March 8th 2016
If your goal is to improve your cash flow so that you can simply afford your monthly expenses, there are some hard decisions you have to make. If you have gone through the process of looking at all of your expenses to eliminate or reduce them, you are off to a good start. If you’ve hit a wall, it’s time to take the next step by looking at your income and fixed expenses to see what changes can be made there to improve your financial situation.
If you own your home, consider the following:
If you rent:
Is it possible to earn more income to cover your monthly expenses? Consider taking on part-time employment. Perhaps you can make money by offering your part-time expertise through self-employment in services such as tutoring, snow removal, cleaning, painting, home repairs, bookkeeping services or computer repair, to name a few. Think about your talents and expertise and put those skills to use.
Before rushing into any decision, take a look at how the changes you are considering actually impact your financial situation. Run the numbers to ensure that you are making a wise choice – what will your new budget look like? How do these changes help your financial situation? List the pros and the cons. When you decide on the best option for you, focus on the positives, whether it be no debt, having a savings plan or having sufficient cash flow to meet your monthly expenses. You are on the road to financial wellness and a healthier, happier you!
Written by Betty Anne Flynn