Step Three – Making the Cut
If the balance of your outflow and your income is out of whack then it is time for you to make some life changes. There are only two choices in this matter:
1. You can bring in more income or
2. You can cut your outflow
If you are going to work longer hours, or change jobs (or take on a second job) to bring in more income, be sure that you talk with any other people in your life (spouse, children or significant other) so that they feel included in the decision. It may also help to explain that the extra work has a limited amount of time and specific purpose (bringing financial stability to your life).
Before you go to the extreme of taking on a large load of extra work, you might want to take a hard look at your expenses. There may be places that you can cut and services that you can do without that will bring your finances back into balance. Things like gym memberships, magazine subscriptions and extended cable programming may seem like a small amount of money but can add up to be a lot when tallied together.
Which ever route you decide to take, once you get your finances balanced it is time to cut the debt and plan for the future. The next step is about living a more abundant life.