People on a tight budget may often need to sacrifice one basic need for another just to get by. Fortunately, in this article, we’re going to discuss four ways you can manage your finances on a tight budget and afford the things you want.
4 Ways to Manage Your Finances When Things Get Tight
Check out these 4 effective ways to build a little nest egg even on a tight budget:
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Explore Assistance Programs for Utilities and Groceries
The US government, to ensure good quality of life for its citizens, has established some assistance and benefits programs to help reduce the costs of basic needs like food and utilities. These programs can help you ‘loosen’ up your budget to make room for other needs/wants.
One such program is the Low-Income Home Energy Assistance Program. The purpose of the program is to assist low-income households in covering the cost of heating and cooling in their homes.
Another beneficial program is the Supplemental Nutrition Assistance Program (SNAP). If you qualify for SNAP, you’ll get monthly benefits on an Electronics Benefits Transfer (EBT) card. This card works like a regular debit card and you can use it for grocery shopping in authorized stores.
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Apply for Medicaid to Save Health Costs
You can save a lot on healthcare when you apply for Medicaid. It’s a joint federal and state government program aimed at providing health coverage for those with low income. Each state determines the extent of health coverage it offers its citizens, but it’s usually within the broad federal guidelines.
Some of the mandatory Medicaid benefits include physician services, laboratory and X-ray services, inpatient and outpatient hospital services, and home health services. Optional benefits under the program include physical therapy, prescription drugs, occupational therapy, and case management.
To be eligible for Medicaid, you need to meet the specific requirements in the state you reside. If you do, then you’ll surely be able to save a lot more on healthcare and afford other necessities even on a tight budget.
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Consider a Side Hustle
If you have some extra time, you should consider starting a side hustle to earn extra cash. The internet has made it easy to make money these days. All you need for some jobs is your smartphone or laptop and an internet connection.
You can take up side hustles like writing, affiliate marketing, tutoring, virtual assistants, and a lot more. If you don’t know where to start, try freelance job platforms like Upwork, Fiverr, or Gigworker.
Other side hustles you can try include those that may need you to be physically present, such as babysitting, mowing lawns, car washing, grocery shopping and delivery, and other similar jobs.
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Find Other Public Assistance Programs You’re Eligible for
Other than Medicaid and SNAP, several other programs can help you cover some other important bills. For example, the Lifeline Program offers discounts on phone and internet services to individuals who meet certain requirements.
Additionally, you can apply for college grants if you’re a student, or get childcare support if you’re a parent. Just a little research will help you know the number of assistance programs that you qualify for.
If you can get some of these bills out of the way, you’ll discover that you might be able to live comfortably on your income after all.
Conclusion
As a low-income earner, you can get assistance for some of your basic needs or get busy with a side hustle to earn some more cash. Living on a tight budget doesn’t need you to sacrifice the good life.