Times are tough – no question. What with layoffs, slashed salaries and rising prices, just making ends meet is a tough proposition. So how do you manage to make ends meet? How do you navigate that financial crunch? Well some of these tips may be rather obvious ones, but may bear repetition. We look at some ways in which you can navigate those financial rough waters.
1. Cut down
Do you really have to eat out twice a week or go clubbing that often with friends? If you're a householder, do you really need more than one car? And is public transport completely out of the question? Do you really need to buy that dress right away or can it wait until it goes on sale? Must you have all of those premium channels on TV? Consider cooking at home, spending time with the family, opting for public transport instead of using your own car. You may be amazed at how much you end up saving.
If you find that there are things that you cannot do without, do at least prioritize your requirements. First spend the money on items of necessity and then if there is money left over, consider indulging your desires.
3. Take on an extra job / Freelance
There are so many easy work from home jobs online that can earn you a decent amount – data entry work, proof reading, virtual assistance, online coaching, writing reports and so on. You can do this from home in your spare time. This can be in addition to your job or can be a way to earn a living while you're between jobs.
4. Take that deal
Using vouchers and coupons, shopping to take advantage of end of season discounts and sales, wholesale shopping – these are just some ways to get good deals. You can also get off season discounts on holidays. If you don’t have the money right now, you could also take a payday loan to tide you over. These days it is possible to get personal loans for poor credit too – even if your credit history is not exactly wonderful, you can apply for and get a short term loan without hassle. The loans are available online and even via mobile apps. It is as simple as filling out a form and getting the cash transferred into your account quickly. Read the terms and conditions though – these are typically loans that have high interest and a short repayment schedule.
5. Get some debt advice
If you find that you cannot seem to make ends meet and feel yourself getting further into a debt trap, get yourself some debt advice. There are non-governmental voluntary organizations as well as government organizations that will offer valuable advice free of charge. This will help you break the vicious cycle of debt and will offer suggestions to help you come out of the spiral. You can also get vocational guidance that will help you make the best of your abilities and skill set so that you can actually increase your income.