Spend less, earn more. Those are the simplest ways to help get your budget on track, but it's easier said than done. It isn't always as simple as asking for a raise, or switching to a different job. While the idea is simple, the execution requires a bit more finesse.
A study by bankrate.com found that half of Americans have some sort of side hustle. On average, those extra gigs earn them about a thousand dollars a month. If you have the ability to spend a few extra hours a week working, that extra money can really give you a little wiggle room in your budget, and help you get out from under some of your debts.
Of course, the other side of the coin is to spend less. Again, easier said than done. There are a lot of ways to cut costs, but some things are required. Anything from finding a cheaper place to live to cutting cable can help you have a little bit more flexibility when it comes to cash. Ted Rossman, an analyst for bankrate.com says looking at your monthly expenses can help you find places to cut back. "The average new car payment is about $550 a month".If you can drive a cheaper used car instead, you can save money every month. He also recommends looking at monthly subscriptions, like for streaming services, or for subscriptions you don't use. "If you cut a monthly expense, it has a 12x benefit over a one time cut. So I like looking for ways to free up room in your budget that way," he says.
When it comes to cutting from your budget, or earning more, Rossman says it might be easier for you to cut some things out of your budget. He says that it is important to strike a balance between your expenses and your earnings, without spending too much time working and not enough time having fun or relaxing.
RELATED VIDEO:
Check out some other Financial Friday's:
►Make it easy to keep up to date with more stories like this. Download the 13 ON YOUR SIDE app now.
Have a news tip? Email news@13onyourside.com, visit our Facebook page or Twitter.