Having paid out a substantial amount of money over the past few months on events such as Thanksgiving, Halloween, Guy Fawkes and Christmas, the autumn/winter season whirls by sucking away most of your money. Sometimes to the point where you may have had a little too much practice opening up your purse at every opportunity leaving your funds and spending
Reign In The Spending
It’s easy to become overly generous during the holiday period, but you don’t want this short term spending behaviour to affect you for the entire year. If you’ve noticed your spending seems out of line, you need to stop and think before you buy and decide whether what you want to purchase is essential first. If it’s not necessary, don’t buy it, and leave it until you’ve organised your finances enough to determine if and when you might be able to afford it.
Income And Outgoings
It’s essential to check that you’re not spending more than you can afford and secondly, that you’re not meeting the spending threshold in your account each month leaving you little to no money left for emergencies.
You may of had a budget for 2018, but this should be revisited again as bills, maintenance payments, insurance and so on tend to change on a regular basis in line within inflation and other economic factors. Be financially savvy and redo your budget so that you can assess the state of your finances, by simply subtracting your essential outgoings from your entire income. Hopefully, your outgoings still leave you in the green with some disposable income. If, however, your outgoings push you into or beyond your overdraft limit, it’s time for an overhaul of your outgoings.
By assessing each expense, chop the outgoings that are non-essential, such as monthly subscriptions for Netflix and the gym. Then attempt to haggle down your existing bill packages, this is easier if the contract term for the bill is ending. Don’t be afraid to switch providers, being loyal with a company that’s charging you more for the same service you can get elsewhere, earns you nothing but debt. There are more solutions below if cutting your outgoings won’t suffice in taking your bank account from red to green.
Use Your Savings
Should you have any money stored away in savings, now’s the time to call upon it and use it to get you out of a negative balance in your account. This means paying off chunks of your finance payments that are costing you extortionate amounts in interest. Once a store card or finance agreement is settled, this will gradually bring down your monthly outgoings, giving you back some money per month to take your account steps forward into the green.
Supplement Your Income
When budgeting, cutbacks and paying off debt with savings still won’t do, there are other ways to move your account balance back into safe territory. For instance, you can use your skills and resources to increase your take-home pay. Here are a few jobs you can fit around and alongside your existing career, some of which provide reasonably quick cash, and others take longer to reap the rewards.
Blogging – Some may be put off starting their own blog as a source of income, this is usually driven by worry that they believe they don’t have a particular style of writing you think people will like and that you have nothing exciting to say. This way of thinking could prevent you from making an extra income through blogging, by affiliate marketing, google ads and selling your services online. With perseverance and practice, blogging could eventually give you the income you need to hit the green.
Online Trading – This position is a slow burner, not an overnight success, so don’t believe the hype you might see online. You need experience, training, strategies and a cool head to get you far in this role, to get to grips with the best momentum indicator, platforms and stock markets. If you’re dedicated, meticulous, analytical and calm, this could be the role for you to increase your income.
Uber Driving – If you’ve got a license, a car, insurance and you’re over 18? Then you could pick up taxi work in your spare time with Uber. It’s flexible to fit around an existing job, and there’s the benefit of being your own boss. If this sounds like a good option for you, you can register your interest online, and begin making money soon to help sort out your financial situation.
Rent A Room – You probably have resources already, such as a spare room, that you never considered making money from, well why not? You can use sites such as spare room and easy roommate to detail an advert of the space you are letting, the facilities and a few snaps. Plus if you’re particular on who stays in your home, you can adjust the age, gender, occupation and so forth, to ensure your current lifestyle isn’t disrupted. If you’re unsure what price to advertise for your room, check out other similar homes to yours that are local and see how much they are charging for their spare rooms per month.
Pet Sitting – A soft spot for pets means you could have a calling that earns you money in pet-sitting in the comfort of your own home. If you don’t mind sharing your home with a pooch for a short-time while their owners are away, pet sitting could be the ticket you need to earn extra money. Sites such as Trusted House Sitters and House Sitters America are just a few of the places you could sign up to begin earning extra income.
The above tips to transfer your account from red to green in 2019 take some time and dedication to rectify your financial situation properly. For instance, assessing your budget and cutting back on outgoings alone could take you a few days. Furthermore supplementing your income will mean taking time to research and register for new opportunities. But hang on in there and eventually, your 2019 year will gradually begin to look brighter concerning your finances.