How To Get By On $5 A Day

We asked our members how they get by on a tight budget. Here's our favourite answer.

For many people, surviving on $5 a day would seem impossible. For many, it's a reality.

Thousands of Australians attempt to survive on only $5 a day, every day, but still it remains a challenge.

For those fortunate enough to have a home and even a part-time job, living on only $5 day will be less of a struggle (but can offer an empathic insight into how the other half live).

Most times, amenities such as hot water and electricity are a given and most meals are paid for. If you were to survive on $5 each day, here is what will get you through.

The most effective way of stretching $5 is to avoid snack specials and other spur-of-the-moment purchases. Instead, try to plan out a day of meals and try not to set your expectations too high. Apples are a good option for a snack or part of a meal as they are cheap, delicious and healthy. Vegetables that are available all year round will also be a good option as they are well-priced and provide variety.

Although buying in bulk may not seem reasonable to begin with, it proves to be beneficial in the long run and a lot cheaper.

In order to avoid transport fees, walk as much as possible or catch no-charge community busses if they are available. Nowadays, public and private transport are as accessible as ever but are also fairly expensive. Not only will choosing to walk the extra kilometres save you money on transport, but it also means you will get free exercise that you would otherwise have to pay for with a gym membership.

The costs of buying bottled water can also rack-up over time, so buy yourself an environment-friendly bottle and refill wherever you can. Water is super important for the well-being of a person but not everyone drinks enough of it, especially when out and about. One of the easiest ways to waste money is to buy bottled water. You are essentially paying $3 for a recyclable plastic bottle when you could pay the same price for something that will last longer and will be far sturdier.

If you are in need of entertainment, sign up for a library card to borrow books and go to the park or any outdoorsy public places for some fun in the sun. Instead of throwing away your money when going to dinner with friends or going bowling on a Saturday night, save that money by opting to go out into the open air with friends or spend time reading a book by yourself.

If there is any money left from your $5 a day budget, immediately save that money somewhere. Save up for special treats to pamper yourself such as a chocolate bar or a magazine, or even save money to join your friends at a restaurant on the occasional weekend.

The $5 a day guideline is a challenge at times but keeping a tight budget will prevent you from stressing about money in the long-term.

Congratulations to Georgia for winning this writing challenge, answering: How To Survive On $5 A Day. Troy wins a $50 Westfield gift card for her submission. For your chance to win, check out our latest writing challenges in our Comps section. Also, be sure to follow this guide on how to win the writing challenge!

Photo: GQ.