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How To Stay On Budget Through Financial Storms

Posted by : Premraj | Posted on : Thursday, August 23, 2018


When tough financial times come (and they will), it can be as difficult to stay “sane” as it is to stay on-budget. But yes, it is possible, and there are specific actions you can take and personal financial policies you put in place that will help you do it.

Budgeting is work and it takes time too. That’s why so many of us fail to do it like we should – but the good news is, once you get in the habit of following a “sustainable” budgeting plan, it will be much easier to just stick with it (like auto-pilot).

But when short term financial crises hit, you need some backup strategies to help you stay on track through the storm.

Here are 4 key strategies you can use to help you get through a tight financial situation without breaking budget or breaking up with your daily cappuccino.

1. Short Term Loans

Did you know that you can apply online for a paycheck advance and almost 100% get approved? One solution to a sudden need for fast cash, like serious storm damage to your roof, car repairs in the range of $500 to $1,000 or more, or expensive out of pocket medical expenses – is a short term loan.

Paycheck advances (or “payday loans”) are normally only for amounts of $100 to $1,000, have terms of 2 to 4 weeks, depending on how often you get paid, and may have cheaper rates than credit cards if you pay them off in full on time.

While on one wants to have to take out a fast-cash loan, in a financial pinch, it can help you get through the storm and then back on your feet on the other side. And you may not have to deviate from your budget aside from paying for the loan and a short term reduction in what you put into savings.

2. Reduce Spending

A second way to get through financial trouble is to cut back where you can temporarily. To salvage your budget in most areas, you may have to reduce spending in a few key areas.

This might mean riding a bicycle to/from work for a while (if you live close enough) or joining a carpool to save on gas. Or it could be a matter of buying the same types of items but a cheaper brand for a time. Or, it might be a matter of replacing entertainment expenses with free neighborhood events or by simply having a movie and dinner at home instead of going to the theater.

The point is you can shave down expenses here and there and do major reductions in only one or two areas and still free up a lot of money in your budget.

3. Increase Income

This may mean renting out a spare room on Airbnb for a while, doing some online work (like surveys, writing, or an at-home CSR job), starting to resell items on eBay or elsewhere for a profit, having a yard sale, or even doing odd jobs around town like raking, snow shoveling, or cleaning out gutters.

If you have multiple people in your family who can find extra sources of income, it may be time to pool your resources together till you’re through the financial crunch time. You’d be amazed how many realistic ways there are to boost income without working any extra hours at your main job.

4. Monitor Spending Closely

Sometimes, just sticking to your existing budget and not overspending is enough, but it’s so easy to accidentally overspend. There are many tried and true old “tricks” to help you avoid this.

First of all, always shop with a list, and try using apps like Mint or You Need a Budget as well. Also, prioritize purchases, buying necessities and must-have-now items first and leaving the rest till later in the month to be bought only if you have enough cash left.

Finally, log up your expenses weekly, or even day by day during tough financial times. Just being more aware of exactly what you’re spending will have the tendency to help you not overspend.

You may think that your whole way of life has to come crashing down when you’re in the midst of a financial storm – but it doesn’t. A little creativity, discipline, and spotting that light at the end of the tunnel will help you get through.

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