You need more money, and you need it now. What are your choices? You have two: You can increase your income, or you can reduce your spending.
Increase Income
Get a bigger paycheck. Ask for a raise, land a new job that pays a lot more, or get a second (or third) job to supplement your income.All of these are ways for you to increase your income and improve your financial picture. But let’s get real: If you could do any of these things, you would have done so already, and we wouldn’t be having this conversation.
Although increasing your income is a way to change your financial picture in theory, it’s not always easy or effective. More income means higher taxes and increased work-related expenses. And it does nothing to address old habits of overspending and incurring too much debt.
Reduce Spending
Unless you’re living below the poverty line, I’m confident you can reduce your expenditures without compromising your standard of living.The key to achieving financial freedom is to spend less than you earn. It takes desire and commitment to live below your means without giving up your style and your quality of life.
Don’t worry that you’re going to lose your dignity. In fact, no one needs to know about your new resolve to find ways to drastically cut your expenses. You don’t have to print “I’m cheap!” on your forehead. A better option is to engrave this motto in your mind: Wherever I am, whatever I do, there is a way to do it for less.