Chapters
00:00 Presentation
00:59 My income situation
02:20 How I organize my money
06:24 How I budget my money
10:17 What I do when I get paid
13:17 How I manage my money on a low income
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Currently, I have a low income; however, even though I have a low income, I am still able to make ends meet, save and invest my money. In this video I want to explain in detail how exactly I manage my money on a low income.
1. My income situation
In this video I want to be completely honest with you about my personal financial situation. I currently live on around 2,500 euros per month after taxes. My income is extremely unpredictable, but over the last year I have managed to live on an income of around 30,000 euros per year. Despite this, I don't live paycheck to paycheck, but I do have a large amount of savings and investments for emergencies.
2. How I organize my money
Organizing your money is the first step to taking control of your personal finances. My personal plan includes the following: (1) I put all my money in a bank account with no fees; (2) I organize my money into a checking account (which is for spending), a savings account (which is for emergencies), and an investment account (to grow my money); and (3) I put all my expenses on a credit card that I pay off at the end of the month. I find it extremely important to distribute your money between accounts so that every dollar has a place and a purpose.
3. How to budget my money
Regardless of your income (but especially if you have a low income), you need to create a budget so that you don't spend more than you earn. My personal budget plan includes the following: (1) Track all your spending so you know exactly where your money is going; (2) Check if your spending is sustainable, which means seeing if you are spending more or less than you earn; and (3) Look at all your expenses one by one and see if they can be reduced or eliminated altogether.
Regardless of your financial situation, we all have financial areas that can be improved. It is extremely important to create a sustainable budget where you spend less than you earn.
Spending Tracker: https://docs.google.com/spreadsheets/d/18BhD1pqfnlmrp_-3zxdPeWTThh9OnNMiA_DkIm5GcuI/edit?uspsharing
4. What I do when I get paid
I believe in making my finances as simple as possible and so I created a simple plan to pay all my bills in full each month without incurring debt or withdrawing money from my savings. When I get paid, I do the following: (1) Pay myself first, which involves setting aside a specific amount of money for each paycheck in my savings account; (2) Pay off my credit card on which I make the majority of my expenses and ensure that at the end of the month the balance is paid; and (3) pay my non-credit card expenses by paying them manually or setting them to autopay.
Every time I get paid, I follow this simple financial process.
5. How I manage my money on a low income
I manage my money by keeping my financial organization simple, creating a sustainable budget, and keeping my finances simple. When I focus on making a plan, I am able to make living on a low income more manageable. It's important to remember that regardless of your income, you should focus on creating a good relationship with your finances.
**This video is for entertainment purposes only and should not be construed as financial advice. The links above are affiliate links where if you click through and order I will receive a commission at no cost to you. **
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