How to Survive on a Low Income

Money Problems, State Benefits, Work Part Time, Registered Disabled

Feb 3, 2009 Asa Ghaffar

Those who work part time, are on state benefits or are registered disabled regularly struggle with a low income. How can these money problems be tackled?

Surviving on a low income can be really difficult for those who work part time, are registered disabled or are on state benefits. A low income provides little scope for emergency situations, hence the reason money problems are a probable consequence. Unless savings on household bills or a source of extra income is identified, debt problems can emerge necessitating the use of an appropriate debt solution.

Cheap Food Sources for Those on a Low Income

Identifying a source of cheap food can help reduce household bills considerably for those struggling on a low income. People that work part time, are on state benefits or are registered as disabled may have money problems and a low income, but time is plentiful and should be utilised to identify savings.

Discount supermarkets. Those on a low income should consider shopping at discount supermarkets, such as Lidl, Aldi and Netto;
Multi-buy deals. People with money problems could benefit from 2-for-1 deals and multi-buy offers;
Perishable cheap food. All supermarkets have to sell perishable items before they go off. People struggling on low incomes should learn the best time to shop for cheap foods as they tend to be reduced by departmental managers at specific times of the day.

Making an Extra Income to Help with Money Problems

Those on a low income may wish to tackle their money problems by making an extra income. Popular ways of making an extra income include blogging, online surveys, mystery shopping, working as a TV extra and taking part in medical trials. As tempting as it may be, never pay anyone in order to get a job that pays an extra income.

Reduce Gas and Electric Prices When On a Low Income

Those struggling on a low income should use an online comparison site to check to see if they have the most competitive deal on their gas and electric prices. The process for domestic customers switching service is relatively simple. With prices rising so steeply, it is an ideal way to reduce household bills.

Tim Wolfenden, head of Home Services at uSwitch.com stated "By not switching, consumers could waste over £2.3 billion in total or £334 each. Those who have never switched before and are sitting on an uncompetitive standard plan have the most to gain."

Debt Problems and Debt Solutions

Unsecured debts, such as personal loans, overdrafts and credit card debt, can only serve to worsen money problems, especially when they take up a large percentage of cumulative household income. When on a low income, it can make more sense to pursue a debt solution, especially if bad credit is an issue.

Those with unsecured debts of under £15,000 may wish to consider a debt management plan. This is a voluntary agreement between a debtor and his creditors to pay back as little as a £100 each month. Those with more serious debt problems could pursue an Individual Voluntary Arrangement.

Anyone that is finding it hard to cope on a low income should always look at ways to cut household bills before seeking ways to make an extra income. If struggling with high levels of personal debt, consider a debt solution as it can reduce money problems substantially.

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