Struggling To Make Ends Meet? Do These 8 Things Immediately

This year is already being dubbed as the year of the squeeze but what can you do if you are struggling to make ends meet? We have seen a lot of people are struggling with rising utility bills, experiencing financial hardship and looking for ways to cut unnecessary expenses.

In this post, we are offering some alternative ways to make an additional income alongside the day job. These side hustle ideas can make a difference for many and help plug some money leaks. If you are struggling to make ends meet, know that you are not alone, the cost of living is rising fast and many worry that they don’t have enough money.

Times can get hard financially. It doesn’t matter how much you prepare or how savvy you think you are, we can all be put in the position where we are struggling to make ends meet. When your income is not as much as what you have going out it can be worrying. But there are things that you can that will help you get by until your fortunes change once more. With that in mind, here are some of the things to try when you don’t have a lot of money and are facing tough times

The past two years have been tough for many with furlough and a pandemic that we couldn’t have predicted. This has resulted in a negative financial impact for many hard-working families who lost a stable income and as a result have less money. It is no wonder that many are struggling to make ends meet when income has fluctuated and the cost of living is increasing due to Brexit and rising energy prices.

Struggling to make ends meet? Try this…

Firstly probably none of these things in isolation will solve your financial trouble but the good news is that together they can make a positive difference. The first thing to be aware of is you can make a difference if you take a methodical approach.

If you have a credit card bill, car payments and other monthly payments make sure that you are dealing with these first, they need to be your priority payments so ensure you make the minimum payments. Do not ignore credit cards, but speak to them and see what can be done.

Next check what financial support you are entitled to in case you can get some income support from anywhere. Speak to your bank if you are in a tough financial situation to see what they can help with, they may be able to change repayment terms. If you have children at school also check whether you are entitled to pupil premium as this can help those on low incomes. Pupil premium may provide free school lunches which can help ease the burden.

Declutter and sell unwanted things online

The first thing to note is that will always be money to be made in your unwanted things, so now might be the time to get them listed online and sold. Using websites like eBay, Vinted, and Shpock, you can sell some of the things you no longer need and make some extra cash. It might be old electricals, tablets, and mobile phones, many of us have those tucked away in drawers from upgrades.

Maybe you have books that you no longer read, DVDs you don’t watch, or clothes that no longer fit. If you have children, you will know that there can be a lot of things that they suddenly outgrow or toys they no longer play with. Listing them online will help you to clear your home and make some fast cash.

Using Facebook Marketplace means that you don’t always have to package them up and you can get the cash there and then which can help.

Work through your bank statement 

When was the last time you analysed your bank account and bank statement? Probably not for some time. So now is a good time as any to do it. Sit down with a pen and work out exactly where your money is going. When you do this, you may find rogue direct debits for things you thought were cancelled. Maybe TV streaming services, magazine subscriptions or even gym memberships that you don’t use.

Doing these things will help you to cancel and create some extra space within your income. You will also be able to work out the things that you can go without, and how much you spend on other things like food and going out. This is when you will be able to work out if you can make some extra savings. You will be surprised how much you spend on food and other things as it can be so easy to use a contactless card and not think about the amount. 

Changing your old habits can really make a difference. If you always stop at a certain shop or coffee shop, go a different way so that you don’t pass it for example.

Use your spare time wisely 

If you do have any spare time then why not try and use it to make some extra cash with a side gig or even a second job? Of course, you may be using this time to list things online to sell but there are other things that you could try. You can fill out surveys online to earn a little extra money. This can be a great way to boost your income and can easily be done in the evening or on a weekend.

Mystery shopping can also be a great way to earn some extra cash. There are websites that regularly share mystery shopping opportunities where you can have meals or groceries paid for, for example, and earn a fee as well. 

Take advantage of cashback and discount codes 

We will all need to still spend money, even when times are hard. There will be food to buy, clothes to replace, especially when you have children. So if you do need to do some shopping and spending make sure that you utilise cashback websites. They can give you a percentage of cash back just for clicking through the link on their website. You could also use these websites for when you need to change energy providers or insurance companies, for example. Often you can get a big chunk of money back.

It is also worth looking for discount codes and vouchers online to see if you can reduce the checkout amount. Some offers are shared on money websites where you can make some big savings. 

Switch providers 

Now would be a good time to check the deals for your energy and insurance companies. Often switching providers can give you a better deal and monthly savings. If you can switch make sure you do it sooner rather than later. Comparison sites are great to help you take advantage of this so spend some time doing your research.

Change your habits when it comes to the food shopping 

Finally, change your habits when it comes to food shopping. This means writing a list, planning your meals, and keeping an inventory of the food that you have in so you don’t buy the same things. You could also change where you shop and switch from branded items to shop brands. This can offer a great weekly saving and will help you bring down the food bill, which is ultimately one of the biggest expenses that you have. A monthly budget for food can help manage spending habits.

Penny Hoarders

Start saving even your loose change as this adds up. You might not have enough to start one of the popular savings challenges like the 1p a day challenge but even a little money can add up over time.

Hopefully, these tips will help you if you’re struggling to make ends meet. When you find yourself in a better financial position it will be a good idea to stay frugal for a little longer and build up an emergency fund or savings account, otherwise, you can quickly find yourself back in the same position, which you will want to avoid.

You will be able to make things easier if you put your mind to it and concentrate on shifting your perspectives. If all this seems overwhelming or your debt is significant do contact those in a better position to help like Citizens advice or Step Change who will have financial planners that can you individualised and specific advice regarding your particular situation.