Many of us will struggle financially at some point in our lives. As a parent, I have had my fair share of problems over the years. It seems to have become increasingly more difficult to make ends meet due to the recession and inflation.
My relationship with debt began in 1996, my freshman year of college, with a free t-shirt from American Express and a $500 credit limit. Almost 20 years later, I still have hefty student loans, payments on financed purchases, and lingering debt from things long-gone. I guess I never really got the concept of paying cash or using credit responsibly.The good news is that I don’t have any credit cards or auto loans.
Being in debt feels overwhelming, suffocating, discouraging, and sometimes hopeless. I compare it to nearly drowning in the ocean. Imagine that you are swimming, but have become overwhelmed by the waves, the water suffocates the oxygen out of your body, the tide gets stronger, and there is no help in sight. That’s how being in debt feels. As the Bible says in Proverbs 22:7, “the borrower is slave to the lender.”
The path to financial freedom begins with a budget.
So, as parents and homeowners, I feel it’s important for us to pull together and give one another advice.
So that’s why I’m giving you these hints that I have found useful. These are all things that will help you if and when you’re struggling to make ends meet. They are a bit more unique from the other ways you might be used to. But check them out, and see if you can’t use any of them to help make your life a bit easier!
You have two main options: increase income or reduce expenses. I’ll share a few suggestions on how to do both.
Cancel Unused Memberships! I can’t tell you the number of unused memberships I’ve had over the years. These can eat away at your money much more than you’d think. So, if you have any lying around that you aren’t using then you need to cancel them. Things like gym memberships, book clubs, professional memberships, civir or fraternal organizations, “box” monthly subscriptions, discount club memberships, and anything else that automatically renews are the main offenders.
Extras like cable, eating out, shopping sprees, and anything non-essential should be on the chopping block, too. This should improve your cashflow immediately.
Refinancing is an option available to many homeowners. It gives you the chance to restructure your mortgage payments. This is crucial for a lot of homeowners because a mortgage can be very expensive. Circumstances occur that can make it difficult for you to keep up with mortgage repayments and this can be a nightmare. So I would advise checking out something like the Harp refinance program. This can really help you refinance your mortgage and get financially comfortable again.
If refinancing is not possible or you’re renting, you may need to downsize your home.Desperate times call for desperate measures. If you are really struggling, and you’re worried about keeping up with the mortgage, and you can’t refinance, then downsize. You can sell your property and move into somewhere smaller and less expensive. You might need to do this on a long-term basis, and that will take some adjustment, but it’ll be worth it.
While you’re at it, you may need to downsize your personal belongings, your car, or your other expenses.
Get Involved in Affiliate Marketing. I’d also suggest looking to the internet if you want to get some extra income. There are a lot of ways you can earn money online. So it’s important to make the most of this because you can do it from the comfort of home. I would recommend getting involved in affiliate marketing. This is where you sell products for businesses online. This is a straightforward way of making extra money, and you can do it in your own time.
Gather items you’re not using and sell them on ebay, Craigslist, or another online sales site.
Now, there are plenty of opportunities out there for moms to make money on the side. And one I’d suggest that’s a little more unique is to start tutoring. This is a great way to start generating a little extra cash on the side, and you can work it around your schedule. If you can find an hour or so of free time on odd days, this is a great way of earning extra money. If you are good at math, English, music, or most any other subject, you may be able to capitalize on that by teaching others. You may even have luck offering specific services on sites like Fiver.
I hope you will find this post useful and take something from it. Saving money when you’re struggling to make ends meet can seem impossible. But with some of these methods (and a few others) you’ll be able to get back into a strong financial position. Cancel, refinance, downsize, sell, or tutor.
More Ways to Save Money:
- How You Can Easily Save Money On Fashionable Clothes
- Six Simple & Practical Ways to Save Money on Car Insurance
- 3 Ways You Might be Overspending Each Month
More Ways to Earn Money: