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    Budgeting, Money

    Getting Through Tough Financial Times

    We’ve all been in very difficult financial circumstances from one time to another. When it comes to truly getting out of money problems, sometimes you have to make some drastic changes.

    The only hard part is sometimes you don’t know what those changes are or where to begin to find them.

    So how do you go about getting through the tough times?

    Disclosure: This post contains affiliate links. Which means at no extra cost to you, I will be compensated when you use my links. You can read more about our disclosure here.

    Assess Your Unwarranted Dependants

    Do you have anyone not paying their way in your life? Having a leech on your finances can be very difficult, even if this is a close friend relying on your generosity. 

    Sometimes it can be perfectly fine to evict a roommate from your home, or to end a friendship due to a form of financial abuse taking place. Outside of your own personal family and those you are responsible for (such as children,) you owe no one money outside of a contractual obligations to do so.

    For some people, simply adopting this method of looking at their outgoings can give them a much better and wholesome approach to resolving issues. 

    This might be cancelling unneeded subscriptions, downgrading your life a little for the basics, and doing your best to learn financial discipline.

    Know What To Blame

    While personal responsibility must be the core of good financial planning, sometimes the issues you face are not your own. 

    An injury you suffer at your job, that puts you out of work should not be considered your fault in any circumstance, even if your employer seems to want to present the situation that way. In this case using services such as nehoralaw.com can help you overcome the issues and gain the finances you are rightfully entitled to.

    It could be that your parents are overcharging you for rent, or are making you pay the entirety of the food bill despite already paying rent. Could it be cheaper to live alone, despite your parent’s asking you not to for now? 

    Taking a step back to look at your current situation could be just what your finances need.

    Treating Yourself

    When going through hard times, the urge to treat yourself may grow slightly.

    When I’ve been working hard for my money the first thing on my mind is how can I reward myself for all my hard work?

    Sometimes a little bottle of wine here or a nice clothes shop there can be just what the doctor ordered. But you also need to know when to cut yourself off.

     If you have debts, money to stretch before finding a job, or you are on a limited income, you’re going to need to pay attention to where your money is going.

    Instead of going to the movies a Netflix subscription on your small laptop might be enough, or starting a new book instead of going out on the town for the time being could be the best option. 

    Look for healthier ways to treat yourself during these hard financial times, because plenty of entertainment out there is very cheap and worthwhile in the modern day!

    This can also provide you with that temporary relief you’re looking for.

    Don’t Let The Tough Times Get You Down

    Money problems are inevitable. Everyone goes through them so there’s no reason to feel like you’re going through it alone.

    It’s how you go about getting out of the financial rut that really matters.

    There are always small changes you can make that could have a drastic impact on your wallet. Taking a step, no matter how big or small, is a step in the right direction!

    Good luck!

    Budgeting, Money

    What Do You Do Once You’re Out Of Debt?

    You’ve been shackled by debt for a number of years, but you fought through, saved hard and planned efficiently and your debt free date has finally arrived.

    You no longer have this stress looming over your head, you owe nothing to anyone and you’ve come out at the other end.

    But now that you’re done paying back all that debt you’re going to have some extra money laying around.

    So how do you budget for your new found wiggle room?
    Disclosure: This post contains affiliate links. Which means at no extra cost to you, I will be compensated when you use my links. You can read more about our disclosure here.


    Keep Up Your Strict Money Planning

    To get out of debt, chances are you took the bull by the horns and made some serious changes to your spending. This might have involved cutting back on luxuries, being frugal and budgeting carefully.

    Now that you’re out of debt, don’t just kick these money habits to the side. Sure, you don’t have to be quite as strict, and after quite some time living on just the basics chances are you’re ready to resume a more ‘normal’ lifestyle. 

    This could involve some money for things like socializing, hobbies or even a car instead of walking or biking everywhere. But be careful about it. Work these costs into your budget and go from there. That way you keep yourself on a good path when it comes to money and don’t start overspending again.

    Save The Money You Were Spending on Debt

    While some of the money you were spending on debt will be used to resume your more normal lifestyle, the rest can be put into a savings account.

    Having a rainy day fund gives you a buffer in case anything goes wrong. This can prevent you having to borrow money and get into debt again in the future if you need access to money, and generally helps you to be more secure and stable.

    Aim to save enough money so that if you weren’t able to work for three months, you would be able to pay your rent/mortgage, bills, food, vehicles and everything else.

    You can also save for fun things too like a weekend getaway, new TV, or a wardrobe update.

    Make Smart Investments

    Once you’ve saved enough money to comfortably live on for three months (keep that money separate) it’s worth pursuing other financial goals. One would be to make smart investments, so that your money works harder and gives you the opportunity to earn more money.

    You could invest in property or start your own business, you could even save to go back into education in order to get a better paid job.

    Who knows, maybe you’ll win the Powerball next week and your money problems will be over forever. But it’s always a good idea to plan for the future, and you can do that by making smart decisions today.

    Learn From Your Mistakes

    Finally, don’t let the stress you went through be in vain.

    Your debt might not have been a great time in your life but chances are you learned some lessons. 

    If you feel like you’re slipping back into old habits, make some changes. Reevaluate your budget and see what areas could use some improvements to ensure you don’t go back to living the debt life.

    Good luck!

     

     

    Money, Saving

    Precautionary Measures For Your Finances

    For a lot of people, the idea of finding yourself stuck without any money at all is probably something you’ve never even considered.

    All of those unfortunate circumstances that could happen aren’t exactly something that you want to be thinking about all the time. But sh*t happens and when it hits the fan, you need to be prepared for what steps to take next.

     

    Disclosure: This post contains affiliate links. Which means at no extra cost to you, I will be compensated when you use my links. You can read more about our disclosure here.

     

    Be In The Know

    Yeah there are tons of things that could pop up out of no where that could cost you money. But being aware of some of these things could ensure you have enough money when the time comes, or even prevent them from happening completely.

    For example if you live in an apartment and there’s a fire and you lose all your belongings, does your renters insurance cover it all? Or just a small amount?

    Or if you’re in a house and have a bad water connection, having a leak could cost you a small fortune, and you wouldn’t know until the bill turned up.

    Even something as simple as an accident at work could leave you struggling to get by, especially if you have to take a long time off. 

    There are loads of things that could take you from financially stable one minute, to barely making it the next minute. Be aware of the possibilities that could happen and have a plan in place to help you survive the rough patch.

    Rainy Day Savings

    I’m not talking about having $100 tucked away just in case an emergency arises. I’m talking about having 3-4 months worth of living expenses ready to go so if you need some time to get back on your feet, you’re covered.

    Getting a savings this large started without a lot of extra money coming in can seem nearly impossible. BUT if you cut small things here and there it’s totally doable!

    • Get rid of unnecessary subscriptions
    • Shop off brand for groceries
    • Only buy your clothes on sale or go thrifting
    • Limit socializing money
    • Eat out less
    • Turn off lights and heat/ac as much as possible

    These are just a few simple changes that can have a HUGE impact on your finances. If you cut a couple dollars here and there every month, the savings will start adding up in no time!

    Get Back On Your Feet

    And after all the money madness is said and done, it’s time to think about ways that you can get back on your feet. In a lot cases, simply working hard to avoid spending excess money and saving every penny you can will be enough to get you through a tight spot.

    However sometimes the only solution may be increasing your income. And I know 99% of you probably don’t have the time to take on another full-time job. But lucky for you that’s where side hustles come in!

    Have you ever been talking to one of your coworkers and they fill you in on how they’ve been able to afford these little extras here and there? It’s side hustles baby! Making some extra cash on the side without sacrificing your 9-5.

    You Can:

    • House Sit/Mow Lawns or Shovel Snow
    • Take Online Surveys
    • Sell Your Clothes/Gently Used Items Online
    • Sell Homemade Items On Etsy
    • Babysitting/Nannying
    • Walk Dogs
    • Tutor
    • Start A Blog (My favorite! You can get a crash course on how to start here)

    These are just a few ideas that you can do while still keeping your full-time job to bring in some extra cash.

    Prepare Your Finances For The Worst

    When it comes to your money anything can happen. You can be living comfortably one minute and have an accident at work the next minute and be filling out a social security disability application.

    Okay that one is not very likely to happen but you get what I’m saying.

    You can’t be prepared for everything, but you can do your best to make sure your finances can take a hit if a circumstance arises.

    So be aware of what could happen, ALWAYS keep a savings, and have a plan to get back on your feet.

    Good luck!

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