Making ends meet when costs keep rising as income stays the same
How Can I Keep Up with Rising Costs on My Stagnant Income?
Ask The Dollar Stretcher
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Have you gone years without a pay raise? This single mom has. And, it's starting to make it really hard to pay all her bills. So she sent this question into "Ask The Dollar Stretcher".
You have a question on the website about if debt is preventing us from taking a vacation. The true answer for many of us is - it isn't debt. The truth is that it is a stagnant income that isn't keeping up with inflation. I am a single parent and we are having to resort to drastic measures to eat, keep clothed, and pay basic expenses. We have had one cost of living raise in 9 years and I already work a part time job at a small church. I'm cooking everything from scratch, mending clothing, unplugging electronics and strictly using cash to purchase our needs. I run out of cash each week way before the needs are met... I am dreading the holidays this year, back to school needs, and even birthdays for my children. I know I am not the only one either. I read an article online this week that annual raises were a thing of the past, so what kind of future do we have to look forward to? I can tell you for sure, not one filled with vacations.
That was the question that came in to "Ask The Dollar Stretcher". Is there a solution to her problem? Our editor, Gary Foreman, a former financial planner provides some options this reader should explore for increasing her income.
Links mentioned in video:
- Bureau of Labor Statistics Good & Bad Job Fields
- Salary.com Top 5 Fast-Growing, High-Paying Jobs- Bachelor's Degree Not Required
- Bankrate.com Industries Where Jobs Are Disappearing
Take the Next Step:
- Don't assume you can't get a raise. See if one of these 13 ways to score a bigger raise will work for you.
- Many people are now supplementing their income with a side gig. Perhaps one of these side gigs can be the perfect solution for you to boost your monthly cash flow.
- Keep your finances on track by visiting our money section where you'll find tools and resources to help you with your finances.
- Discover dozens of additional ways to make extra cash by visiting the Dollar Stretcher Library.
- Stop struggling to get ahead financially. Subscribe to our free weekly Surviving Tough Times newsletter aimed at helping you 'live better...for less'. Each issue features great ways to help you stretch your dollars and make the most of your resources. Subscribers get a copy of Are You Heading for Debt Trouble? A Simple Checklist And What You Can Do About It for FREE!
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