”From Struggling To Saving: How To Improve Your Financial Situation” is a collaborative post and includes affiliate links. Please see the disclosure page for more information. Disclaimer – always verify medical information with your doctor, verify financial or other information from a professional and follow all laws for your location.
Raise you hands if you have been through budgeting where it includes beans and rice or ramen noodles for every meal. There was a time in my early 20s that we could only afford ramen noodles for food and now my husband refuses to eat them ever again! The majority of people go through a period where they struggle to make ends meet at least in some point in their lives. As we try and navigate our way through a pandemic, levels of anxiety are higher than ever. If you’re looking for ways to improve your financial situation, here are some actionable steps you can take.
Research initiatives and assistance programs
Across the world, jobs and livelihoods have been lost. To help those affected, governments have introduced an array of programs and initiatives, which are designed to reduce financial pressure. If you’re not already taking advantage of initiatives or measures that are in place to soften the blow of the Covid-19 crisis, it’s wise to do some research and to see if you are eligible for any of the support programs that are currently up and running. Check with local, state, and federal level programs that might be able to help with your situation. Also there are many nonprofit groups and churches that might be able to help as well.
Maintain a firm grip on spending
Many of us have become more conscious of our spending habits during the pandemic. If your income has dropped, you’ve lost your job, or you’re at risk of getting into debt, it’s critical to maintain a firm grip on spending. Take a closer look at your bank statements and transactions, and look for areas where you could make cuts. Are you guilty of adding a load of items that aren’t on your shopping list to your cart when you go to the grocery store, or are you paying for a membership for a gym you’ve visited twice in the last 12 months? Taking control of where your money goes will help to eliminate unnecessary outgoings and free up more money to save, cover essential bills or put towards clearing debts.
Start tackling debts
When you owe money, it can be tempting to bury your head in the sand and hope for a miracle. The trouble is that debts can spiral very quickly. If you use credit cards, or you’ve borrowed money on a short-term basis, you may end up paying a vast amount of money in interest alone. This can make it incredibly difficult to make a dent in your debts. If you are worried about paying bills, you’ve fallen behind with your mortgage, or you’re using a credit card or taking out payday loans to get by, seek advice now. There are programs like the Debt to Success System available, and you can also discuss your options with professional debt advisers. Starting to clear debts will help you reduce your outgoings and prevent the situation from getting worse.
Increase your income
It’s not always easy to increase your income, especially if you already have a full-time job, but there are options to explore. Consider asking your boss for a raise or looking for a different job if you’ve been on the same wage for a long time, or you’ve been thinking about moving on. Invest in yourself. Learning new skills and taking advantage of courses and training programs can help you increase your earnings. You could also think about taking on freelance work or using your talents to boost your income. If you love to write, for example, you could consider setting up a blog and monetizing your site.
If you’re struggling to make ends meet, you may feel like there’s no light at the end of the tunnel. It can be distressing to experience money worries, but there are solutions. Reach out and seek advice, take advantage of programs that are in place to support you and start looking for ways to cut spending and increase your income.
If you are feeling down or depressed for more days than not, please seek medical attention. If you are feeling like you cannot go on, please call the suicide hotline at 1-800-273-8255 or chat here>>> https://suicidepreventionlifeline.org/chat/ Or visit the suicide prevention lifeline at https://suicidepreventionlifeline.org/