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Can You Live on Minimum Wage?

Can You Live on Minimum Wage? Photo

©Depositphotos/ginasanders

Dealing with a monthly grocery list, water and electric bills, cell phone plans, house or apartment rental and the other entire tax thing in the world –how can I possibly live on minimum wage? This is one common question that is very difficult to answer. Despite all the money-saver tips out there, sometimes it’s too impossible to save even a dollar if your salary hardly exceeds the minimum wage.

This is not a concern bothering only the financial experts, more of that, it bothers 4.4 million American workers whose monthly salary barely meets the minimum. It sure is easy to tell you guys “you should save even just $30 each month so that you have something to use in case of emergency”. But the difficulty of doing this is at the peak. So what can you possibly do if you’re one among the 4.4 million Americans?

Juggle your job

Instead of settling with one job only, try to get another part-time job which will add more cash to your monthly salary. Most part-time jobs only eat 4-5hours of your entire day and with a regular 8hrs job, you’re spending 12-13 hours each day to earn. You still have enough time to rest. If possible, use your creative skills and work online. Many people have earned a living by working online as a freelancer and you never know; perhaps it can also help you out.

Say goodbye to your car

Insurance, maintenance and gas – these are the three things that you can’t lose when you own a car. Just imagine how much you’re spending on these things alone. But if you will buy yourself a second-hand bike and sell your car, you’ll be able to spend more on food and other necessities. Most probably you’ll even be able to save a bit.

Live with your parents

Okay, I know this is unusual in the U.S where big guys call their mom and say mom can I bring my family to your house and live there for a while? Unless it’s vacation time, this tip might be the worse for many people. But if life gets too rough and you just don’t know how you can meet the expensive necessities of your family, maybe it’s time to seek parental help. Anyways, this won’t be forever, just until you can easily reach and remove the cobwebs.

Anything else?

With the above information, perhaps you were able to find a flashlight and stick to deal with the cobwebs. But for bigger families, who are currently living on minimum wage, maybe their ceiling of cobwebs is just too high and they still need to find a ladder to reach it. If this is the case, you can ask your kids to go for scholarships instead of you paying an educational insurance.

You could also sell stuff at flea markets and invest the proceeds into something that will easily grow. Bonds and stocks shouldn’t be on the choices. Invest it on something you can use as an extra source of income such as ingredients for cupcakes. Sell those cupcakes in front of your home every afternoon and you’ll surely add more cash in your savings account.