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Funds Keep Getting Low? What to Do

Are you perpetually running out of cash?

If you’re struggling to cover your bills and tend to find yourself low on expendable funds, you may feel a little stressed. You deserve the peace of mind that comes with being able to pay your bills and maintain a strong financial foundation.  

You will dramatically improve your ability to cover your expenses and stay financially secure if you: 

Maintain an Emergency Fund. 

Leaky sinks, car troubles . . . the many unexpected, expensive demands of life can arise at any time! If you have a rainy-day fund, you reduce the likelihood of falling into debt to cover these expenses. Maintaining a healthy emergency fund will help you and your family avoid financial strain down the road. When you’re tempted to spend your money on something unnecessary, reflect on your financial stability; knowing why you want to save your money will help you curtail any urge to splurge.  

Stick to Your Budget. 

Get a realistic sense of your expenses and financial habits each month. Use accurate figures to create your monthly spending budget. Push yourself to follow the 20-30-50 rule with your income: Save at least 20 percent of your income each month. Aim to dedicate 50 percent of your monthly budget to necessities. The remaining 30 percent of your incoming funds can be used for discretionary purposes (or to boost your savings!). 

Reduce Your Expenses. 

When you do decide to spend your money, be strategic. Research before buying big-ticket items. Focus on necessary, not impulsive, purchases; strive to find affordable options for your dining and self-care habits wherever possible. Remember: high prices don’t necessarily translate to quality. 

Increase Your Income.

Boosting your earning power is one of the best ways to take control of your finances. The more you earn, the more room you have to cover expenses as they arise and pursue your long-term financial goals, like retirement. If you aren’t making as much money as you’d like, consider a second part-time career. Spending a few more hours a week in the interest of making additional income can dramatically improve your financial standing.

You deserve to get more from your money. More money management tips and tricks are available on the Syncis Money Blog today.