run.

Avoid unnecessary bank fees by using mobile banking apps and online bill payment. These things generally come with no cost, but they're often missed.

Next, consider sharing household expenses with a roommate or a housemate. Now, of course, this is for those of you that are single. Perhaps a married couple may not find this very appealing.

Next, repair and maintain your belongings instead of always buying new. Of course, the retailers want you to buy new, but many times we have items that can be repaired.

Be proactive about energy efficiency to reduce those utility bills.

Then let's explore volunteer opportunities that offer perks such as free meals or discounts.

Next on our list is opting for free or low-cost hobbies, activities such as walking, running, reading or crafting. Lots of things on the list, and all of them can help you save money.

Now, consider surrounding yourself with a supportive network of friends who understand your financial goals. Those that understand them, and the people that will help support those financial goals, are the very folks that you want to be hanging around with as much as possible.

Let's watch out for those perceived bad habits, things like smoking. People spend on average nearly four $400 per month on smoking. Of course, that assumes they're a smoker. And then there's adult beverages. We all have our favorites. I like red wine, for example, but maybe reducing the quantity or considering more cost-effective options is something that you could do. Kicking these habits would be good for your health and your wallet.

So there you have it, very quickly, 21 ways to live on a small income. Living well on a small income, whether before retirement or in retirement, it is possible, but you have to make smart choices and utilize careful planning. I hope this video has inspired you to review your budget and take action on wiping away those unnecessary expenses. Make sure you subscribe to our channel for more valuable tips and advice, and I'll see you next time on We're Talking Money.

Thanks for joining us on We're Talking Money. Be sure to visit us at omnistarfinancial.com, where you can learn more about how we provide value to our clients, subscribe to the show and our newsletters, and drop us a line with topic suggestions for upcoming shows. If you enjoyed the show, we would appreciate you passing it on to a friend and providing a rating on iTunes.

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