Raising a family comes with its costs, but you shouldn’t have to make any major sacrifices to get by and have what you need. There are many different methods to build your life without having to break the bank. Some useful strategies you can follow to cover the core basics are listed below:
Get a USDA loan for your home
If you’re looking to buy a home but don’t have the funds for a down-payment, an excellent option to look into is getting a USDA loan. It opens you up to areas like Bowling Green that are near both the suburbs and rural areas. Offered by the United States Department of Agriculture, this loan is provided for low-income households that seek to own a residential property, given that they choose a property in a suburban or rural district. Variations of the loan can allow loaners to either get a loan guarantee at a third-party lender with no down but mortgage insurance, a direct loan with low-interest rates, or home improvement grants for upgrade or repairs.
It is a good option for very minimal-income families with US citizenship as long as they have a good credit score and can show proof of having a stable stream of income within two years.
Look for estate sales to get some essentials
Estate sales are a great way to find items you need for your home, from furniture to fixtures and clothes (and more household items you may find handy). That offers you the affordability of going second-hand while removing some of the risks that come with getting something used. Often, estate sales are regulated so that everything on offer is still functional and won’t have any surprise issues because third parties run them.
Plus, unlike browsing on online sites from various individuals, an estate sale lets you peruse everything in one place and person. Prices are shown upfront, but some auctioneers allow buyers to bargain or even cast bids. The latter is an excellent way to set your price on the item you want, though this runs the risk of losing it to someone else who bids higher.
Start a small savings fund
Even if you start small, this is an important stepping stone to achieving financial freedom. It’s an excellent pool to have for emergencies and building up your family’s wealth. Since the economic downturn of 2009, the past decade has seen low to middle-income families struggle to build up their savings. Don’t be discouraged by this, though, as it is better to keep supplementing a savings fund for liquidity than to forego it altogether, especially as experts predict another economic shakeup in the aftermath of the coronavirus pandemic in 2020.
Without preparation for emergencies and unexpected circumstances, families have had to scale back on their food and other essentials in the household. Thankfully, these days, there are savings accounts specifically geared towards individuals who need a small maintaining fee and with reasonable interest rates.
All of these can be helpful for any family. You and your loved ones will get by in life even with a limited budget.