Most of us have to adopt at least a few money- saving practices into our lives. Unless you’re lucky enough to win the lottery or be incredibly wealthy, you’re almost sure to have experienced ‘too much month at the end of your money’ or a financial pinch after Christmas or a special occasion.
However, if you start falling behind with money, you might find yourself struggling to make ends meet month to month which can be incredibly stressful, and is something you need to put right as soon as possible. Here are some ideas if you’re in a muddle with money.
Stick to a Budget
When it comes to your finances, it’s so important to create a budget and stick to it each month. You need to know exactly what your incoming and outgoing money is each month. Important bills like rent, utilities, travel and other priority costs should be organised first, then you can easily see what expendable income you have left. Only buy luxuries and unessential items from this expendable income once everything else is paid. But ideally, you could save it up!
Get Out of Debt
Every month you carry a balance on a debt such as a loan, credit card or store card, you will pay interest on this. This can really add up and cost you an awful lot of money. You could use savings or sell things you no longer need to bring down the balances. Alternatively you could consolidate your debt with another card or loan, or speak to a debt management company.
Earn a Promotion or Change Career
One way you could improve your financial situation is by asking for a raise, if you genuinely feel like you have earned it that is. If there’s no progression in your job and no way to get a raise, how about making a complete change? You will likely take a drop in salary initially, but in time will work your way up and set yourself up for a brighter future financially. You might feel like you’re too late in life and don’t have the right skills to be able to switch, but lots of jobs offer training. Things like truck driver jobs often do, otherwise you could study online part time before quitting your existing job to snap up the one you want. Or take on an apprenticeship.
Start a Side Hustle
These days lots of people are earning fantastic money from their own home, and you could too. You could work from home as a blogger or freelancer, or even set up your own small business. This kind of work is flexible meaning you can fit it around your regular working hours. That way if you’re having a leaner month, you could put in some hours at home evenings and weekends to boost your income. You don’t even need to leave the house so it’s very convenient.
What advice would you give to anyone who is currently struggling with their finances? What should you do when you have too much going out, and not enough money coming in?