Here are some tips for getting everything that you need on a tight budget.
Lower your major expenses
Can you lower the amount of money that you spend on housing and your car or other transportation? If you can find a cheaper place to live, this could be a major step towards creating a manageable budget. Each province in Canada has housing assistance programs that may be able to help you if you want to try to get into subsidized housing or get a loan or grant to help you purchase a home.
If you have a car, decide if you can get by using public transportation or if you can get a cheaper car. Lowering these major expenses can free up money to use in other areas.
Do not build debt
One of the biggest traps for people with low income is that they often build debt. Because of their low income, they are unable to pay off this debt, so it eats up part of their paycheck each month. Unlike credit cards, which only require you to make a minimum payment, online personal loans are usually paid back in installments, so you can plan to pay off your debt more quickly. If you have credit card debt, you can get an online personal loan to help you pay off the card. This will allow you to convert the credit card debt into an installment loan that is easier to manage.
Lower your phone and entertainment bills
These are the easiest areas to trim a significant amount of money. Online streaming services can reduce the need for movie rentals and cable tv. You do not have to give up all your entertainment; you can choose the most attractive streaming service and use it for all your tv watching. Or, you could switch between services and see their exclusive content before quitting to join a different service. This is a fine strategy as long as you only have one service at a time.
Your cell phone bill can likewise be lowered significantly if you choose a very basic plan and then rely on free wi-fi for your data-heavy tasks. You can even wait until you have free wi-fi and use Skype or some similar service for your calls.
With these tips and ideas, you can lower your spending without having to give up your quality of life. If you can do this, you will be able to live well on a very modest budget.