The current US government shutdown has everyone concerned about their financial stability. However, it isn’t something we can’t deal with. What can we do to make this event less stressful and much easier to handle? Here are five ways to get through this rough patch!
Spend on what is necessary and start budgeting! It’s difficult to give up entertainment, dining, or any type of activity you personally enjoy, but cutting back will save you loads of money. Only spend on what is necessary such as food, bills and rent.
Marketplace, an economic advice resource from American Public Media, discusses ways on how to cut back on any “lifestyle-enhancing” activities. These include calling up subscription companies and asking if you can put a pause on your account. Explain to them the situation you are currently in and they will be able to help. Make a budget list for the month to see how much needs to be spent and saved. If you have something preplanned, it’ll take the stress away from any surprises because you’re prepared.
Make a plan
As mentioned before, not having a plan just brings in more stress. MyMoneyCoach.ca, a website from the Canadian nonprofit Credit Counselling Society, discusses the importance of budgeting and how it can help.
First, figure out your income and expenses to help build a budget plan. See where your expenses are going and find out where you can reduce any costs. When you figure out where your money is going and where it is being spent, you will have more control over your spending. You will be able to save more and be prepared for anything that comes your way.
Ways to make money
Besides the current job that you are in, there are other works you can do on the side to help you earn some extra cash.
Marketplace discusses the idea on having a garage sale. Sell anything that you know you don’t need and won’t use. You can use online sources such as eBay to help get rid of any items you don’t want and make some money on the side.
Another idea is freelancing. Oberlo, an online marketplace, discusses freelance writing on its blog, where you can make about $500-$3,000 a month depending on how many articles you can write and put together. There are sites such as Upwork and Craigslist that can help you find potential clients.
You can also get a part-time job. Whether it be babysitting, administrative assistance, or sales associate, it’s a great way to earn some money. Oberlo discusses how usually these are minimum wage jobs so there isn’t as much flexibility in comparison to other “side-hustle” jobs. But knowing that you have an income coming your way can help make it easier to budget your expenses.
Build an emergency fund
While working on your side hustle, build an emergency fund. The blog from online lender Opploans says keeping some savings will help long term. This money will build over time and can come to use when needed.
As hard as it is right now, avoid the poverty mentality. The blog on Australian insurance provider Budget Direct defines poverty mentality as someone who is overly concerned with the shortage of money and constantly thinks about the things they can’t have.
Even in a difficult situation, keeping it positive will help you go a long way. Instead of thinking about what you can’t have, think about what you can have. Such as the meal on your table or the home you are living in. This will help anyone move forward and keep them living the best way they possibly can.
With the government shutdown there is always a financial concern. But remember to budget and keep a positive mindset and you’ll be able to get through it!