Are you finding it hard to manage your finances in 2023? You are not alone if so, as rising inflation has resulted in many people finding it hard to make ends meet each month. Although you are not alone, it is still a major cause for concern, and it is important to take positive action if you are in a difficult financial spot. The good news is that there are always steps that you can take to improve your financial situation, which will hopefully help you to manage during this challenging period and maintain a good quality of life. Keep reading to find out more.
Go Through All Regular Expenses
A good starting point is to sit down and go through all of your regular expenses. With each one, you should consider if it can be cut out from your monthly budget (even if just for a few months) or if there is a more affordable alternative. You will be surprised at how much you can save each month when you start making changes to your regular expenses, and there are lots of good ways to cut costs, such as:
- Buying non-brand products
- Shopping at a cheaper supermarket
- Switching suppliers
- Cutting back on streaming services
- Buying second-hand clothes
Prioritize Spending
Leading on from this, you should also prioritize your spending. You will have to cover several expenses each month, such as rent/mortgage payments, bills, and groceries. You should work out how much of your income needs to go towards this, and then whatever is left over can go towards non-essential spending or saving. During difficult financial periods, you should always ask yourself if it is a necessary purchase or if you could delay it for a while.
Consider A Cash Advance Loan
If you find yourself in a situation where you are short of money and need quick access to cash, then a cash advance loan could be the best option. These are short-term loans where you can get the money transferred directly into your bank account very quickly, which makes them ideal for emergency situations. The amount is then usually paid back over a few months, and payment terms can be flexible. There are also many providers – such as BizFund – that can offer cash advance loans even if you do not have a good credit score, and this can be especially helpful if your business has recently been through a turbulent period and needs some rejuvenation to continue.
Start A Side Hustle
During difficult financial periods, one of the best things that you can do is boost your income. Recent research found that as many as 44% of Americans have a side hustle to help them to manage during inflation, with 62% of Gen Zers having a side gig. There are all kinds of different side hustles that you could start to supplement your income, such as:
- Freelance work
- Starting an online store
- Babysitting
- Pet sitting
- Food delivery
- Selling second-hand clothes
If you are currently struggling with your finances, hopefully, the advice in this article has shown you there are opportunities out there that can help you improve your financial position. Try them for yourself to see how much difference you could make in your life.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin