Living With A Lack Of Funds: How To Get By When Times Are Tight

If there is one thing, we all fear it’s being skint. We aren’t talking run-up-to-payday skint; we are talking completely strapped for cash. The idea having very little money to your name is utterly and completely terrifying. However, what it is important to remember that when times are tight, there are plenty of options to help give your finances a boost.

Life can be expensive, there is no getting away from that fact, but the good news is that no matter what financial situation you find yourself in, there is always light at the end of the tunnel. It may not seem like it, but you can live on limited funds, it’s just a case of being savvy about it, that’s all.

For all the best tips and advice for getting by when times are tight, read on:

Take advantage of budgeting apps

The number one reason why people end up struggling with their finances is also the simplest: a lack of budgeting. It’s easy to see your bank account after payday and spend like crazy, but the fact is that this is a terrible habit to get into. Instead of spending like mad come payday, what you need to do is learn to budget. It may not be easy to adapt to living on a smaller amount of funds than you are used to, but if you are short of money, it’s something that you will have to do. There are various apps that can help you to do this; the best ones are the ones that link up your bank account and monitor exactly what you have spent and where, separating your purchasing into different types, such as essential purchases and luxury purchases.

Consider borrowing funds

If times are tight but you know that soon enough your finances will be back on track, another option is to consider borrowing the funds that you need to get by. Whether that’s from a friend or family member, or is the shape of a personal loan, it doesn’t matter. All that matters is that you are able to get back on your feet – just make sure not to take a loan out unless you are sure that you will be able to pay it back on time. When it comes to choosing a loan provider, resources like personalloan.co, can be useful. Don’t rush the process, take the time to think things through and only do what you are comfortable with.

Boost your income

One of the best ways to deal with a shortage of funds is to find a way to boost your income. If it’s a one-off situation and usually you have more than enough money to live on, then there is no need to worry. However, if funds are always tight, then perhaps it could be time to think about boosting your income. By taking on a second job, working overtime, or freelancing on the side of your nine to five job, could be the answer. When money is tight, and you have cut every cost that you possibly can, and things still aren’t looking up, you need to think about finding a way to increase your income. For ideas, resources like moneysavingexpert.com can be useful.

There you have it, some useful hacks for making living with a lack of funds a little easier for yourself.