Do you have to create a family budget during a crisis? Family budgeting tips for beginners, will be something you have to do every other month to manage personal finances effectively. For individuals who have been affected by loadshedding at work or small businesses that operate from home. These are the few changes one can make to adjust to Eskom loadshedding crisis. Cost of living has gone high, and everyone has been affected. A majority are losing their jobs. Businesses are shutting down, yet one has to still pay cost of keeping up with various household or business expenses. I suppose if you have not thought about it it's time your start creating a family budget.
Find and search for alternatives to subsidize your family income when times are tough! HERE
Tip #. 1: Assess your needs: Determine how much electricity you typically use during a power blackout and what appliances and devices you need to power.
Tip #.2: Prioritize your needs: Decide which appliances and devices are essential during a power blackout and which can be used sparingly or not at all.
Tip #. 3: Generate alternative power sources: Consider investing in backup power sources such as generators, solar panels, or battery-operated appliances.
Tip #. 4: Create a budget: Allocate funds for alternative power sources and prioritize spending on essential items.
Tip #. 5: Implement cost-saving measures: Look for ways to reduce your electricity consumption during a power blackout, such as unplugging non-essential appliances and using energy-efficient light bulbs.
Tip #. 6: Review and adjust: Review your budget and make adjustments as needed based on your actual electricity usage and expenses during a power blackout.
The Salary of Income in this article is a sample to give you an idea of how to manipulate your budget to fit your basic needs.
Revise and make a new list of family income from R22,500 verses expenses of R23,790 to accommodate unexpected escalating costs of fuel, gas, lost working hours. If you're a small business expect clients to cancel their orders and purchases. Downsize your staff, of find new premises to operate your business. Hopefully you can reconcile both your family budgeting tips above.
Income:
Salary/Wages: R22,000
Expenses: R21,400
Rent/Mortgage: R2,500
Utilities (electricity, gas, water): R1,000
Groceries: R3,500
Transportation (car payment, gas, insurance): $1,000
Health Care (insurance, prescriptions): $750
Domestic helper: R3,500
Garden services: R1,500
Entertainment (movies, dining out): R1,200
Clothing and Personal Care: R500
Child Care/Education: R1,000
Savings: R1,000
Miscellaneous/Other: R2,000
Property nsurance premiums: R1,950
Total Expenses: R21,400
Bal/f: (R600) negative
Note: This is a hypothetical example, and actual expenses will vary depending on individual circumstances. It's important to review and adjust budget regularly based on actual income and expenses.
Sometimes we have to learn sacrifice how to hustle in other to learn to cope with challenges and unexpected live changes. Obstacles like Eskom loadshedding is another way to maneuver around these challenges while we sacrifice something in adjusting to these changes. Side hustling should include side hustle extra income from selling books or cakes or anything to augment your current income: Below are a basic Family Budgeting Strategies you can utilize for this purpose. More Here!
Salary/Wages: R22,000
Side Hustle (selling books): R1,500
Expenses: Total Income: R23,500
Rent/Mortgage: R2,500
Utilities (electricity, gas, water): R1,000
Groceries: R3,500
Transportation (car payment, gas, insurance): R1,000
Health Care (insurance, prescriptions): R750
Domestic helper: R3,500
Garden services: R1,500
Entertainment (movies, dining out): R1,200
Clothing and Personal Care: R500
Child Care/Education: R1,000
Savings: R1,000
Miscellaneous/Other: R2,000
Property Insurance premiums: R1,950
Total Expenses: R21,400
Bal/f: R2,000 positive
As you can see, the total income and total expenses are different by R1,500 from your extra income of hustling. You can look into cutting down some of the expenses or increasing the side hustle income to make the budget balanced. It's important to review and adjust budget regularly based on actual income and expenses.
Let's assume you need to increase your income to purchase UPS. What is a UPS. It an "Uninterrupted Power Supply" to backup your home's electricity power outages of loadshedding. This is optional if you do not want to install a solar power panels.
In this case you'll need to increase your income to purchase a UPS (Uninterruptible Power Supply), you could consider the following options: Ideally it is always advisable to use a spreadsheet to create a Family Budgeting Worksheets on MS Excel to make it look professional and comprehensible.
Look for a higher-paying job or negotiate a raise in your current job.
Start a side hustle or freelance gig that can generate additional income. For example, you could start a tutoring service, offer * pet-sitting services, or sell items online.
Rent out a spare room in your home on a short-term basis.
Look for ways to reduce expenses and save money.
Look for ways to increase the income of your existing side hustle by targeting new customers, increasing prices, or finding new opportunities.
It's important to identify multiple ways to increase your income and to be creative. Also review your budget regularly and adjust it accordingly to make sure your income is enough to cover your expenses including purchasing the UPS.
What if I have an extra car parked in a garage what can I use it for?
If you have an extra car parked in a garage that is not in use, there are several ways you can make use of it to generate additional income. Therefore, it is imperative to consider learning the basics of family budgeting for beginners.
Rent it out on a short-term basis through a car-sharing service like Turo or Getaround.
Offer it as a rental for special events like weddings or proms.
Use it as a delivery vehicle for a service like Postmates or Uber Eats.
Rent it out to ride-sharing drivers through a platform like HyreCar.
Use it as a shuttle service for a local business or airport.
Offer it as a prop for film or photography shoots.
It's important to check the local laws and regulations regarding renting out cars, and make sure you have the proper insurance coverage. Also, consider the cost of maintenance, insurance, and any other fees before renting the car out.
I you happen to have a talent like me as a dancer what do you think you, I'll do to increase my income? If you have a talent as a dancer, artist, singer there are several ways you can use it to increase your income:
Offer private dance lessons: You can teach dance styles that you specialize in, either in-person or online.
Perform at events: Look for opportunities to perform at events such as weddings, corporate events, and festivals.
Choreograph for others: Offer your services as a choreographer for other performers or dance groups.
Dance in music videos or films: Look for opportunities to be a background dancer in music videos or films.
Dance in a professional company: Look for opportunities to dance in a professional company or troupe.
Create and sell your own dance instruction videos or online classes.
Look for opportunities to dance in a cruise ship, on a tour or in a theme park.
Courses You Can Attend To Empower Yourself - Get Informed Always
It's important to network and market yourself effectively to find opportunities to showcase your talent. Also, consider taking additional classes or certifications to increase your skills and make yourself more marketable.
In case you're not aware of this. There are potential hustling opportunities in ICT and cloud computing. If you take up a course in one of these I.T. Skills, chances of improving your salary and income within the next 12 months is higher than you could imagine. There are many potential hustling opportunities in the field of Information and Communication Technology (ICT) and cloud computing. Some of the most popular options include:
Freelancing as an IT consultant: Offer your expertise in areas such as network design, cloud computing, cybersecurity, or programming to small businesses or offer training courses to individuals.
Web development: Create and sell websites or web-based applications to businesses or individuals.
Mobile app development: Create and sell mobile apps to businesses or individuals.
Cloud computing services: Offer cloud-based services such as data storage, backup, and recovery to businesses or individuals.
IT support: Offer remote or on-site IT support to businesses or individuals.
Virtual training: Create and sell online training courses in areas such as cloud computing, cybersecurity, or programming.
Hosting and Domain registration: Offer web hosting and domain registration services to businesses and individuals.
Data analysis: Offer data analysis and visualization services to businesses using big data and machine learning tools.
It's important to stay up to date with the latest technologies and trends in the field, and to build a strong portfolio of work to showcase your skills to potential clients. Networking, establishing a professional online presence, and building a good reputation are also key to success in this field.
Having said that, the question now to ask yourself is; will these approaches make me succeessful to maintain a good life?
There is no single method that can guarantee success in maintaining a good life. However, pursuing hustling opportunities in the field of ICT and cloud computing can certainly be a way to generate additional income and improve your financial situation. It's important to be clear about your goals and what you want to achieve, and to work hard and stay focused to make it happen.
To increase the chances of success, it's important to be knowledgeable in the field, stay up-to-date with the latest technologies and trends, and to build a strong portfolio of work to showcase your skills. Networking, establishing a professional online presence, and building a good reputation are also key.
It's also important to have a balance between your career and personal life and to make time for the things that matter most to you. Building a good life is not just about money, but also your overall well-being, happiness and the time you spend with your loved ones.
Ultimately, success is a subjective term and can mean different things to different people. It's important to define what it means to you and strive to achieve it through a combination of hard work, perseverance and a good work-life balance.
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