If you have been feeling the pinch lately then you are not alone. With the cost of living rising and wages not matching this increase, paying bills can be difficult. You might be wondering how you can get through the hard times and still pay the bills while putting food on the table. Here are some money habits for hard times that we are working on right now:
Positive mindset
One of the first things on the list may seem a little weird and out there. Have you heard of the law of attraction? Well, this is when you want something so bad and you envision yourself with it. There is something similar to this called the law of assumption, where you expect to have this rather than want to have it. Take, for instance, that job or promotion you have always wanted. If you expect to get it and think in that mindset, it will happen, according to this theory.
Second job
As far as more tangible steps you can take during hard times, you can benefit from finding a second job. This is something you can do if you have the extra time. If you have a skill that you can do online you could pick up freelancing gigs like transcribing, writing or editing.
Side hustle
You don’t need to monetize your hobbies, but if you desperately need more income, turning an interest or hobby into a side gig can help. You can sell some of the goods that you have made, for example. You may be in the crafting business, making homemade gifts that people can buy to give to their loved ones. With Christmas just around the corner, you may find that your customers double or even triple your income. (This was the case for me during previous holiday seasons.) Make sure that you are taking care of any taxes that need to be paid from this side hustle. You don’t want to make money from this only to be stung with a huge tax bill.
Save, save, save
Our priority in my family right now is replenishing our savings. Without saving, you will be relying on the money you have to hand at any given time. This is okay as long as there are no big purchases or bills that need to be handled. Saving will ensure you always have a chunk of money at your disposal whenever you need it, like if you are laid off.