There’s no question that, financially speaking, things are a little rough right now. The prices of food, gas and other necessities are going up, raises aren’t exactly forthcoming and credit is getting hard to come by. Just about every financial guru seems to be telling us to tighten our belts.
But what if you’ve already tightened your belt?
If you’re already living a fairly frugal life, it can be hard to find anywhere left to cut back. Maybe you’ve already cut back on all the luxuries, taken on a roommate and started brown bagging your lunch. Maybe you’ve gone over your budget, eliminating nights out, cable and new clothes. Maybe you feel like when it comes to cutting your expenses, you’ve hit a dead end.
Reducing your expenses is the fastest way to start saving money, admittedly, but it’s not the only way to get yourself out of a tough money situation. It’s time to explore other options.
Up your income
If lowering your expenses helps balance your budget, think about what raising your income can do for it! Assuming you like your job, the place to start is by asking for a raise: explain to your employer that you’re dealing with rising costs and you’re having trouble getting by. Many businesses are in tough spots as well, but if your boss likes your work, he or she will try to help, at least enough to keep you on the job. After all, it’s cheaper to give you a small raise than to hire an entirely new employee.
If your job isn’t so great, it may be time to go job hunting. You’re more experienced then when you took this position — you might be able to land something with a better paycheck. Taking on a second job might also be a possibility. Even a few hours stocking shelves can make the difference in your monthly budget. (And, if you’re working more hours, you aren’t out spending money.)
Consider striking out on your own, as well. You can start your own business after work — freelancing, crafting small items or anything else you can think of can be an opportunity. Entrepreneurship has the added benefit of flexibility. While a second job will require you to work specific hours, even when you really need a break after work, your own business can be run on your time.
Ask for help
There’s no shame in asking for help when you need it. Help doesn’t need to be monetary, either — maybe one of your biggest expenses is daycare. If you have help, like your parents, other family or even friends, you might be able to reduce the hours your children spend in daycare, and the money you spend on that service. This sort of help doesn’t need to be one-sided, either. You can trade all sorts of things, without bringing money into the equation. Either way, though, no one will help you out if you don’t ask.
