Saving money comes at a steep cost when you only earn enough to cover your basic expenses. Between paying rent, keeping the lights on, and worrying about paying for costly daycare expenses, all too often, it seems there is never enough money to cover the month’s bills. To help ease the burden that so many families face from lack of extra money, compiled below are some great ideas to help you with your finances and provide some breathing room during challenging economic times.
In the last few years, new apps have been developed to help people afford to buy items they need while also spreading out the payments into smaller manageable chunks. Things that were once unaffordable or required several months of planning to purchase are now within reach for millions of more people. The idea has caught on so much that now there are apps that will even allow you to spread your bills out over time.
These apps basically help keep you covered between paychecks while also ensuring that your bills are paid on time. This means that your credit score is not impacted, and you get the benefit of having better cash flow and paid accounts. A much-beloved app called Ottopay is one of the top apps you can use to help you manage your expense and split payments between your paychecks.
Another way to help ease financial concerns is to find unique ways to bring in extra income. And while for many families, especially those that have both parents working full-time, it can be a struggle to get extra income, it is important to think creatively.
For instance, you may not need to get a part-time job to bring in extra cash. Instead, you may want to think about the skills you already have and how you can use them to bring in more money. If you love to cook, making a few extra dishes a week and selling them at a great price to other families may provide you with a nice little addition to your bank account.
You could also consider taking part in the gig economy. Right now, given the labor shortage, working in an on-demand position such as driver, grocery delivery, waiter, or babysitter could be very lucrative. These kinds of services also do not usually require a commitment to a schedule. Therefore, you have complete control over your schedule and can choose to pick up shifts when you believe the money can be especially helpful.
If you are experiencing a particularly difficult time, adding some time in for extra income and moving some payments around may not be enough to combat a lack of funds. At this point, you may want to consider your budget and figure out how to reduce expenditures to get assistance with the expenses you know you can’t live without.
One of the largest parts of most family budgets is food. It can be very expensive to feed a family. And even with coupons and other savings tips, it can be problematic to reduce this line item.
So, if you are struggling with this, an option to consider is visiting a local food pantry. Many of them offer a variety of healthy options that you can use to create recipes that can keep your family happy and healthy. Moreover, several food pantries are designed to provide one week’s worth of food per visit. If you have the ability, visiting your local food pantries on a consistent basis can help you reduce the money you spend on staple food items. This can ultimately save you money in the long run by creating a more flexible budget for your household.
Finding a way to manage your finances and stretch your budget throughout the month certainly presents its share of challenges. However, using some of the above options can help guide you to creating more flexibility within your budget. Furthermore, working on ways to match up your monthly bills to your paydays, increase income, and use programs like food pantries to assist you with making ends meet can make all the difference.