6 Financial Tips for When You’re Barely Making Ends Meet

Are you struggling to pay your bills? Barely making it financially? Just scraping by each month? Here are some steps that can help you get out of the struggle and slowly, slowly work towards a better financial future for yourself.

Scraping by Financially

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When you are barely making ends meet it can be hard to break free of the cycle.

If you’re barely scraping by financially, here are six things you can do to help improve your situation:

Create a Budget

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The first step is to create a budget to help you understand your expenses and income. Write down your monthly income and expenses and categorize them to see where your money is going. Writing everything down will help you identify where you are spending the most money so you can figure out how to lessen those expenses. A cash envelope budget is a great simple budgeting system to get you started.

Cut Back on Expenses

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Once you have a budget, identify areas where you can cut back on expenses and start living frugally. For example, cutting back could mean cutting out subscriptions, eating out less, or finding ways to save on groceries. Cutting expenses can also mean larger items such as cutting down on rent (by moving or house hacking), looking for new transportation methods (selling or getting a cheaper car), or reducing some larger bills.

Look for ways to reduce your expenses without sacrificing your basic needs, and ensure you live within your means.

Find Ways To Increase Your Income

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The best thing to do when you are desperate for money is to consider finding ways to increase your income, such as taking on a side hustle, doing freelance work, or selling items you no longer need. Every little bit helps and can make a big difference in your financial situation. Make sure you budget for this money and use it to pay down debt or help improve your life instead of mindlessly spending it.

Prioritize Your Bills

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Make sure you’re paying your bills on time and prioritizing them based on importance. For example, you should pay rent, utilities, and other essential bills first to avoid falling behind on payments.

Seek Financial Assistance

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There are many programs available that can help you with financial assistance. Look for government programs, community programs, and non-profit organizations that can provide support.

Focus On Building an Emergency Fund

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Having an emergency fund is important to help you cover unexpected expenses. Even if you can only save a small amount each month, it’s essential to start building an emergency fund to help you in the future.

Remember, improving your financial situation takes time and effort. Start with small steps and make a plan to help you achieve your goals.

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Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.