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Don’t worry if you’re in trouble right now. You’re not alone.
Even the best of us have seen some changes in our finances thanks to the 2020 lockdown and other pandemic issues. It might be time to tighten your belt a bit, but try not to panic. There are several things you can do to support your finances in a post-pandemic world.
Stand up for better wages
We are so used to having a wage and living with it that we forget that we can actually ask for more. A wage increase doesn’t have to be accompanied by a mafia-style union meeting or promotion. They can actually get your boss to give you more wages. The power of nagging actually works in this situation, especially if you have some negotiation skills. Plus, it doesn’t hurt to keep applying for other jobs, so if negotiating difficult you can threaten to quit. You might actually find another employer willing to pay you more!
You can find more information on how to apply for a raise here.
Make minor, money-saving changes
It doesn’t sound like advice, but there is reasonable logic to making small savings in the household, in your life, and even small savings Savings in your business operations. When you make a conscious choice to cut down on the amount of unnecessary waste, and when you choose to cut your unnecessary costs, you are actually reinforcing the behavior that prevents future surpluses. Part of the benefit is that you get a few small savings. The biggest benefit, however, is that the pinch of pennies will soften your future spending decisions. You will make less extravagant and wasteful decisions in the future. It actually prevents future mismanagement of your fund.
As with all good practice, it’s just a matter of doing it until it becomes a habit and a matter of course.
Start a side business
If you have your own full-time business, you might consider an offshoot business. For example, if you make candles, you use the same shapes to make soaps too. However, if you are employed full time, why not start a small business in your spare time? You will have to partially subsidize it with your wages at first, but even a few hours a week can help generate a little extra income. Also, there are hundreds of things you can do these days, from logo design and web design to paid reviews or Make youtube videos and receive donations from loyal fans.
Negotiate with your creditors
Few people realize that they can call their credit card and credit companies and Renegotiate terms. Sometimes they set up a payment plan that takes a few months to resolve your financial problems, and sometimes they freeze your card until it is paid off. This often affects your creditworthiness. However, when you’re really struggling to pay your bills, a little damage to your credit score is often better than having overdrawn bank accounts later. At the very least, you can get in touch with your credit card companies and see about the help they are giving to people in financial difficulty. Asking questions and getting information doesn’t hurt your creditworthiness.
Only sell things that you know you will never use again
Sell things you don’t need … but make sure you are sensible!
During difficult times, some people sell large items like laptops, freezers, and so on. They believe that if they have more money they can buy them again in the future, but that’s not how it works. If you sell something that you actually need, you are wasting money especially since you will have to pay out more in the future.
Instead, find things that you know in your heart that you will never use again and sell them. You will likely never use this bread maker again, and you haven’t used your rowing machine in over two years. Do you really need your old PlayStation 3 games after upgrading to a PlayStation 5? The only area where this doesn’t apply is when you are selling your clothes. Of course, you can sell your old clothes as you will likely be buying new clothes in the future anyway.
Final Thought – Does Penny Scraping mean you have to suffer?
It’s less about suffering than about inconvenience. You will have to endure the inconvenience of buying regular onions and cheese instead of pre-chopped onions and pre-grated cheese. It’s inconvenient to dig up your old cotton candy maker to sell or start a small business on the side. When your penny pinches and your savings start to suffer, slow them down a bit because the more you let yourself suffer, the more likely you are to relapse and start spending money to make yourself feel better.
It’s about making small, practical changes that can make all the difference. It will take effort, work, and faith, but we know you can do it!