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How To Get Some Breathing Room In Your Budget

Posted by : Mala Lal | Posted on : Monday, December 21, 2015

Financial Solutions
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Living on a budget isn’t easy. Each week you allot yourself how much money you can spend, but then life tends to want to get in the way. Unexpected expenses pop up, or you simply want to do something a little nice for yourself, and then your budget is blown. To keep this from happening, wouldn’t it be nice if there was a little bit more wiggle room in your budget? Well, there can be, and here’s how you can do it.

Cut Back On Expenses

When you created your budget, you probably made sure there was room for all of the things you currently spend money on. But did you try to cut back on your current expenses? There may be some things that you spend money on now that you don’t really need to, or ways that you can at least reduce the cost.

For example, carpooling to work could save you money on gas, or packing leftovers for lunch would mean you don’t have to buy lunch. Every cent matters, so look for ways in your current budget where you can cut back, even just a little bit. For more suggestions on how to cut expenses, you can use this resource.

Increase Your Income

For a lot of us, increasing our income is easier said than done. However, there are some methods that you can try that may help. First, if you have been at your job for a while, consider asking for a raise. The best way to increase your income is to make more for the same work, so it can’t hurt to ask for a raise.

Another option is to do more work. If you have the time, consider getting another part time job, or finding some work that you can do from home. There are many jobs that you can complete out of your house, such as writing, being a virtual assistant, and data entry. While these jobs may not pay a lot, they will provide you with some extra income.

Your third option is to look into investing. If you are investing money, when you get returns on those investments, you will have more money to work with in your budget. For those of you new to investing, I suggest doing as much research as you can before beginning. There are many online resource guides that you can use, and social media accounts (for example, Alvexo’s Twitter account) that you can follow for additional advice, depending on the investment strategy.

Start A Savings Plan For Bigger Items

Lastly, if you know a big expense is coming in your future, start planning for it now. Put some money away each week, and when the time comes to spend it, the hit on your budget will not be as big. You may not be able to fit a $1000 expense into your budget, but if you know about it 10 weeks in advance, then fitting a $100 expense in each week is a little more manageable. Here is another article we wrote about starting a savings plan for bigger purchases that may help.

Make Life Easier On Yourself

By planning ahead, and implementing some of the suggestions above, you can make working with your budget a little easier. Once you have more room to work with in your budget, you’ll find that you are not stressing over it as much, and that you are able to enjoy life a little bit more. Hopefully the tips above will help you to do that, and before long your budget will not feel like it is suffocating you.

 

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