Life is rough, y’all. And, for some reason, a lot of personal finance bloggers just don’t seem to… actually get that. I see the same tips over and over, just in a different order and said a slightly different way. The intended audience never seems to be people who are actually legitimately struggling to find enough cash to get by. That’s where I’m coming in, my friends.
I’m in a decent financial position right now, but given that I live in San Francisco and my costs of living are pretty astronomical, I constantly feel like I’m walking on a razor’s edge. If my budget goes absolutely perfectly this month, I’ll have exactly $23.65 left over from my monthly paycheck. I’m proud that there’s anything left over, but that is just too damn close to zero for my liking. I know a lot of you are dealing with even tighter situations.
So, here are some money tips that I hope will help you get through your struggle season the same way they’ve helped me.
Make Your Bank Work for You
Make sure the bank you’re using is actually your best option. A lot of us use the really big banks. A lot of us also know that banks seem like they’re trying to squeeze every last penny out of you through various fees. It doesn’t have to be that way, though! I highly recommend thinking about what you want and need from your banking services and searching for the banks that will provide them at the lowest cost. Search tools like Find A Better Bank can help. I also recommend looking into local banks and credit unions.
You often get far better benefits at a smaller institution like a credit union than you would from one of the biggest banks. If none of the smaller banks near you seem more appealing than your current institution, don’t sweat it. If you’re a student, think about signing up for a college account. Many banks grandfather in college accounts so that you’ll never have to pay banking fees. I bank with a Wells Fargo college account and between their robust mobile and online banking tools and the lack of fees, I don’t really feel the need to make a major switch.
I did do some research on high-interest savings accounts last year, though. Paying interest is one thing big banks aren’t all that great about. I use Synchrony Bank for my emergency fund. Synchrony runs entirely online. They also don’t charge me any bank fees, and they didn’t require more than $1 from me to open up my account. Also, they have some of the best interest rates for savings accounts in the country (1.75%! Crazy, right?). There are a lot of other great options out there for high-interest savings accounts and everyday checking accounts. Everyone’s needs are different, and you might require things that I don’t, like easy access to a local bank branch or an ATM close by. Do your research and figure out where you’re most comfortable putting your money.
Budgeting and Organizing Your Finances
Get organized! There are a ton of ways you can track your finances. YNAB (an abbreviation for You Need A Budget) is super popular, but it costs $83.99 a year. I definitely do not have that kind of extra cash for budgeting software. I prefer Mint. Mint is totally free. You link your various financial accounts to Mint–everything from your bank accounts to PayPal to retirement accounts to student loan accounts–and it takes in all that information and tracks your spending each month. I love this because I really struggle with math and numbers. It does require some tweaking to personalize things and make sure every transaction is being properly categorized, but that’s well worth it to me.
Once you figure out how you’re going to track your spending and see where your money is going for a few months, start creating a budget. Sitting down and estimating your expenses for the upcoming month based on your standard spending is ten times more helpful than saying “Okay, we’re only going to spend $X a week on groceries,” with X being a number you randomly pulled out of the air, and then inevitably going over because you underestimated. If I look at how much we spend on groceries historically, it’s pretty stable. You’ll find that’s true for a lot of your spending categories. Use your historical spending to help you figure out your budget and where you can sustainably cut back.
Save Where You Can
Be frugal, but don’t brutalize yourself. This ties into tracking your spending above. Don’t scrimp on things that matter to you. Having one-ply toilet paper makes me miserable, so I opt to pay an extra $5 at Costco for the bulk pack of the cheapest two- or three-ply. Make sure every dollar is being utilized wisely for you personally. Sometimes, you have to save every possible penny. But don’t feel guilty for spending a little extra money on things that genuinely improve your day-to-day quality of life. You’re broke, but you still deserve joy. Do what you can to make your journey to financial stability more bearable, but don’t go all “treat yourself” and go completely wild. Enjoy the little things you can afford. (And don’t forget that it’s Treat Yo Self Day, not Treat Yo Self Year.)
Don’t pay full price on anything you don’t have to. Now, I am aware that we live in the real world. I totally use coupons and discount codes and rebates wherever I can. But I also know that sometimes you need that new pair of work pants, and you have the kind of body shape where thrifting for those pants just isn’t an option if you don’t want to wait 6 months. Still, it’s super important to always check and make sure that you’re getting the best deal possible. Utilizing local thrift stores for a lot of your clothing needs is great, as is digging through clearance racks. Signing up for emails from your favorite retailers is also a great idea. They’ll notify you of any sales that are going on and sometimes give you extra discounts if it’s been a while since you purchased something.
If you do a lot of your shopping online, get the Honey extension for your browser. It tries a bunch of different coupon codes and tries to get you the best deal. It’s saved me a bunch of money over the years. (Also, if you use this code, we’ll both get an extra $5 from Honey!) A lot of people also highly recommend Ebates, but that’s one I haven’t used yet. Ibotta is great for getting a couple extra pennies back from your grocery trips, and they also offer rebates for lots of other things, too. You can cash out once you’ve earned $20 in rebates. If you use this code, you’ll get your first $10 just for signing up, and I get a little cash, too. I’ve never made much off of this, but it’s a nice little extra boost once you’ve made enough to cash out.
Check to see if the grocery store you go to most often has a loyalty or rewards program. I shop at Safeway and have saved thousands by using their Club Card over the years. I select digital coupons in their app each week and it applies them automatically. I know FoodsCo has something similar, though not as robust. Your grocery store might, too. Always worth checking! Also, definitely look to see if wherever you’re shopping has a clearance rack. My local store just started putting out a day-old rack for baked goods and it’s all super cheap. It’s a cheap way to treat myself or get baked goods that are still pretty dang fresh but heavily marked down. There’s also a clearance rack that has all kinds of stuff marked down due to minor damage to the packaging. Little things like this add up over time and can help you significantly reduce your spending, so always keep an eye out.
Increasing Your Income
The most important tip I can share: work on increasing your income. Everyone likes to talk a big game about helping you save $10,000 in just a few easy steps! But for the majority of us, that’s just not feasible, and it’s not a productive way to think about money. Sure, you “saved” $2 on that shirt, but you still paid $15 for it. Or, you were able to cut your grocery spending down to $50 a week for a family of 5 (power to you, honestly), but the money you’ve been saving keeps going to other necessities, giving you a net of $0 “saved.” If you’ve been stretching every dollar every way you can think of and it’s just not enough? It’s time to think about increasing your income. This is way easier said than done, of course, and in some cases, just plain might not be possible. But it’s worth taking some time to explore your options. Gunning for a raise or a promotion at your primary job is our best option, especially if you’re dealing with a physical or mental illness. Even an extra dollar an hour can make a huge difference.
If you’re one of those people with boundless energy, or who are just so incredibly determined you can work in all conditions, consider taking on a part-time job. This can be a huge sacrifice if you’re already working full-time (or more!), especially if you have a family. I would also not suggest this as a long-term solution. Working too much is a great way to burn yourself out and make things even more of a struggle. Still, there are a lot of great options out there with flexible schedules now. You can drive for Lyft or Uber, use dog-walking apps like Wag, or make deliveries with services like Doordash and Postmates. Most of these apps allow you to work at any time and don’t have specific numbers of hours you have to work. This can be a good solution if you need money but also need the flexibility.
Make sure you’re utilizing any special skills. Upwork is a vast freelance marketplace that’s perfect for those of us who might want to take on an extra bit of work for a short period. (Note: Make sure to do your research on standard rates of pay in your industry before accepting any job! Your time is worthwhile, and working for pennies doesn’t make sense in the long-term.) Fiverr works similarly, but as someone who has used Fiverr in the past, I can’t say it’s a particular favorite of mine. Lots of people have made it work for them, though, so if you’re willing to put some time and energy into it, it might be worth your while. Crafters and DIY-ers should definitely check out Etsy. I ran an Etsy shop for a while while I was in college. If you can find your niche, market your products well, and price your products properly, Etsy can become a great source of income.
If your response to that last paragraph was “I don’t have any special skills. I’m screwed,” don’t give up hope! First off, refer to the part-time job paragraph above. Second off, maybe now is a good time to further your education. If you don’t have a degree, get one! Even an associate’s degree can open more doors for you. Check out your local community college and see what kind of certification programs and degree paths they’re offering. Keep in mind the kind of jobs that are in demand in your area, or the area you’d like to live in in the future. Also, don’t forget to keep in mind jobs that you’d like to do. It’s probably best not to spend money on learning how to work in a field that’s going to make you miserable. I studied English Literature because that’s my true passion in life, and even though everybody (including me) jokes that getting an English degree is just me begging to be broke forever? It’s simply not true. I got a good job right out of college with solid pay that covers all my basics. It really just depends on how you market yourself and your education. Don’t be afraid to get creative.
As you explore further education, make sure to look into every possible scholarship and grant available to you! Taking out loans sucks and should be a last resort. If you do have to take them out, try to go federal–the interest rates are usually much, much lower. If navigating all that stuff feels too complicated, talk with a counselor or someone in the financial aid department at school. They can help walk you through it.
If your situation ever gets truly dire and you’re really struggling, don’t be afraid to reach out to local charities or see if you’re eligible for programs like general assistance, SNAP, or WIC. That’s what those services are for. They’re there to help you get back on your feet. Whatever guilt you might feel, brush that aside. We all need a helping hand sometimes and there’s no shame in asking for it. You’re worth helping.
For more resources, or just a place to commiserate, make sure to check out the Reddit community r/povertyfinance. I also recommend checking out r/frugal and r/personalfinance. Dave Ramsey and Mr. Money Mustache are also great resources. Some of these are more helpful than others depending on where you’re at in your financial journey. Use what works for you and disregard the rest.
What are your favorite financial tips for making sure you get by every month? Share in the comments, and link me to your favorite finance blogs and resources!