Budgets

What to do if you Cannot Make Ends Meet

Making ends meet means that you are able to afford everything that you need each month. There will be some people that struggle with this each month. This can mean either having to go without or going overdrawn every month which can be a big problem. However, there are things that you can do which might help so that this problem does not happen.

  • Earn more – the first thing to consider is whether there are any ways that you can earn more money. It is a good idea to think about whether you can earn more money in the job that you are doing or whether you need to do some extra work or even change jobs so that you can get more money. All of these can be big steps and they could even be tricky for some people. However, do consider it before you dismiss the idea as impossible. If you like your job and do not want to change and there is no way you can get a pay rise or work extra hours, then you will need to find extra work to get more money. You may feel that this is impossible because you do not have any more time or you have family commitments so that you cannot spare any more time outside of the home. However, it might be possible for you to be able to do some work from home to earn a bit extra. There are ways to earn money online and you may be able to do this while you are relaxing or looking after family. It will not pay as well as you would get in a conventional job but it can be a great way to get a bit extra which can all add up and help you to manage to buy all of the things that you need more easily.
  • Compare prices – it can be a really good idea to compare the prices of everything that you buy. It is not worth paying more for items if you can get them for less. However, you do need to make sure that you are comparing like for like items. For example, if you see cheaper insurance it might not give you the same level of cover as a more expensive one. Also, if you have to travel further to buy things and you pay for transport then the transport may be more expensive than the money that you are saving. However, you will usually find that there will be cheaper items that you can buy and this means that you will be able to spend less. If you can find cheaper alternatives for a quarter of what you buy then those savings will significantly add up. It is best to look at the things that you spend most on to be able to make the most significant savings, but look at everything and all small savings add up.
  • Spend less – buying less items will also help. This is something which can be more difficult to do. It can feel unfair if we deprive ourselves of things and we might think that we don’t want to punish ourselves like this. However, it is worth thinking about the reason that you will be doing this. If you are really determined to help yourself to make ends meet then you will need to stay focused and you will need to stop yourself feeling like you are going without. Make sure that you prioritise spending as well. You need to buy the things you need before spoiling yourself. So, make sure that you pay your bills, insurance, loan repayments, contracts, transport to work and food before you treat yourself to anything. Once you have done this then you will be able to use any money that you have left to treat yourself. You might want to consider whether you might want to use some to repay debts or to save so that you improve your financial situation. Repaying debts will mean that the interest that you pay on them will go down and so you will be paying out less and eventually you will repay the debt and be free of it. Putting money in savings will give you something to fall back on if you need it and it could be very useful. It can also make you feel more at ease knowing it is there.

These can be quite tricky to do, but it can be really worth it if you want to make sure that you more easily are able to make ends meet. It can help you to reduce your stress and will improve your finances. It can be worth the hassle in the short term as you will gain a lot in the long term.

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