There are many people around us, where their income is not enough to manage a family how do you manage your family and economy? There are many people who manage their family very well even though their income is very low in their personal life, how do you manage it?
I would start by saying, if you don't have a stable income to take care of a family don't start one. Alot of problems can be avoided by not doing this because when you start a family that you can't take care of them you'll begin having problems like Feeding problem, education problem, housing problems and other problems. Also don't get married to a liability, don't marry a girl that you'll have to provide everything, for the rest of her life. You're getting a partner and not a entering into a sponsorships. You'll love your wife and provide for her but it shouldn't be a situation that if you don't have she can't take care of herself. Before marrying make sure she has something doing so the both of you can put food on the table as you can never know what the future holds for your current job.
In a circumstance that something unfortunate happens and you were comfortable when you go married but now your income and that of you wife isn't sufficient to take care of your family, here are some suggestions of mind, adding to what others have said;
- Equip yourself and your wife with skills that's based online so you can apply for a job that you can use as your side hustle to take care of some bills that would had removed money from your income. Instantaneously when income isn't enough, the first thing to do is to get another job or do something to add more income.
- As you get more income coming in, you reduced your expenses so you can have enough to take care of your family. You can change schools for your kids from private to government, change house to a less costly one to maintain and get rid of many liability that you have in the house.
- You can then use the money which you'll get as extra after doing the second advice to invest in assets, you can invest in business that'll give you passive income or in assets like Bitcoin that gives capital gains. You can also pick interest in building a business that gives you cash flow to increase your income.
- When you do all this and it goes as planned you can easily bounce back to your former self, and not to forget to plan your money before it comes as that helps you to live on the minimum budget but to other it seems you have enough but all you're doing is living on a budget.