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How can one save 6 months of salary when there is not enough money to pay monthl

  1. dianetrotter profile image74
    dianetrotterposted 5 years ago

    How can one save 6 months of salary when there is not enough money to pay monthly expenses?

  2. flagostomos profile image83
    flagostomosposted 5 years ago

    Well there are two options: Increase income or decrease your spending. As for the first option, if you really need to save some extra money, you could consider getting a part time job. Lots of retail places are hiring this time of year for seasonal workers. There's also a lot of people out there who advocate making money online, however if you want cash quick that's not the best way.

    The second option is more viable. What are some ways you could cut back on your spending? Do you eat out for one or more meals a day? Consider packing your own lunch. Do you get a low fat double pump vanilla latte every morning? (Or whatever your poison is big_smile) Consider making your own coffee at home. Do you have multiple cars? Consider selling to only the ones you need.

    I understand your circumstances though. My parents do all of the above mentioned things, ie cutting back expenses and taking on extra work, and they still have a hard time making ends meet.

    Hope that helps!

    1. dianetrotter profile image74
      dianetrotterposted 5 years agoin reply to this

      Thanks flagostomos!  Like you parents ... once you do all of this, then what?  :-)  The part time retail jobs require flexibiliity because they like to change shifts.  I'm looking into teaching online classes.

    2. flagostomos profile image83
      flagostomosposted 5 years agoin reply to this

      Well it's continual. Keep looking for more ways to cutback expenses. Another thing you can do is if you have any debt, start using that money to pay off credit cards.  If you qualify for teaching online, that's great. There's also online tutoring.

    3. dianetrotter profile image74
      dianetrotterposted 5 years agoin reply to this

      Flag, most people either get small raises or no raises.  Teachers get pay cuts.

    4. flagostomos profile image83
      flagostomosposted 5 years agoin reply to this

      Ah, I just assumed you were going to be teaching online in addition to holding another job. So you're currently a teacher? I guess if I had actually taken the time to look at your profile I would have seen that huh? My apologies.

    5. dianetrotter profile image74
      dianetrotterposted 5 years agoin reply to this

      yep! teaching on the way 2 the poor house.

  3. lburmaster profile image82
    lburmasterposted 5 years ago

    By cutting down on your monthly expenses. Look into the Ramsey methods for monthly costs and savings. It's extremely helpful and has definately helped me watch my spending. Your salary should always cover monthly expenses and then some. Come up with a hobby to help get you money. My mother trains dogs, my sister breeds horses, I write and do calligraphy. Try to find your nitch.

 
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