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Admittedly, it is very difficult to make ends meet when you do not have enough finances. At the same time, it feels like a big disadvantage when you have to reduce your expenses because it seems (to you) like you have zero control over your income. To many, this frustrating feeling feels like a vicious circle
In this article, we have provided our best strategies to show you how to make ends meet while retaining control and some financial freedom.
If You Are Renting, Go For An Affordable Home/Apartment
Look for a cheaper housing lease if you live in rental units. The duration for many leases is one year; look for a cheaper house to live in once your existing lease ends. It could be time to explore cheaper alternatives if you have been living in an expensive neighborhood. In some cases, you will save a lot of rental costs by moving a few miles to another locality.
Look For A Roommate Or A Family To Live With
If you are unable to move or you simply do not wish to relocate, you may look for a roommate to share some of the living expenses including rent. It is much easier to make ends meet when you are sharing the rental cost equally with your roommate. If you cannot get a roommate, you can look for a friendly family close by and request if they can take you in until you get your finances in order.
Get A More Affordable Car
If you have not officially taken ownership of your car and the car payment seems too costly, it is time to sell off the car. From the proceeds of the sale, pay off the balance and use the rest of the cash to buy another cheaper car but do not finance it. If you are buying an already used car, ensure it is first checked by a qualified mechanic to confirm it is in good condition and will not cost you much to maintain.
Look Around You For More Affordable Services
Examine the services you spend your money on and determine how you can save some cash. Below are some ideas to help you:
- Buy a low-priced mobile phone plan and eliminate all unlimited data plans
- Look for a cheaper insurance cover or find out if your insurance agent provides insurance bundles to help you save some money
- Reduce how much you pay for cable and seek cheaper streaming services
- Terminate all the subscriptions that you do not use or need
Spend On Food Based On Your Weekly Income
We know and appreciate everyone must eat, however, you must not spend too much money buying food. Instead of buying every food type that pops into your mind, it is better and more economical creating a plan or a list. You may need to use your store’s sales ad to plan your meal around the meat and food for sale. When you find your staples on sale, buy extra stock to avoid paying the regular prices when your stock gets depleted.
Take Your Meals At Home Or Carry Food To Work
Most people may tend to start eating more food as restaurants welcome a bigger number of customers for in-person dining or as more people rush through a drive-thru in search of convenience. However, the best way to save money is to avoid finding yourself in these circumstances –it is better to eat all your meal at home. Eating at home is healthier and allows you to save food money. Unless you are a PB&J type of person, consider preparing more dinner and carrying the leftover meal for lunch.
Find Ways To Exercise At Home
Most of the prominent gyms nowadays provide online streaming classes which can be recorded or live sessions. Alternatively, you can open YouTube and access free workouts from renowned trainers. You may have to pay some fee to stream workouts while at home, however, you still save significant sums of money compared to the cost of a classy gym membership.
Remember To Take Care Of Your Vehicle
At first, this tip may not seem like one to save money, but, in the long run, it will build you up financially. This is because prolonged and accumulated car problems will cost you more to fix in the end. For instance, you are likely to destroy your car’s engine by failing to regularly change the oil. In this case, an engine repair/replacement will cost you more than changing the oil. The best way to reduce expenses for car repair is to have your car checked regularly for the mechanics to identify car problems at an early stage.
Take Care Of Your Health
Apart from taking care of your car, you must take care of your health as well. To remain fit and in good health, it helps to eat well and exercise more often. You may have a health cover from your workplace, but many health insurance policies have deductibles and co-pays, failing to cover the entire costs of treatments.
By taking care of yourself and going for regular medical checkups, you will significantly reduce your chances of contracting a major illness or reduce the cost of treatment by ensuring any health issues are diagnosed before they degenerate into something serious. Also, some illnesses hamper your ability to work.
Sell Off All Unnecessary House Items
Comb through the house for items you do not need and sell them all. Some of the platforms to use to dispose of unnecessary items include Craigslist, eBay, Facebook Marketplace etc. Some of the items you may need to sell are kid’s toys, clothes you do not need, kitchen items and electrical gadgets. Selling unwanted items helps to remove clutter from the house and may earn you some tidy money after the sale. Do not assume no one would buy such items simply because you find no real value in them.
Set Up A Side Business
If you have time on your hands, consider setting up a side business to earn that extra coin. Some ideas for a side hustle include driving for Uber or selling products on internet platforms. If you enjoy a certain activity and you can do it when you are free to grow your earnings, then it is worth trying. Additionally, a side business will mean you do not have to reduce expenses in some areas of your life.
Come Up With A Budget And Honor It
To make ends meet, it is best to have a clear idea of how much you are earning and how much you need to spend. You may have to review your bank account statements for the last few months to determine where you have been spending your money. Then, examine your income levels and determine how the two relate.
Of course there will always be unforeseeable costs and financial emergencies. For these you may need to get cash fast in order to pay them and quick payday loans can help. Don’t let this worry you as you can soon get back on track.
If you find out that you have been spending more than you are earning, relook at your expenditure to determine which expenses to get eliminate. After getting your expenditures under control, come up with a budget that you can follow. Keep track of your spending habits and look for ways to improve all the time. If there is a type of expenditure that is always high, consider revising your budget to reduce the possible expenditures and increasing allocation to the areas you spend more money on.
It Does Not Matter How Much Money You Make, It Is Possible To Make Ends Meet
In most cases, it is difficult to make ends meet, particularly when your income level has been stagnant for some time. However, you will find practical ways of making ends meet using creativity – the ability to think outside the box. Begin by examining your expenditures to determine which expenses can be eliminated. The next step is to look for ways to reduce expenditures or increase your income using a side hustle.
