Many may ask, "How do I budget when there is insufficient money?" It's a difficult place to be in for sure; however, just because you don't make enough money to cover your expenses at this time does not mean you should do anything, even a budget. I know you can get through this, and here is how! Any of these reasons can make you have
a life-altering challenge:
You (maybe your partner) lost a job or are not working now.
You get sick or perhaps have to be out due to health issues.
You are going through a divorce.
Maybe the above is not your situation, and you have an accumulation of increasing bills, and your paychecks cannot keep pace. It is unfortunate, and we all have been here. Statistics show that about 75% of Americans live paycheck to paycheck. I have experience, and because of this, I would like to share a few tips on how to budget when there is not enough money.
ALWAYS, ALWAYS – KEEP A POSITIVE MINDSET.
Of course, this is hard – but it is imperative that you do so. I love this quote from Psychology Today, "The difficulty isn't that we have negative thoughts. The problem comes when we believe our thoughts are true."
Examples of such thoughts are:
I will never get myself out of this mess!
I will never find a job!
This is too much for me to handle!
What has worked for me is my faith to keep me positive. Is it hard, yes – but if you can remain positive and focus on what you need to do to get out of the situation – reality will follow that positivity.
I love the verse, "I will – transform the Valley of Trouble into a gateway of hope." Hosea 2:15. Because of this - I know that in time, you can learn where to go for nourishment, where to hide for protection, and where to turn for guidance.
UNDERSTAND AND RECOGNIZE THAT THIS IS JUST TEMPORARY.
You need to know that your situation is temporary; it will not last forever. This is one of many other life challenges you will have to face – but you are to overcome it. The only way to overcome it is to take it to the extreme.
Another verse I like when facing challenges is, "After you have suffered for a little while, the God of all grace, who called you to His eternal glory in Christ, will Himself perfect, confirm, strengthen and establish you." 1 Peter 5:10
IT IS TIME TO CUT WHAT YOU DO NOT NEED.
What are you paying that you genuinely do not need? I always knew necessity as being four of the following things to survive:
A roof over your head
Enough food and water to maintain your health
Basic health care and hygiene products
Clothing (just what you need to remain comfortable and appropriately dressed)
In today's society, swiping plastic has become incredibly easy – using both credit
and debit cards. We can be in and out with a purchase in seconds. Unfortunately, this convenience comes at a cost. We think to say things like, "Ahh, I get it now and pay for it later!" With this mindset, we can begin to lose track of how much money is really and truly being spent. A budget helps control finances by tracking how much money is being spent and where it goes.
In Proverbs 27:12 it states, "A sensible man watches for problems ahead and prepares to meet them. The simpleton never looks and suffers the consequences." So, with an understanding of what causes overspending, we can help stop it and keep our budget on track.
TRY TO ARRANGE YOUR BILLS FROM WHAT IS THE MOST IMPORTANT TO THE LEAST IMPORTANT.
The most important thing should always be your necessities – the things needed to survive- then go from there. If you think you will not be able to pay a debt, please communicate that. I feel communication is always a key, and you never know what might happen because you have done so.
Sit down at the table (if you have a partner – do it with them as well) and create a monthly basic budget. Once you have completed it – follow through with it!
"Remember, continuing to budget every month will help you to keep moving forward."
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