This week I am participating in a $100 giveaway hosted by Savings Advice. The theme of this giveaway is “When there isn’t enough money at the end of the month”. To be honest, not having enough money at the end of the month isn’t a situation which I have ever found myself to be in. It sounds terribly stressful and I hope to never be caught in such a desperate need of money.
Fortunately I have always practised robust financial planning. So the following list is things that I would do to get through the immediate need for cash, as well as ways to ensure I keep ahead of the game.
Budget
If you are setting yourself a realistic budget every month, then the situation of not having enough money should never occur. Unfortunately many people struggle to see the value in maintaining a budget, and I always hear stories of people having to scrounge around for money so that they can afford to pay the rent, or one of the utility bills. If you need help when preparing a budget, please check out one of my earlier posts – How to create a budget
Track Your Spending
I also wrote a post about Tracking your spending when my blog was quite new, if you are struggling with spending leakage then it is worth a look. If you don’t know where your money is going, then you are never going to be able to stick to your budget, and I imagine you are far more likely to run out of money at the end of the month.
Ways to Find more Money
If you really need money now and you don’t have the luxury of time, then there are always ways to find more money. Some of them however, are more appealing than others…
Odd Jobs
Another way you can find more money, is to do odd jobs for others. Sites like Freelancer and Fiver are dedicated to finding people to work on projects for money. They have a large range of different activities that cater for a wide array of skill sets. There is almost certainly something you will be able to complete for someone on one of these sites, which you will be paid for in return.
Credit
One of the most obvious ways to get access to additional funds, is via credit. I personally don’t recommend that anyone go down this path, as you will always end up paying more in the long run. The big bad when it comes to credit is interest. Interest can be crippling if it gets out of hand, so be sure to only use this as a very last resort.
A different Option
The sponsor of this giveaway is Activehours, they offer a service similar to a pay day loan, but they do not charge you any fees. The idea is that if you like the service you may consider providing them with a tip to show your appreciation. If you are struggling with money then it might be worth checking out their website.
Giveaway
Time for the giveaway! Good luck to everyone who enters.
Great advice. There have been a few months (in 2008), when I wondered if the money would make it through, but by Grace we made it!
Thad recently posted..5 Tips To Save Money By Using Shopping Sites
That’s great news Thad! Any particular reason why things were tough?
There have been several times where I needed extra money and decided to sell some items around the house. College text books, old iPods and previous cell phones all seemed to sell pretty fast and bring in some decent money.
Deacon @ Well Kept Wallet recently posted..Top Pinterest Pictures and Shout Outs
I never thought about College text books, that’s a great idea! Thanks for contributing.
We regularly sell stuff on Craigslist not because we need the cash, but to de-crappify the house. The extra cash we get is just a side benefit.
John S @ Frugal Rules recently posted..Taking The Plunge is Not Just For Polar Bears – Part 1
We perform a similar “cleanse” to get rid of junk that’s not being used anymore. It gets us extra cash, de-clutters the living space and makes us consider our future purchasing decisions. Was this junk worth buying? Why are we getting rid of it? What can we learn from this decision? Those questions help us uncover motivations behind some purchases.
Veronica @ Pelican on Money recently posted..Powerful Lessons Learned in Starting an Online Store (Part 1)
That’s some really important questions to ask yourself. Too often we get carried away with accumulating “stuff”.
Same here, John! It’s especially true with the kid’s stuff. If they don’t play with it for a while, I sell it to someone who will enjoy it.
Holly@ClubThrifty recently posted..Confessions of a Cheap-Ass Santa
I think we will do that with our child, hopefully he will value things more that way.
I’m guilty of “crappifying” our house and not selling stuff. I believe this is also known as hoarding…
Looks like we have some similar tips! I think a big thing is tracking your spending…but also tracking your income more closely. A budget is worthless in my opinion if it doesn’t factor in income. I think sometimes if people just increased their income they would be a lot better off…easier said than done, of course.
DC @ Young Adult Money recently posted..When There Is Not Enough Money – $100 Giveaway
Increasing income can be difficult though. That’s why I believe it is so important to track your spending, that was you can cut down on the leakage that will be occurring.
I keep a money jar which i put change into .
My wife and I also keep a money jar. Every week I seem to always have a heap of coins in my wallet and so it ends up in my money tin. Last time we donated the entire tin to a cancer charity. I’m thinking this might become a regular occurrence.
There were many times where I just jumped on Craigslist and found some odd jobs helping people move or clean their yard. It was hard work, but it was extra money that I needed to pay my bills.
Debt Roundup recently posted..The “Trying To Make Ends Meet” $100 Giveaway
I’ve never used Craigslist and so I didn’t know you could do things like that, I thought you were only able to sell items on there.
Hi Glen, thanks for the mention about Activehours.com! That’s my company, and I’m super proud of the fact that we’re able to help people when they’re in a pinch — without taking advantage of them.
Of course, no one wants to be in a situation where they can’t make ends meet at the end of the month, but I know I’ve been there a few times in my life (especially in college!) and something like Activehours would have been a godsend back then. Anyway, thanks again and look forward to reading more.
Thanks for taking the time to comment Shadiah. I think it is a great program and hopefully you are able to help many people with it.
Its hard when you have more month than money, esp. December
debtgirl recently posted..Perfect Pancakes
I had to read that twice, lol. I imagine December is the hardest month for many people. That’s part of the reason why I am so happy to avoid the commercialism surrounding Christmas.
I like your earlier post on how to create a budget – good work!
Savvy Scot recently posted..Avoiding Stereotypes at Christmas
Thanks mate! I’m not sure how many people read my blog back then. Perhaps I should re post it over Christmas?
Hey Glen, sometimes it just takes some creativity doesn’t it. I can remember the days of scrounging to make the rent, selling stuff I didn’t use anymore, etc. Wow, talk about stress, thank God those days are behind me and I actually have a financial plan. Sleep a hell of a lot better at night too!
Kyle @ Rather-Be-Shopping.com recently posted..Frugal Hack #2: Christmas Shopping with the Kids
I reckon your sleep would definitely be impacted by not having enough money at the end of the month. I struggle to sleep as it is, let alone with the anxiety associated with running out of money.
I just tried fiverr, amazing what you can get for $5! On the other side of the business, you have to be willing to work for $5…
I used fiver awhile ago as well. There are some really good deals on there if you search around.
I like the idea of tipping if you like the service. Seems like a win win.
Barbara Friedberg recently posted..ROLLOVER YOUR 401K INTO AN IRA
I agree, hopefully people take up the offer.
Nice tips Glen. I always set a budget for each month and track my expenses, therefore I also did not face any problem of shortage of money at the end of the month. I am doing a part time job as well to lead a luxury life. However, it is still dream for me.
PipsToday recently posted..How to trade the Fibonacci day trading strategy
I think that if money is tight then the only way you are going to stay ahead is to plan and use a budget.
Thanks Glen, I will follow your suggestion.
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