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How many times have you grumbled, “Man, I need to get this budget under control,” or, “What, another ATM fee!?”
It’s easy to complain about the elements of your finances that make you feel frustrated and nervous, but it isn’t quite as easy to make real, lasting changes.
If you’re tired of being in financial survival mode, it’s time to ask yourself these four questions.
Where Can I Generate More Income?
Your financial stability starts with your income. The money you make every month sets the pace for what you can (or can’t) afford.
Even if your current full-time job helps you get by, there’s always room for improvement. So how can you generate more income? Brainstorm legitimate answers that you can implement in the near future. While it’s technically true that you could make more money working at a large accounting firm, that’s not a realistic plan if you have a degree in elementary education.
Use these ideas to jumpstart your brainstorming:
- Generate passive income through revenue streams like Airbnb, blogging, or making YouTube videos
- Get a part-time gig like driving for Uber or Lyft
- Moonlight as a freelancer in your field
- Apply for a higher-paying job in your industry
Even small steps in the right direction can have a large impact on your financial trajectory.
Read More: How to Get Paid $22/Hr Being a Shipt Shopper
Is My Budget Working For Me?
A strategic budget is the cornerstone of your financial success, but what happens when your budget stops working? Any of the following changes may cause your budget to create havoc instead of financial peace:
- Your monthly obligations (bills, debt payments) have increased
- Your income has decreased
- You stopping adhering to your budget because it was unrealistic
- Too many unpredictable payments and obligations aren’t reflected in your budget
Whatever the case may be, your budget needs to consider every dollar in and every dollar out.
If any portion of your income doesn’t have a specific purpose, your budget needs a facelift. By adjusting your budget to properly reflect your current financial situation, you can regain a sense of balance, plan strategically for your discretionary income, and ensure your money works for you.
Try Rocket Money (iOS or Android) if you want help budgeting more efficiently. Their simple to follow budgeting pulls your historical spending, organizes it, and allows you to clearly see your spending so you can set a target budget with context. It’s also free to use.
Do I Get the Most Out of My Bank?
You can’t hide your money under your mattress, but the wrong bank can make that alternative feel awfully tempting.
Is your bank working in your favor, or making it even harder for you to utilize and save your income? Take a look at your most recent statement to evaluate the fees you’re being assessed on a monthly basis. If you see too many ATM, overdraft, and maintenance fees popping up in between your regular transactions, it might be time to find a new bank.
For instance, Chime is an online bank account with absolutely no monthly fees. Their members also get their paycheck 2 days earlier* and their latest feature, SpotMe, lets you continue with a needed transaction even if you overdraft with no penalties.
Alternatively, call or visit your bank to refresh your memory on the services and accounts they offer. You might be missing major opportunities on interest-bearing accounts or retirement perks if you’re not familiar with anything beyond your own checking account.
Where Am I Losing Money on the Margins?
It’s all too easy for $10 here and $20 there to fall through the cracks. Taxi rides, work lunches, and coffee runs are all to blame. In order to take your finances to the next level, you need to identify how much money you’re really losing on the margins. You might find that you’re losing track of hundreds of dollars every month.
When you take the time to track every dollar and spend it properly, you’ll be able to increase your monthly surplus and use your money wisely.
Read More: People Love This Budgeting App That Figures Out Where You’re Wasting Money
*Chime SpotMe limits start at $20 and can be increased to $100 or more based on factors like Chime account activity or history
**Chime Early access to direct deposit funds depends on the timing of payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
