Financial Hacks for Hard Times

Living on a limited budget is rarely simple, and it isn’t easy, but it is sometimes necessary when times get hard. If you’re currently facing some financial difficulty, or you simply want to cut down on your spending, you might find the following financial hacks make life a little bit easier until you can get back on your feet:

Make a Budget

If you’re struggling to meet all your important financial commitments, make a budget. It’ll help you to identify any areas where you could be spending less, and if you take note and eliminate the excess, you’ll find paying the bills a bit easier, and you might even have a little left over at the end of the month.

Count Every Penny

If you think nothing about blowing your change from the store on a Starbucks coffee or a sweet treat for the store, you could be throwing away hundreds of dollars each year on stuff you don’t need. Instead of treating spare change as if it’s nothing, invest in a piggybank and start saving it all. You’d be surprised how much money you can save in a month – enough to pay your cell phone bill perhaps!

Combine Your Journeys

Gas for your car might not be your biggest expense, but you’re probably spending a not insignificant sum at the gas station, either. If you want to save money and time, instead of making lots of small journeys, plan your trips so that you can pay your bills, buy your groceries and get your hair cut in the one day.

Apply for Benefits

If you’re on a very low income, you might just qualify for an Earned Income Credit, which will be applied to your tax returns, and which could be worth almost $500 for a single persona and as much as $5,450 for a four-person family. That would pay a few bills and take the pressure off you a bit.

Consider a Loan

If you’re in dire financial straits, it might not be appropriate to take out a loan, but if you’re just about managing, checking out this info on applying for a personal loan with a co-signer when you have bad credit might be worthwhile IF you use the loan to consolidate debts, buy the equipment you need to make more money or otherwise put the loan to good use.

Start a Side Gig

One of the easiest ways to increase your income and take the pressure off your back account is to start a side gig. Whether you have what it takes to be a freelance writer, you want to walk the neighborhood dogs, or you are great at crafting, there is probably something that you can do to earn a few hundred dollars extra each month.

Pool Your Resources

Need a nanny, but can’t afford the cost? Pool together with some of the other parents on your street, and you’ll be able to access the help you need for a fraction of the cost. Need a business outfit? Organize a clothes swap in your local community. This can be applied to everything from car rides to books and toys and might mean that you rarely have to pay full price or but the non-essentials again.

What are your favorite financial hacks to see you through hard times?