Let’s face it, prices are getting higher and higher. Inflation is at record levels and the dollar does not go as far as it used to. Raises and bonuses are being given to employees but that still does not keep up with inflation. It might be a good idea to look at your budget and see if you need to increase some categories. (I have to increase the subscription category next month…. thanks Netflix!)
It all starts with the income. That is the most important factor in the equation. If it is staying the same, it will be hard to increase your monthly budget. At that point, you must get creative to bring up the income. Side hustles, over time, part time gigs whatever it may be. There are many ways to bring in extra money. The most important thing is to be aware of categories in your budget. Some might not even know that they are spending more!
If a budget does need to be adjusted, that is okay. Understand WHY you are increasing it. There is a difference between inflation and lifestyle inflation. Lifestyle inflation is when you spend more because you make more. Not because things cost more. That is when it gets dangerous. Be aware of your why!