Ideas to get you out of a financial rut

Here are a few basic ideas to help you get out of, or avoid, a financial rut.

07:22 05 September 2013

Getting out of a financial rut can be difficult. Things can happen beyond our control such as layoffs and downsizing. It’s easy to become depressed if it takes a long time to get another job, and sometimes it takes more education or specialized training. There isn’t one fix-all recipe for getting out of a financial rut, but perhaps some of these tips will provide a new outlet and some hope.

• First, if you haven’t done so already, try to determine any expenses that can be reduced or entirely eliminated. Even if you have already done it, try sitting down with someone else who might be able to lend a fresh perspective with your financial records.

 

• Even if you have been out of work for a while, try thinking outside the box to find some alternate ways to obtain income. It should all be legal, of course, but you might realize that you could turn a hobby into a way to earn a little bit extra. You could take pictures, care for pets, house-sit, make clothing, or anything else you can dream up.

 

• If you have been searching for full-time employment and you still cannot make ends meet, or if you haven’t been able to secure a full-time position, consider searching for part-time. It might be easier to get into a part-time position and it will give you a little bit of income and stronger position when you continue your search for full-time employment. Even a small increase in funds will help your financial situation, especially if you are able to keep your expenses reduced for a while.

 

• Make sure you make the best use of your resources. You might be able to find employment online doing odd jobs, or you could use the vast array of resources to find even more ways to get out of your financial rut.