From time to time it may seem as if things get out of control with your budget and you find yourself in a predicament where there’s just not enough cash to go around. Here are two tips that may help you regain some wiggle room in your finances.
Go on a self imposed spending freeze. I happen to be on a spending freeze for the month of April. It’s a precautionary measure I implement from time to time to make sure that…first…my spending habits haven’t gotten the best of me and …secondly…to make sure that I keep a financial buffer between myself and the next unexpected expense. A spending freeze will be defined differently for each family. for one it may be forgoing the purchase of anything non-essential while for another it may be skipping a months worth of trips to the hair salon.
Make more money. This is my husband number one strategy for getting back on track and it’s by fare the quickest way to gain some wiggle room. I am always the first one to go on a spending strike while he on the other hand is the first to put in extra hours at work.
Working extra hours or earning extra income is a sure fire way to help add some wiggle room. This is not usually a long term solution but a plan B that can be implemented to help create an extra flow of revenue. In order to accurately make enough extra money, I must have an idea of how much money it will take to alleviate the temporary financial pressure. Once you figure out the exact amount of money it will takes to recalibrate your finances you can then determine how many extra hours you’ll need to work to reach your goal.
When you combine these two methods you create a recipe for success. Whether you implement one of the strategies or both, you’ll be so glad you did something when you have some extra money at the end of the month.
What are some strategies you use to put the budge back in your budget?
This is part 3 of a 5 part debt freedom series.
Part I- 5 Habits That Are Probably Keeping You In Debt
Part II- Is Keeping Up With the Jones’ Keeping You In Debt?
Part III- Put the “BUDGE” back in Your Budget!
Part IV- Guest Post: My Financial Freedom Strategy
Part V- 4 Valuable Lessons I Learned from Being in Debt