Stressed about money all the time?
The simplest solution to money problems is to make money on the side and boost your take home pay. You can pay off your debt faster and get relief from constant financial stress.
Thereâs no shortage of reasons why people are stressed about money these days. Unemployment, job insecurity, massive credit card debt, overwhelming student loans, costly health issues, retirement challenges and other financial problems can all cause emotional distress.
The Most Common Reasons for Financial Stress
Money Stress #1: Drowning in Debt
You can start drowning in debt when your living expenses exceed your income and you canât keep your head above water. Instead of spending less than you make, you begin to finance your expenses using some form of debt; for example, you end up using a credit card, a payday loan or a home equity line of credit to pay your bills.
Trying to pay off your credit card debt, payday loan, home loan and/or student loan can be extremely difficult. Banks and other lenders make more money when you keep paying interest. So, they do not make it easy for borrowers to pay off their debt.
Money Stress #2: Barely Surviving
When youâre barely surviving financially, you can feel like youâre just treading water.
Maybe youâre able to pay your bills, but youâre still living paycheck-to-paycheck. When you canât seem to get ahead of your expenses and accumulate emergency savings or build wealth for the future, it can cause worry and financial stress.
If you’re experiencing financial hardship, there are lots of things you can do to help yourselfâŠ
In most cases, earning more money is the solution to financial problems. If youâre unemployed, under-employed or employed but under-paid, you can get relief from financial stress if you have extra income that you can count on.
- You can use the extra cash to reduce your debt and pay it off as quickly as possible.
- You can use your extra income to create an emergency fund and avoid financial disasters.
- You can use your extra income to build your wealth and create a secure financial future.
The BIG mistake most people are making…
Most people assume that nothing can be done about their financial problems; so, they just try to ignore them… hoping that nothing bad will happen.
This is a big mistake…
If you’re drowning in debt or barely surviving financially, you probably do not have an emergency cash reserve. Living paycheck-to-paycheck can put you and your family at risk for financial disasters.
UNEXPECTEDÂ emergencies pop up all the time. For example, your car might suddenly die and you need expensive repairs. If you need your car to get to work, not being able to get your car fixed can put you at risk for losing your job and losing a reliable paycheck.
If you’re living paycheck-to-paycheck, even a small unexpected emergency can snowball into a big disaster for your family.
If you don’t have an emergency fund, you can end up in a never-ending cycle of getting risky payday loans or constantly humiliating yourself by borrowing money from friends and relatives. What’s even worse, not having an emergency cash reserve can put you at risk for losing your car, your home and other precious possession.
Sadly, millions of people living paycheck-to-paycheck are always stressed out and worried that they’re just one paycheck away from homelessness and losing everything.
The simplest solution is to make extra money on the side…
Most people end up making money on the side because they have been terminated, laid off, restructured, demoted, under-valued, discriminated against or bullied at work.
However, you don’t have to quit your job to make money on the side. There are many legitimate ways you can earn extra income working in the comfort of your own home.
Having multiple sources of income can provide diversification. It can provide financial security in case you lose your job or decrease your work hours due to changes in your employment.
By making money on the side, you can protect yourself and your family from financial risks that come from relying on one source of income.
If you’re dealing with money problems, making money on the side can boost your take home pay quickly. You can pay off your debt faster and reduce your financial stress.