It’s all over the news and social media, there is a rapidly developing cost of living crisis. For many there already was and has been for some time. If you’re on a limited income there is often too much month after all the money has all gone. The current situation is now affecting more people; hence an even larger crisis is unfolding.

There are certain bills that have to be paid, rent/mortgage, food, medicines and then there are the difficult choices, heat or food being the main highlighted one.

Don’t fall into the I have to work harder and longer category. Just because you have reached midlife, are over 40, it doesn’t mean you can’t have a new start in midlife.

What are the choices

Read on…

Step 1: Budget more effectively

OK, I get it there is only so much cutting back you can do. That said running a monthly budget check can show some holes and lead to effective money management

Start with the basics. Go through what you have coming in and what regular costs are going out.

You’ll find that this part of the process goes much more smoothly if you apply these tips and tricks:

Use the same budget planner each time

Do a regular finance review

Be honest with what you need and what you’d like

Once you’ve completed you’re budget assessment you have a base line figure to work with, then you can move on to the next step…

Step 2: Make the money go further

The next thing you need to do is see where you can swap high cost for lower cost.

Easier said than done.

Start with you weekly shop, can you shop more efficiently?

Scrap the none essentials, harsh I know but it doesn’t need to be forever.

Make it fun, for example shopping for clothes that have already been used can be fun. You can tour charity shops or scan eBay, Preloved for labels that you usually buy and get more for your money. Think of the benefits to the planet too of re-using clothes.

Step 3: Increase the money you have coming in.

It doesn’t have to be a second or third job that takes up time and gives a limited amount per hour. I’m talking more income from ‘new’ sources. You know the one’s that are not so conventional yet can be incredibly rewarding.

I still remember the first time I was doing this step and trying to create an online presence and increase my income. It can be overwhelming as there is so much choice.

Here are my suggestions:

Talk to someone who is already working online

Carefully choose your options, don’t do something that doesn’t align with you and who you are. You too could soon have that passive income stream working for you.

Pick a topic that you know something about or have an interest in, you could be doing this for some time, so at least enjoy some parts of it. But don’t kid yourself, as in any job there will be some tasks that you really don’t enjoy.

And there you have it – a simple 3 -step method for improving the money you have available. Now that you know how to find more money, there’s just one thing left for you to do: take action. Remember, your midlife journey does not need to be the same as those around you.

So, get to it, and soon you too will have more money in your bank account!

Oh and if you need a little help, ask me