Live on $10,000 a Year
Since the United States considers an income of $10,000 to be below the poverty line, living on this amount of money is both a serious reality and an incredible challenge. Use these money-saving methods to make a hard living a little easier. Read on to learn live on $10,000 a year.
Instructions
1. Create a budget. Budgeting allows you to plan for the best and worst case scenarios. Not only will it help you feel organized and in control of your cash, but a budget will also minimize those panicky moments.
2. Treat frugality as if it were a challenge. Life is not a game, but as humans, we tend to become more passionate about things when our competitive drive has been sparked. Think of coupons as bonus tokens and free entertainment events as scoring something for nothing. The grand prize to living on $10,000 a year is not much, but losing this challenge can mean serious consequences like debt and bankruptcy.
3. Buy generic foods, eat at home, purchase cheap produce and forget about the meat. Changing your eating habits is an easy way to cut costs. Generic brands will run you several dollars cheaper than brand names. Save cash by eating at home. Buy produce from farmers' and Asian markets. Eat plenty of pasta. Save meat for special occasions. Food pantries also provide free food for people earning a low income.
4. Live with others. Although this may be a major adjustment, cutting down your rent can make living on $10,000 easier. Consider living in a co-op (a home shared by a small community of people) or renting an apartment with three to four other people to cut housing costs.
5. Be your own Martha Stewart. Save hard-earned cash by becoming a jack-of-all-trades handyman (or woman). Make your own furniture, or try to get by without it. Make your own clothes, or purchase inexpensive clothing at Goodwill outlets or garage sales. Ask yourself what is necessity and what is desire and then attempt to create those necessities in creative ways.
6. Study your health care options. If your employer does not provide insurance, explore what your state may provide. Many states offer low-income health insurance; this is usually basic insurance at a much lower monthly cost. Ask your doctor or employer if your state has this option. Check your local yellow pages for free clinics or county hospitals. They often provide health care for people who are uninsured or need to pay on a sliding scale.
7. Save money in a high-interest savings account. No matter your income, a small portion of every paycheck should go to savings. A standard amount is 10 percent, but this may vary based on what you can afford.
Tags: health care, Make your, your state
