At some points, many people have gone through intense financial stress and strain and most times, they were able to scale through, not because the challenge went out on their own but because they did something to ease up on the challenges. Here, we will look at very important tips to get handy with in order to ease up on financial tensions when it comes.
1. Reduce Unnecessary Expenses
This is where many people find it difficult because of their already increased standards. However, when desperate time arises, there will be a need to apply desperate measures. There are things that are only your "wants" but not part of your "needs", these are what you need to reduce. As much as the urge comes, try to avoid buying things on impulse, especially what you do not need at that point.
To effectively cut down on your expenses, you need to put priorities and define what your needs are and then try to separate them from your wants. When you do that, you will realize that money is really not the problem but managing the money effectively. A few weeks back, one of my friends faced similar financial stress but when he applied some of these strategies of cutting expenses, he discovered that he was the one that put himself into the financial stress.
There are many ways to cut expenses without living a sub-standard life. A very important point to note is; do not let your spendings or expenditure be influenced by someone else's expenditure. Do not also spend just to please anyone. Believe me, if you become broke, the people you spent to impress may not save you.
2. Look For Supplementary Hustles
From the above point, it is believed that you must have cut some money off your spendings, but what should you do with the money? Very simple; try to re-invest it into something that will bring a secondary and supplementary income, no matter how small. When you add up these small incomes with your main source of income, you will have a bigger income to solve your challenges. I normally tell people this:
There is no shame in hustles
I remember a friend of mind, during the period of lockdown of last year, his place of work reduced his pay by almost 70%. When everyone was complaining, he started a small trading in front of his house. It was the small proceeds from his micro-business that he used to survive till everything became normalized.
Hustling and earning profits (no matter how small) still has dignity than doing nothing or begging for survival. There is always something you can start up with the little money you have at hand, you just have to think about it and initiate a move towards it.
Thanks for reading
