7 Solution-Focused Questions for Tight Budgets

If you have ever been in the process of rebuilding finances from scratch, I completely understand this journey! 

When you are working on securing the right kind of work and income for your needs, you'll encounter what I call 'income and expense tug of wars'!

I have developed a list of go-to questions that I ask myself to help me think constructively about my next steps when income and expenses simply don't line up adequately. Instead of worrying about them excessively, my goal is always to approach these topics as ideas. This approach gives me time to reflect and adopt a solution-oriented mindset.

1. Am I keeping an appropriate track of my budget?

Assuming that you have one, your budget is very important because it shows you where your money is going and where it should be going. You don't have to obsess over it but plan a time when you review your budget as often as you find it beneficial. For me, depending on whether there are extra expenses to manage in a month, I may revisit my budget every other week or simply once a month. You might find that skipping a budget check-in could lead to more anxiety, as you might be more prone to unnecessary spending or misjudging your available funds!

A Real Budgeting Moment 

This happened to me in the past year! I went a month without checking my bank account, assuming I had only a certain amount until I realized there was an additional bill that required my attention. Instead of getting overwhelmed, I discovered that a work check had not cleared yet—something I had completely forgotten I had deposited. Because I hadn't accounted for it immediately, I was unaware that it had actually cleared, and the money was available! In cases where there's a clear shortage, I at least knew or had an idea of the amount I needed to work towards. Having a budget keeps you one step ahead of unnecessary anxiety!

Need more help in this area? Access my Budget Overview Worksheet!

2. Are there creditors I could call and get an extension on some of my bill due dates? 

Organize your bills in order of their due dates. For any that are urgent, check if your creditors provide grace periods, extensions, or options for small upfront payments to manage the situation temporarily. If you find it necessary to use money to cover an urgent bill, proceed with making that payment and then focus on allocating funds for the next bill. Prioritize the bills according to their upcoming due dates, starting with the most important ones.

Additionally, explore any programs that offer budget billing; consider these as optional arrangements that could potentially ease your budgetary constraints for a certain period.

Sometimes, simply communicating the issue early enough will give you the time you need to make adjustments.

I recall a time when I knew that rent would be a little late. I called the rental office and informed the leasing agent that I would add the late fee and gave an estimate of when I would be able to pay it. When I arrived, the agent told me not to worry about the late fee because they had never experienced any issues with my payments being late before. They suggested that I deduct the fee from next month's rent.

Access my latest eRead: 'Losing Income is the Worst and What to Do Next'. This is a free, concise 5-chapter mini-step-by-step guide that includes suggestions and encouragement for sudden income loss and keeping your lease secured.

3. Do I have capacity to add a day or extra hours of work in a week or for a duration of time with my current work arrangements?

There have been many times when I have worked extra hours or added an additional day to my workweek to navigate a challenging budget month. If you haven't considered this as a potential working arrangement, before you start a project or job, ask if there's room for you to take on extra hours or days if needed, especially for situations like these!

4. Do I have any items that I could sell?

Clothes, books, and jewelry that you no longer wear are just a few of the things you could consider putting up for sale. One summer, I hosted an online garage sale event. I posted items for sale and invited people I knew to choose and purchase their items. I would either take items to them or, if it was a small item, I would mail it and include a small mailing fee. Additionally, I listed a few things on several other app platforms, adding a few hundred dollars to my pocket. There are various types of apps and online marketplaces where you can post items for sale. Search and try them out and keep them on hand and ready. Who knows? It could even turn into a profitable side gig!

5. Do I have a strong work ethic reputation with my employer or clients? Could I ask for a small advance?

Unplanned expenses can arise, or perhaps they were initially planned but due to a slight shortage in workflow, the budget falls short. I remember a situation from the past year when I needed an extra $50 to cover an additional bill, ensuring that my budget for that month remained intact. Because of my strong working relationship with a client and friend, they promptly provided me with an advance on funds, knowing that I would dedicate the time that week to make up for it. This isn't the same as going to a check-cashing place and seeking an advance, which often involves extra fees. Instead, it's a straightforward advance on payment for work you would complete regardless. Since it wasn't a loan, I didn't have to repay it.

6. Could I offer an additional paid or seasonal service?

If you are running a side business or have the capacity to add an additional service, why not offer a limited-time discount? You could also consider seasonal offers, such as providing Spring cleaning assistance to your close friends and associates. It doesn't have to be widely broadcasted; just a simple text or email to those attached to a good price. Whatever the idea is, it definitely won't work if you don't give it a try!

7. Is this an instance where I really should consider getting additional help?

Consider your current situation. If there's a chance that even after you've done all you can, you still require further assistance, it's okay to explore help from other sources or programs available in your area. That's what they're here for! I always like to know where my local food bank is in case of an emergency and how to apply for aid if needed. Remember, it doesn't mean you'll need it forever. Even individuals with good income occasionally face moments where they could use a bit more help. Use these times to catch your breath and keep striving towards your income goals!

When I've done all that I know to do, here are actions I take to help me stay positive in times when I might feel more inclined to worry:

Volunteer - Spend a few hours serving the local community. Helping others sends out positive energy that can come back to you, and you'll also feel better about yourself when you're helping others.

Exercise - If you can go to a gym, that's great, but if you don't have a membership, take a walk, listen to some music, and stretch your body. Give your body a chance to release tension.

Faith, Prayer or Mentorship- Explore various avenues such as visiting a church, seeking guidance from a life coach, or engaging in talk therapy. These options offer you a chance to connect with spiritual beliefs, receive personalized guidance, or openly discuss your thoughts and concerns with a professional. Each of these pathways can provide valuable insights and support as you navigate through challenging financial times.

Hobbies & Creative Projects - Color, write, journal, read, knit, fix a car, organize a closet, create a vision board. Engage in activities that keep your mind from dwelling on unhealthy thinking patterns.

Also Read: 5 Reasons Crafting Is Good For You 

What are some other ideas you've tried to help you navigate tight financial months?