Any of these circumstances can lead you to that point where you just can’t make ends meet. Trust me, I know. I’ve been there before.
When I recently saw an ask the readers question on this very topic featured on Get Rich Slowly, I knew my answer was better fit for a blog post rather than a comment.
If you’re in this position you’ll have to make sacrifices – no question about it. Here are some things you can do if you can’t make ends meet.
Look for Cheaper Housing
When I got divorced in 2012 I didn’t have a plan. I didn’t know where I was going to go and where my girls and I were going to live.
Initially I thought I’d purchase a house but nothing seemed to pan out. I ended up staying with my Dad. My two girls, ages two and three at the time, and I all three shared a bedroom. We slept in the same bed for five months straight.
Then, instead of buying or renting a home I made a sort of unorthodox decision and purchased a trailer. I took out a $10,000 loan on a four year term with payments equating to $226 a month. My dad had an empty lot with the necessary hookups near his house so we put the trailer there.
By doing this I paid far less than I would have renting a house somewhere. The girls and I had plenty of room to spread out and plenty of time to decide what our next move would be.
Housing is hands down one of the biggest costs there is. If you’re having trouble paying your mortgage or making rent, consider one of these options:
- Move to a lower cost area
- Sell your home
- Get a roommate
- Stay with family
Slash Your Budget
When I initially moved into the trailer I was looking to cut costs everywhere. Our grocery budget usually didn’t go over $200 a month. We didn’t get cable. And our entertainment consisted of taking walks through the woods or going fishing in my Dad’s pond.
When you don’t have enough money to cover everything start with the basics first. Housing, food, gas, electric, and water should be priority. And if you’re having trouble paying for these things then you need to go apply for government assistance.
Make a budget and try your hardest to stick with it. Try to keep your utilities down. Use coupons when grocery shopping and eat simple meals.
If you have money leftover make the minimum payments on your debt and save the rest. You’re going to need some savings cushions for those really hard months and other unexpected expenses.
Earn Extra Income
I worked two jobs when I first got divorced and started working on other side hustles in any spare time I had. I eventually began making enough money to quit one of my jobs and work on my online income even further.
I kept growing my side hustles and savings account until the day came when I was able to quit my day jobs and work on my own online business full time.
I felt like all I did was work for a while but it was a sacrifice I had to make and has paid off big time now.
There are ways for you to make extra money. You might have to work a crappy job for a while. You might have to work sixty or more hours a week. It’s only temporary though. You just need something to tide you over.
It’s All About Your Attitude
Nobody has a perfect life. We all have our ups and our downs. But it’s usually those down times when we really discover who we are.
If you’re in a position where you can’t make ends meet know that there is hope. Focus on the things that are in your control and keep your head up.
What’s your advice for someone who can’t make ends meet?