How To Make Ends Meet And Have More Money
Budgeting Finance Paying Off Debt Saving || Tags: budgeting, Debt, Money ||I mention frequently on this blog about making a budget, debt repayment and saving money, but what if you’re getting to the end of your money before the end of the month? That is a problem my friends.
If you need to make ends meet then there are two simple ways to do it: spend less, or make more. Simple is not always easy, #amiright? But if you consistently have a negative budget, it’s essential to balance it to get yourself out of debt and stay there!
There are two ways to make ends meet; lets chat about them…
Spend Less
Seems simple right? Nobody likes this part of the budget; cutting out things you like is no fun at all. If you’re using my budget spreadsheet (if you’re not you can get it here!) you can look at your month and see where you might be overspending. If you’re new to budgeting, welcome! You can go through your online banking and get an average of where your money is going.
Chances are you can cut back on something. I don’t believe in cutting out things you L-O-V-E love, but you might have to scale back on the nights out, coffees, vacations, etc. One of the places a lot of people end up overspending is eating out (myself included)! Meal planning is a great way to make sure you’re not always grabbing lunch out – and it’s usually healthier to cook at home anyway! Win-win! If you’re on a debt repayment journey like I am, this strategy to make ends meet might not be forever; you can always increase your spending on your “wants” when the debt is gone!
If your bills, mortgage, and needs are taking over most of your income then you probably have some tough decisions ahead of you. You might need to move to a less expensive place, or get a less expensive phone plan, etc.
Make More Money
Who doesn’t want to make more money?! I find so many personal finance blogs focus on where you can cut your spending, but don’t focus on the fact that if you make more money, you won’t have to cut to make ends meet!
Working more hours is of course the easiest way to make more money, but if overtime isn’t an option for you there are other ways. You can always ask for a raise if you haven’t gotten one in a while! Millennial Money has some awesome tips about asking for a raise!
If you’re in a minimum wage job, I would encourage you to look at other options, and possibly going back to school. It’s going to be way more difficult to build wealth with minimum wage for your whole life.
Of course a great option is to start a side hustle! The best side hustles make passive income, so you do a bunch of work upfront and then money flows (mostly) passively after that, like creating and selling an online course. You could also rent a room out in your house, or if you’re creative, sell your creations!
So Which Will You Choose To Make Ends Meet?
You can always do a little of both! We’ve cut back on our spending in some areas in order to funnel that money towards debt. We’re also in the process of starting up/ creating side hustles in order to make some more passive income. I can’t stress enough the importance of a balanced budget; it’s essential for building wealth.
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I’ve noticed side hustle project are the trend nowadays.. do you recommend people start a blog, or maybe a FB group and monetize it?