It’s 2023. Prices of everything are now much higher than before the COVID-19 pandemic. Groceries, fuel, housing, you name it, it costs more. So, what are some things you can do to make ends meet? Below are a few ideas.
Cut back. So, this is not what you want to hear, I know. But it has become more essential now than ever before. From cutting back on luxury items to coming up with less expensive vacation ideas, you need to be creative in figuring out how to cut your spending. The first step is to determine what you are spending your money on right now. Next, take a step back and evaluate your spending, and see where spending can be reduced or eliminated altogether.
To provide you with a few examples, my family is currently cutting back by eating out less, buying more frozen fruit and less fresh fruit, buying used clothing whenever possible, and setting a timer on our hot water tank to reduce our power bill. There are endless ways to reduce costs, it just takes some time and thought to come up with ideas.
Supplement your income. If you don’t like the idea of cutting your spending, you can also consider supplementing your income by renting out a spare bedroom in your home to a student, or by sharing your apartment with a friend, rather than living on your own. Other ways to supplement your income that take up more of your time include completing online surveys, working extra hours at your current job, or applying for a second job. It’s your choice, and it depends on how much time you want to spend to earn the extra income.
We are currently renting out our spare bedroom to a student and it has been a positive experience, and the extra income has been helpful with paying some of the bills. Of course, it is important that you do your due diligence before allowing someone to live with you.
Banding together. If you are lucky enough to have a supportive family, you may also be able to reach out to family members and request help, even if it is just for a short time. This is way better than being forced to get a high-interest loan, or being unable to pay the balance on your credit card each month. You just have to swallow your pride and ask for help sometimes. In the future, you will likely be in a position where you can help a family member as well, so don’t feel bad.
These are just a few ways you and your family can get through these hard economic times. Hope at least one of them is helpful.
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