A tight budget can feel overwhelming, and it can be hard to know where to start.
To help you think about this, we can simplify your options by splitting them between two bins: earning more or spending less.
To increase your income, you might:
- work extra hours,
- negotiate a salary increase,
- take a higher paying job,
- expand your business,
- or broaden your sources of income through investing or different projects.
Most of these ideas are easy in theory but challenging in practice. That said, if your budget is unendingly tight, it may be worth exploring your options.
On the other hand, you could decrease your expenses if you:
- work on your budget,
- discontinue the use of credit cards,
- defer big purchases,
- or restructure your debt.
Working on your budget can include cutting down on your variable expenses (like clothing or entertainment). Or, more drastically, you could significantly decrease your fixed payments by moving to a different neighbourhood or smaller home.
Examples of deferring big purchases include spreading your plans over time, like house remodelling or vacations.
To restructure your debt, you might consolidate your high-interest credit card debt balances into one low-interest personal loan or refinance your primary residence.
If you want to explore these options with a trusted friend, please feel free to reach out to us.
Let’s work together.
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