Tackling New Year’s resolutions on a budget is a desire for many. With Canadians feeling the pinch of rising costs, it’s more important than ever to find budget-friendly ways to achieve our goals. Whether you plan on saving money, eating healthier, or learning a new skill, you can find ways to do it effectively - and within budget!
You can also start the year with extra cash in your pocket by applying for a fast loan online. Get up to $1,500 instantly to achieve your New Year’s resolutions while sticking to a budget.
Of course, if you’re simply seeking advice, keep reading to learn easy money-saving tips for your most desired goals.
How to Budget Money on Low Income
Knowing how to budget money on low income is important. If your goal is to allocate funds more responsibly, you’re probably looking for ways to revise your plan. Living paycheck to paycheck can be tough, but it doesn’t mean you have to give up on your financial goals.
Learning how to make a budget or revising the one you have can help your money go further. No longer should you feel stuck if you’re unsure how to budget money on low income.
Simply follow these tips to get started on how to budget on low income:
Track Your Expenses
How to budget on low income? It starts with tracking your expenses, so you know where your money is going. Take some time to input all of your expenses for a month, including bill payments, groceries, and any non-essential purchases. This will give you an idea of where you can cut back or make adjustments to save more money.
Maybe your income has changed, or you anticipate an upcoming lifestyle adjustment. In any case, actively tracking your spending becomes even more important. By doing this, you prepare yourself to adjust your budget effectively once the change occurs.
Make Small Financial Changes
Meeting your yearly financial goals on a limited income is challenging. But, it’s not impossible. When working with a tight budget, make small financial changes that can add up over time.
Look for ways to reduce your monthly expenses or find cheaper alternatives. Some examples include:
Couponing to save money on essentials and other household items.
Cooking at home rather than eating out.
Canceling unused subscriptions or memberships.
Walking or using public transportation (if accessible) instead of driving.
Utilizing price matching tools or other apps that give you cashback on purchases.
Small changes can go a long way over time. With patience and consistency, you’ll learn how to budget money on low income smarter and more effectively.
Set Realistic Goals
Be realistic and specific with your financial goals. Rather than setting a vague objective such as “save more money,” define a precise amount of money to save each month. For example, “I want to save $100 every month.” This gives you something more tangible to work on and track your progress towards.
If you set a goal to save $100 each month, you can further break this down into smaller, more manageable installments. For instance, you might decide to save $25 per week. This approach makes the goal seem more attainable and allows for regular progress checks.
Additionally, make sure your goals are realistic with your current income. Having limited income probably won’t allow you to save for a lavish vacation or a luxury item. It’s perfectly okay to start small and work your way up when you’re learning how to budget on low income.
Don’t Be Afraid to Ask for Help
Managing finances can be overwhelming. Don’t hesitate to reach out for help from friends, family, or financial advisors. They may have valuable advice or additional resources that can teach you how to budget money on low income.
Numerous online resources can also provide financial support. In case of an emergency, short-duration lending companies can help you get out of a tight spot. Have you faced an unexpected expense or are in a financial crisis? A short-term emergency loan can help you bridge the gap until you’re back on your feet.
Healthy Food on a Budget
Eating healthy food on a budget is a common New Year’s resolution. However, healthy foods often come with higher price tags. This can discourage people from committing to their goals altogether.
But, with some simple-to-follow tips, you can find healthy food on a budget. Whether it’s your first time committing to a healthier diet or you’re simply looking for new ways to save money on groceries, we’ve got tips for everyone.
Plan Your Meals
Creating a weekly meal plan can help you stay on track with your healthy eating goals. By planning your meals, you can avoid impulse purchases and stick to a budget-friendly grocery list.
Meal planning is also useful for families. By planning your meals, everyone can enjoy healthy meals without spending too much on things you don’t need. You don’t have to sacrifice nutrition for budget constraints.
Here’s a simple, one-day meal plan for inspiration. This plan focuses on whole foods, balanced nutrition, and easy-to-prepare meals.
Breakfast: Greek yogurt, mixed berries (fresh or thawed frozen), and a sprinkle of granola.
Lunch: Whole grain sandwich with turkey, lettuce, tomato, and mustard. This can be served with carrot sticks or another veggie of your choice. Vegetarians can replace turkey with another option i.e. cucumbers.
Dinner: Stir-fried tofu, shrimp, or chicken with bell peppers, snow peas and brown rice.
Snack Options: Cut up veggies, rice cakes, fresh fruit (apples, oranges, kiwi), almonds, or other mixed nuts of your choice.
Beverages: At least 8 glasses of water (lemon juice for flavor), herbal teas, and coffee (ideally black).
Buy Seasonal Produce
There’s nothing more frustrating than buying overpriced berries that become rotted within a day. Buying in-season fruits and vegetables can help you make the most of getting healthy food on a budget.
Additionally, seasonal produce is more flavourful and nutritious compared to out-of-season options. Plus, if you’re new to the whole “eating healthy” thing, you’ll appreciate more flavour to stay motivated.
If your local supermarket doesn’t offer cost-effective options, consider exploring alternatives such as farmer’s markets or local farm stands. If these aren’t available or you’re looking for something specific, try frozen fruits and vegetables.
Frozen produce is typically picked and frozen at peak ripeness, retaining most of its nutritional value. It’s also convenient and often more affordable, allowing you to enjoy out-of-season produce at a reasonable price.
Stick to Simple Recipes
Healthy food on a budget doesn’t have to be complicated. Stick to simple recipes that use affordable, whole ingredients. For example, an easy stir-fry with rice and frozen vegetables is a nutritious and cost-effective option.
Keeping it simple will not only save you money but will also make meal preparation less overwhelming. For even more interest, try experimenting with different herbs and spices. You never know what flavour combinations you can discover!
How to Get Fit on a Budget
Knowing how to get fit on a budget may be your top priority this year. Gym memberships and trendy workout classes can be expensive, but there are more cost-effective alternatives. With some creativity and determination, you can learn to exercise without spending a fortune.
Here are some easy tips to help you achieve your fitness goals on a budget:
Watch Free Workout Videos
Fitness can be free! There are thousands of workout videos available on YouTube and other streaming platforms. You can easily find a variety of exercise programs to suit your fitness levels and goals. From yoga to HIIT and everything in between, there’s something for everyone.
If you’re just starting, try searching for beginner-friendly exercises that require little to no equipment. As you progress, you can invest in some affordable exercise equipment such as resistance bands or dumbbells.
Get Outdoors
You can also get outdoors when learning how to get fit on a budget. Not only is it free, but it also gives you a change of scenery and fresh air. Go for a run, walk, or bike ride in your neighbourhood or local park. You can also look into joining outdoor fitness classes such as boot camps or hiking groups.
Surely, winter in Canada can limit some outdoor activities. But, it doesn’t have to stop you completely. Bundle up and try some affordable winter sports like ice skating or snowshoeing. Many cities also offer free outdoor community classes, so keep an eye out for those, too!
Try Before You Buy
Before committing to an expensive gym membership, take advantage of free trial offers. Many gyms and fitness clubs offer a free week visit for new potential members. You can test out the facilities, classes, and equipment before deciding if it’s worth investing in.
Don’t have access to a nearby gym? Try fitness apps that offer free trials for their workout programs. You can also find websites that provide sample workouts from popular fitness trainers. Here, you can find what best suits your preferences without spending a dime. Learning how to get fit on a budget is fun and easy this way!
Tackle Your New Year’s Resolutions On a Budget with iCash
Now is the time to tackle your New Year’s Resolutions on a budget with the help of iCash. No matter what your goals look like, you can stay mindful of your budget. The above tips will help you stay on track, so you can balance self-improvement with financial responsibility.
If you need additional financial assistance, iCash’s smart funding solutions stand as a valuable resource. We offer instant approval, flexible repayment options, and a secure online application.
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