Times are tough for many of us right now. We’re living through a cost of living crisis that has spread far and wide. Think of anything and, chances are, the cost has gone up. This goes right down to the bare essentials that we can’t really opt out of. Many of us are seeing our rent or mortgage payments increasing. We’re finding that food is more expensive. Energy bills have notoriously gone through the roof. Fuel is on the rise. With many of our wages staying the same, it’s not surprising that inflation is getting the better of us. Now, more than ever, we need to get on top of our finances and do what we can to keep ourselves financially afloat. Of course, this is easier said than done. Most of us have no idea where to even start. But there are ways to help yourself in this area. Here are some suggestions that could help you along the way!
Right now, most of us need to come up with a new budget. A budget is what allows us to see the money we have coming in, the essentials we need to pay out for and the money we have leftover to spend (our disposable income). With prices changing so much, you may find that your old budget is no longer relevant. It’s important to update your budget with any price changes you experience. This will give you a more accurate idea of your disposable income, preventing you from falling into debt.
If you need some money fast to cover one off costs, there are some quick fixes that you might be able to try out. First, decluttering is a good shout. Most of us have countless belongings in our homes that we neither want nor need and are rarely – if ever – used. Not only can clearing them out help to clear out some space in your home, but it can bring some money in too. Separate out all of the belongings you no longer want and consider which can be sold. You can list items online on auction sites or seller sites ranging from eBay to Etsy, Schpock, Depop, Gum Tree and more. You can look into silvers current value if you’re planning on selling any unwanted jewelry. For items that don’t sell online, you can always try out a car boot sale.
You may find that your disposable income is minimal or non existent after budgeting – and your spare belongings will only go so far before you run out of things to sell. This is when you may need to find sources of additional income. The best option will vary from one person to another. You may find that your work can offer some overtime. You might want to take on a second, part time job. Some will be able to freelance, working on one off projects or contracts to generate some extra cash on a self-employed basis. Only you can know which options suit you and your lifestyle. Avoid burnout wherever possible.
Hopefully, some of the tips above will help you through the hard times we’re currently living through!