Have you recently been hit with an unexpected bill or expense? Maybe your car broke down, your washing machine stopped working or your home flooded due to the bad weather. Maybe you’re still recovering from Christmas weeks and weeks on, or perhaps you always find yourself with ‘too much month at the end of your money’ due to high bills and low wages. Either way, struggling to get by is no life, and when you can’t afford the things you need to buy or pay for it can cause a significant amount of stress. The way you can remedy this situation is twofold- first you need to make sure you’re spending the money you have wisely, and then you can work on ways that you can earn a little extra. Here are just a few of the ways you can go about making your finances look a little more healthy.
Rework Your Budget
Budgeting efficiently stops you from overspending. It puts you in control of your money, and means every penny can be used wisely instead of being wasted. Without a budget you can easily end up in a pickle with money, you should know what comes in and what goes out (and on which dates). You should know what you’re spending in each area. Use a budgeting app or some software which makes it easy, or write things in a calendar or notepad. This way you know exactly what you have and what you can afford. It lets you see if you’re spending too much on food, drinks, online subscriptions or other luxuries. These kinds of things can be scaled right back until you’re in a better position with money. If you’re struggling to get by, tightening the belt and getting rid of these extra things at least in the short term is worthwhile.
Get Out of Debt
Once you know where your money is going and if you’ve managed to free up some extra cash in your budget, your next step would be paying down debts if you have any. High interest rates mean that debt is a huge financial drain for most people, it can get to the stage where all you can afford to pay each month is the interest. That means the debt itself is never actually going down. If you have savings, it makes more sense financially to use these to pay debt. If you don’t speaking to creditors or to a debt management company could be the answer. You could work to have the interest frozen and negotiate reduced payments which would make life much easier for yourself. Don’t just bury your head in the sand, every phone call, letter and bailiff visit will be adding more money onto the debt.
Earn Extra Income From Home
Working from home is a flexible way to earn extra cash. it’s something you can do during evenings and weekends and earn a little here and there that all adds up. As you’re working for yourself, you can fit it around your regular job and childcare commitments and generally make it suit your lifestyle. Starting your own home business is one example, online marketplaces such as Ebay, Etsy and Amazon mean that anyone that has a passion or interest is able to set up their own online shop without expensive website hosting fees or even the need for marketing. You’re able to start selling right away, so whether you’re handy with a sewing machine, can make incredible jewellery, woodwork, or even digital design, you could sell items for a profit. Freelance work is another good choice, each piece you take on will have its own deadline, but it’s up to you how many you do. This gives you full control; there’s no minimum number of pieces you need to do so could just do them here and there when you get time. Blogging is another fantastic way to earn money from home if you’ve writing one for a while as a hobby then have you considered monetising? You could sign up for some sponsored post websites or check Twitter for opportunities. Just be aware that working from home in this way will mean you’ll need to register as self-employed and pay tax. It’s relatively simple, and if you’re unsure an accountant will tackle it for you for a reasonable fee. Even if you already pay tax through your job as an employee, you will need to pay tax here too.
There are many websites online which offer this, some are better than others however so do your research first and use one that has good reviews. Unlike setting up a business or working as a freelancer, to answer surveys you don’t need any special skills, and there are no upfront costs. All you have to do is give your opinion, there are few things easier! You can log in whenever you want and do any of the surveys that are available to you; it’s a simple way to add to your bank balance each month. It might not make you a millionaire, but for a few minutes of your time here and there the money can add up.
Encourage Teenagers Earn Their Keep
Teenagers can be expensive to raise, even more, expensive than children a lot of the time because of the expensive things they always want! Whether it’s money for socialising, clothes, gadgets or their own car, they don’t come cheap. Encourage your teen to go out and earn some money for themselves, this can make things easier for you as you don’t have to pay for their luxuries. It also encourages them to have a good work ethic and to learn the value of money. As adults we know fine well that it doesn’t grow on trees, providing for themselves in some small way can be a good lesson for teenagers to learn.
What’s your plan of action whenever you feel the pinch financially? Do you have ways you can save, and earn some extra cash?