Today many Americans are not living the good life. Many of us are barely getting by. Many Americans are not living the high life nor are they even getting by. Do you find it hard to save for a emergency fund or your retirement? Do you find that your household budget is between 60% and 70% fixed expenses? If you are living within your means, not racking up huge debts yet always struggling just pay the bills on time you might need some changes, and big changes at that.
If you are only paying bills and do not have enough to live a good life style let alone save for retirement then you are not living sustainably for the long term. People in your shoes end up starting to borrow from credit then becoming trapped into a debt cycle. There is no one size fits all answer to this problem, only suggestions can be made. It is up to you to analyze your budget and your income and then make some choices, and some of those choices might not be easy but could help get your financial life back on track.
For anyone having problems with finances the root cause is usually cash flow or income related, with the exception of those who borrowed large amounts of capital for frivolous reasons. If income is the main problem then you simply need to increase your cash flow. This could be as simple as cutting back on unneeded expenses. Others find new innovate ways to generate more cash flow such as renting out their garage space or a room in their home, which for some is a drastic change. Any which way you achieve it the results are the same, increasing your homes cash flow will keep your head above water and maybe just maybe get you back on dry land. There are several ways to achieve a higher cash flow, I will outline some below.
Ask for higher wages or salary:
Many of the clients I have seen who are barely getting by are underpaid for their profession or for the value and unique skill sets that they offer their employer. There are several websites which can tell you what you are worth pay wise to a company, such as Glassdoor.com where you can see what people of similar skill sets and professions make. Once you have this information use it to negotiate a higher wage or salary.
If you are underpaid or your job is not paying enough perhaps it is time to seek new employment. When doing this however make sure you look at more than just wages, benefits must be taken into account here as well, such as your health insurance plan, 401(k) matching and any other benefits that you may be currently enjoying with your present employer. Any new employers benefit package will play a role on what your true net gain if any will be with a new employer.
Take a Second Job:
If seeking a new job or position is out of the question as is any chance of a pay raise, your next plan of attack could be seeking out a part time job. You just need to ensure any new part time job will fit into your current schedule and not interfere with your primary job in the least, including not suffering due to a lack of sleep. You could even opt for a part time business endeavor, there are many side gigs that people can do part time for very little in the way of start up costs.
It boils down to you control your own destiny. It is with in your power to make changes and see a brighter financial future. Change is never easy but nothing worth having is ever easy.
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