5 Signs Your Income Isn't Enough and What to Do About It

You sense something’s wrong with your finances because you never seem to have enough money. Here are a few signs the problem is that you’re not making enough money.

You already broke within a few days of getting paid. If you’re living paycheck to paycheck, or worse ending up broke before payday rolls around again, you may not be making enough money.

You have to dip into savings to make ends meet. That’s if you still have money in savings.

You’re paying bills and buying groceries with your credit cards. It’s one thing to use your credit card for everyday spending to accumulate rewards, it’s another to do it because your bank account is empty.

You’ve considered or have already taken out a payday loan or pawn because you’ve run out of money and you're low on options.

You have to borrow money from relatives. Borrowing from family and friends is usually the last resort, after all other options, even payday loans, have been exhausted.

What to Do

Start by assessing the root of the problem. One of the easier explanations is that you’re overspending. Take a look at your expenses. Can you reduce or eliminate some of your bills? Examine every area of your spending and look for all the ways you can cut back.

Is it time for a promotion or raise? If not, consider looking outside your company for a better paying job, especially if you’ve obtained skills or experience that make you qualified for a better position.

Consider keeping your job and taking on a second job. Yes, it will leave you with less free time. But, consider it a temporary measure only until you get on your feet.

You can start a side business or take up a hobby that can make money. Think about what skills or talents you have that could be use to generate additional income. You can offer lessons or sell crafts online or at craft fairs. It could even turn into a fulltime job for you.

Attack the problem with more than one of theses solutions to make the biggest impact and turn your finances around.