Basic human needs are essential to every human being; this is a not subject to debate. What is debatable, though, is the ability of every human being to meet these basic needs. Until the 19th century, when the entire world underwent an industrial revolution, the basic human needs such as food, shelter, and clothing were not much of a problem to acquire. However, the population pressure and inter-personal competition brought by the industrial revolution caused men to compete for these needs. In the modern world, although technology of production has improved greatly, it is even more difficult to meet these basic human needs, primarily because of the rapidly increasing cost of living. This straining of resources has ensured that people have to sacrifice one thing if they hope to do another one. As such, to effectively meet the basic needs throughout the year, it is paramount that a family or individual adopts a viable strategy of saving money. This paper will, therefore, look at ways by which people can minimize their expenditures, to be able to use the limited resources to sustain both them and their families throughout the year.
Perhaps the most common way of saving is cutting back on the expenditures. If an individual, or a family is, for instance, earning Ksh. X amount of money annually, they should ensure that the amount of money they spend in that year does not exceed the amount they earn (Ksh. X). Because the amount of money they earn is limited and does not change much across the year, savings can be obtained only by reducing the amount of expenditure. This is a daunting task, and may involve making a lot of sacrifices, depending on the average income of the individual, or family. The increased prices of commodities and services, however, may make the attainment of this goal an elusive one, despite all the sacrifices. As such, a family may be forced to consider other approaches to reducing expenditures.
One of these approaches may involve moving to areas or even countries with lower costs of living. For instance, the prices of food in Paris markets may be lower than the prices of food in the New York market. As such, a family in New York that can settle and work in Paris are better off living in Paris than in New York. Shifting to Paris will make them spend less money, hence they are able to survive on a minimal amount of money throughout the yeah. They might even be able to save for other activities, depending, again, on their average income.
Indeed, although all men strive to primarily meet their basic needs, I suppose that no realistic man nowadays is as little in observation as not to think about the worldly affairs. This makes another channel for expenditure that needs to be saved. If, for instance, a family decides to go for a vacation to a foreign country, it is essential that they start planning and saving for the trip in the right time. The family also ought to consider the cost of living, season, and availability of cheaper facilities and commodities in the country of destination. This will help the family to economize the limited resources that they have and hence be able to survive on it throughout the year.
To conclude this paper, it is vital to mention the general consensus that the needs and desires of a man often supersede his earnings. This is also generally agreed to be a result of the rapidly increasing cost of living against limited resources available to man. It is, therefore, crucial that individuals or families strive to minimize their expenditures, using the most appropriate approach possible, to be able to put the limited resources into good use, throughout their years. Phrase Living on nothing a year is used to describe an individual or family that has used its limited resources to survive across an entire year.