DELICIOUS
SU
REDDITAre you struggling to make ends meet? There’s a saying that goes “too much month at the end of my money,” and if this sounds all too familiar to you, you may be wondering how you can improve your financial situation. Even if you have enough to cover your expenses, are you able to build enough for emergencies, save for retirement, and keep a little cushion in your account so you aren’t always worrying about when the next paycheck will arrive? If not, the tips below may help.
Pick Up a Side Gig
You may have considered and dismissed the possibility of taking on a second job. Adding one or more shifts to what is already a 40-hour work week can get grueling pretty quickly. However, have you considered more nontraditional, flexible jobs?
There are plenty of jobs you may be able to do quickly and easily without becoming an employee, from writing online to teaching to driving and more. You don’t necessarily have to work for a company either. People are always looking for reliable pet sitters or someone to tutor their kid in math. Take a look at your talents, interests and schedule as well as the needs of the community around you and see if there are creative ways you could bring more money in without committing yourself to a part-time job.
Refinance Your Loans
While traditional financial advice tells you should pay off debts sooner rather than later, you may want to see whether you can improve your cashflow by refinancing your student loans. This would involve a new loan in which you can reduce overall interest over time by paying less in monthly payments. This can be a smart financial decision if it allows you to save more each month while avoiding late fees and other penalties for falling behind on other bills. You may be able to refinance your home and auto loans as well. Your quality of life is also worth considering when it comes to reducing financial stress.
Look at Your Budget
Many have expenses they could cut, whether it is cancelling that gym membership, subscriptions you never take advantage of, learning to cook more and eat out less, or even securing a less expensive vehicle or downsize into another home. Some of these changes may be completely painless while others may be relatively easy compared to the stress of constant worry about money. If you really don’t know where every dollar is going in the first place, there are apps and other tools that can track your spending automatically and help you make adjustments.
Buy with Intent
You can save by planning your grocery shopping in advance and waiting a few days to make any other purchases that are not entirely necessary. This tip may not apply to everyone, but if you find yourself throwing out food on a regular basis, sorting through your wardrobe frequently to give unwanted clothes away or accumulating an ever-growing stack of unread books or unwatched movies, putting a little more thought into your purchases could reap long-term rewards.
