By Michael Hall
If your expenses are at the bare minimum and you’re still spending more money than you make, then you may need to boost your income. If you typically get a tax refund, you may be able to adjust your tax withholding to get more money in your paycheck. You should also make sure you’re signed up for the right health, disability, and other company-provided benefits. Finally, you may need to get a second job to help make ends meet. This could mean working from home on a part-time basis. If you need to consider other employment options, speak with your financial counselor who will put you in-touch with the JobsPlus staff. Remember, your goal is to live within your means and gain financial freedom.
Strive to Establish and Maintain an Emergency Savings
Having savings that’s dedicated to emergencies will keep you from resorting to credit cards whenever you have a financial emergency. An emergency fund of three to six months of living expenses is ideal but starting out with $100 to $200 will help with some of the minor emergencies from time to time.
Use your budget to figure out what you can afford to save each month, then set up an automatic transfer to make it easier to reach your savings goal.
Michael Hall is a financial counselor with Bedford Stuyvesant Restoration Corporation. As a financial counselor he helps individuals allocate their funds better, deal with debt, weigh in on legal options, and even save for a rainy day. If you’re in debt or have no credit and need help, a reputable credit counseling organization, like the Office of Financial Empowerment through NYC Office of Consumer Affairs might be able to help. To schedule a financial counseling appointment, go to: www.nyc.gov/talkmoney or call 718-636-6900 and ask for Michael Hall.