When faced with money problems is your first instinct to cut back or find ways to earn more?
Naturally cutting back if possible is something one can immediately begin. However I wonder what percentage of people would go the extra step to look for new higher paying jobs, take on additional part-time jobs, or use their situation as inspiration to climb the next rung of the ladder of success rather than cut back on their lifestyle assuming it's not over the top.
The solution is often a little of all of your possible solutions. It is always possible to "tighten your belt." But sometimes depending on age, and location getting a higher paying job might take some real time and searching.
My uncle used to say it's easier to save money than to make it. I find that true as well.
Pretty much. Considering the dumpy Nowheresville I live in, the prospect of simply earning more money is positively laughable.
I have a personal philosophy: if you can't raise the bridge, lower the river. That means trim your expenses if you can't increase your income. If I can increase my income, I apply it either towards building up my emergency fund or paying off a debt.
I'd like to think my wife and I don't live extravagant lifestyles, but we often struggled to make ends meet (this was with a full time job and a part time job between us). My first instinct was always to cut corners. Which, initially, worked. We saved a lot of money by reducing the amount of grocery trips and shopping in thrift stores. But ultimately, it was never enough.
I tried to make enough supplemental money by writing (both online and through the publishing industry) but it came at a trickle, forcing us to ditch the part time job for a full time position. As of right now, I would say we're a little more comfortable, though I do feel like, for a couple with no children, and two full time jobs, we aren't saving nearly as much as we should be each month. Especially when our extravagances amount to breakfast out on the weekends and some comic books.
It really makes you feel like a failure. Which is sad because the stagnating wages are more to blame than the laziness of Americans.
While trying to make extra money seems to be a cure-all, it might not work in all cases. First of all, somebody might try looking for a part-time job but places might not be hiring. In my case I already have a full-time job which takes up a lot of my time, so I would have no interest in trying to work at another place. With my bills, I have one monthly payment that takes up a majority of my weekly paycheck. So there are times where I have to work overtime-we usually have forced overtime each week and I sometimes might take somebody else's OT if they don't want to do it. So that is my way of making extra money.
During slow-down in production there is usually no overtime so I have to set aside a little of my weekly paychecks so I have money for necessities when it comes to that one bill.
As for making money online, I can write for hubpages, but I am lucky if I make a few cents each month, so I more or less stopped writing for this site. I currently am working on some home remedy books, that once completed will try to sites such as Kindle and Barnes and Noble. Will I make money on this? Time will tell.
I do look for ways to cut back-such as looking for bargains at different grocery stores. On store I love to go to is Shop Rite and the prices for a majority of food is cheaper than my local grocery store. And looking for bargains at thrift stores, garage sales and online.
Sometimes where things start getting too tight, I usually have to dip in my savings, so have not been able to save for long term.
Ideally I'd be living at a sustainable level so I won't need to face the money problems originally (one can try but nothing is guaranteed!)
From there I'd like to do a mixture of both. By increasing my income I'll have more money and by taking on extra work (either more hours or a side job temporarily) I'll have less hours to be tempted to spend.
Think Frugal and be Frugal, here's how:
1. Keep furnace set at 64 degrees all winter day and night, wear extra clothes, it works fine, I do it even at below zero.
2. In summer open windows early in morning and late at night to cool house to save on air conditioning. Draw drapes to keep sun out on the side of the house the sun is on.
3. Pay your bills directly from your online checking account and save on postage stamps. I save around $75 a year.
4. Use coupons and rebates on groceries, print both at refundsweepers
5. Use bankrate to get the best interest rates on both savings accounts and on loans.
6. Always pay off your credit cards on time and get a card with no annual fee that pays you cash back when you purchase.
It all depends upon the mindset of the person. There are people with a poverty consciousness, mindset, mentality, philosophy & psychology who believe that austerity is the solution to money problems. They will cut back on their expenses especially those they deem "unnecessary". They will cut as many economic corners as possible, even denying themselves higher quality necessities because it is "too expensive" & will buy the cheapest, lowest quality items necessary to save money.
Then there are those who possess a consciousness, mindset, mentality, philosophy & psychology of abundance. They maintain that they will have, even prosper economic despite of so-called monetary problems. They view such problems as impetuses to work harder to retain their current lifestyle, even to do better! They will in all likelihood look for a better job in order to retain or better their current lifestyle. They feel that it is fallacious to curtail or decrease their expense quotient because of so-called money worries. They maintain that life does cost & they will do what is necessary to maintain a civilized, if not human standard of living. They aren't about to reduce their standard of living to live what they consider a substandard quality of life!
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