Do you often find yourself short of money when you need it?
The month starts out great because your job pays all your bills and you maintain a positive bank account balance. You feel that this month things will be different.
But some unexpected expenses change this picture toward the end of the month. Suddenly, you discover you’re a hundred dollars short of the money you need to pay your rent or mortgage, or you discover you won’t have enough after this big expense to buy groceries and you’re going to be broke until your next paycheck!
This happens month after month.
Is there a way to stop this cycle of financial desperation?
Here are 5 ways to quickly improve your financial situation:
#1: Earn More
Unless you have had an excellent education or learned some specialized skills, most middle class jobs pay less than the standard cost of living. So no matter how hard you work or how much your employer likes you, you’re unlikely to be able to cover all your basic expenses. Since you earn less than you need, you’ll often find yourself short of money.
The solution is not to look for another job. Other jobs within the same industry will probably pay about what you’re earning now. Since your resume will outline your experience in your current job and similar types of jobs, it’s difficult to switch industries.
Your best option is to create a second source of income. You could get a part-time job or create some passive income by learning online marketing strategies. Another thing you could do would be to go back to school and learn a new skill that would earn you a higher paycheck.
Although you may be reluctant to give up your free time to get a second income or go back to school to offer the market a better paying skill, consider how perilous it is to have a single source of income. If you lose your job, you will have no money to fall back on.
#2: Learn How to Survive a Financial Emergency
Sometimes life can throw you a curveball just as you’re getting your act together. When this happens, you need to be resourceful.
How do you get enough money to take care of a financial emergency? What do you do if your car won’t start in the morning and you find out that you need to replace an expensive part that you can’t afford right now?
One solution is to get a quick loan.
However, unless you have excellent credit, you may not get one from your bank. Fortunately, it’s possible to get an installment loan from a company like MaxLend.com. They could lend you as much as $2,500. Requirements for eligibility are minimal. You will just need to give them your social security number, your current checking account, and a stub from your paycheck to prove you can pay them back. You will get the money you need quickly and be able to arrange a flexible repayment plan.
#3: Spend Less Than You Earn
We live in a world full of temptations and are constantly inundated by advertising. The only way to manage your money better is to create a budget that allows you to meet all your current expenses. This ensures that you’ll only spend money on luxury items after you’ve covered all your basic expenses.
#4: Get into the Habit of Saving Some Money Every Month
If you can save a little every month, then you will get into the habit of saving money. Even if you can only put aside $10, it’s a good start. Before long, you’ll be putting aside a $100. Later, even more. Over time, this money will build up. Think of this money as your emergency fund.
# 5: Grow Your Money
Finally, it’s possible to learn some basic investment principles to grow your money. Take a course in investing and then start small. As your skills grow, so will your money.