There are many reasons why you may be feeling like money is tight right now. The current inflation rate and teetering global recession have many of us tightening our purse strings, and it’s normal to worry about how you’re going to make ends meet.

So how do we prepare for the unexpected? How do we plan our lives for the moments when money is tight before they happen? Living in fear of financial ruin is not recommended. But planning for potentially tricky times is always recommended. Remember, you control your financial situation, and you alone can find ways to make your money go a little farther. 

Here are some tips to help when money is tight:

Rethink your Insurance and Monthly Bills

It’s probably been a while since you shopped around for car insurance. Getting another quote can potentially save you hundreds of dollars that you could put towards other bills that may be more pressing. Also, it doesn’t hurt to re-evaluate any monthly bill or service you are paying—check rates for your health insurance, home insurance, and subscription services. You may be surprised at your savings. It can take little research and perseverance, but you may be able to negotiate a reduced rate from many of your providers, especially if you’re dealing with a business that’s in a competitive market. 

Don’t be afraid to ask for Help or Assistance

You may think that asking for financial assistance feels like a failure, or maybe it’s best for someone who has it worse than you. But there is no shame in asking for help, especially if needed. Asking for help now can make things easier in the long run. For example, a family member, friend, or even an employer may help you create a means to find some extra cash. Or perhaps a small loan at a reasonable rate of interest. Even calling 211 can be an option for assistance. So, it never hurts to ask.

Find a Side Job

You will need time, energy, and creativity, but there are always ways to earn some extra cash, whether selling things you no longer need or using your natural gifts to find a side job that helps you make some extra cash. If you have no other alternative, you can call your local government for resources that may help you with paying rent, utilities, and food.

Cancel your Credit Card Debt

It may be tempting but try your best not to dig deeper into debt during hard times. Do resist opening a new credit card to pay for things while money is tight. Now is the perfect time to see what you can go without and use the above tips to pay for the rest. If you are already struggling to make old payments, check into companies/organizations that will help pay your credit card debt and then pay them back at a lower interest rate. It could save you thousands.

When money is tight, and things feel hard, it’s easy to feel worried. But, whatever the reason, you can get through it. So, take a moment, breath, and begin taking steps to reduce unnecessary spending. Take the time to negotiate lower rates on your monthly bills and start building a financial reserve for a more secure financial future.