No one likes the idea of having to cut or eliminate activities in their routine so they can save money and cut their overall costs. But many families and individuals are left with just that option when re-evaluating and reworking their financial outlook.
When it comes time to change your budget, it really comes down to two options: you either have to increase the money that you make or cut down on your expenditures and/or lifestyle. For most people, it is more realistic to try to tweak how they live and what they spend. Even if you are looking for a better opportunity, until that happens, your income is what it is.
A good place to start is looking at your debt. What you owe is what you owe, but you have to stop contributing to and adding more to your debt, especially with interests rates (especially for credit cards) being so insanely high. If the only thing you do with your budget is get back to equal, than that is a huge accomplishment already.
Look at your discretionary spending after you have added up all of your fixed expenses. If your fixed expenses exceed your income, then you have a big budget problem on your hands. There is only more debt to come if you live that way. Begin by cutting your bills by using less electricity or by hanging your clothes to out to dry, for example.
Most people have at least a little bit left after fixed expenses, and that’s why you have to make sure your money is going to areas of the strongest need.
If you just need a little help right away, then it’s time to evaluate what you own and with what you can part. Have a yard sale, put some items up on eBay, talk to your family and friends about selling some items and/or you can even donate goods and vehicles and receive a tax write off.
There is the option of finding a second job temporarily as well, depending on your needs and time.