• Home
  • GET THE BOOK
  • Start Here
  • Blog
  • Free Resources
  • Shop TBM
  • Courses

The Budget Mom

Real Women. Real Life. Real Finance

  • Home
  • Products
    • Live Rich Planner
    • Budget By Paycheck
  • Blog
  • FREE RESOURCES
  • COURSES
  • GET THE BOOK
  • Shop TBM

A life you love on a budget you can afford.

Here on TBM®, I provide you with simple, easy-to-follow solutions to help you budget your money, pay off debt, save more, and crush your financial goals. But more than that, I give you the tools to start doing the things that matter most to you, on a budget that actually works!

  • Home
  • Products
    • Live Rich Planner
    • Budget By Paycheck
  • Blog
  • FREE RESOURCES
  • COURSES
  • GET THE BOOK
  • Shop TBM

How To Increase Your Income When You Have Financial Troubles

April 23, 2018
Extra Income

Share2
Pin551
Share
Tweet
Email
553 Shares

Increase or supplement your income with these assistance programs designed to help you if you have financial troubles.

This is article three of Part One of the “Conquering Debt Series.” Read article two of Part One here.

When you have financial problems, it's essential to find ways to adjust your budget to see if you can increase income to come up with additional money to repay debts.

I know there are a ton of articles out there that list common ways to increase your income by walking dogs using an app like Rover, selling unwanted items, renting your car using Getaround, or making deliveries for companies like Instacart.

Today, I wanted to talk about some ways to increase or supplement your income using a different approach. Not only do I want to talk about the options you might have, but I wanted to give you real solutions if you have fallen behind. I wanted to shine some light on the programs available that help people who haven fallen on hard times.

Some of the ideas talked about in this article have specific laws that change often. I tried to list beneficial programs that are likely to be available for the foreseeable future, but you might need to get more detailed information if you wish to pursue these options.

I will only summarize these various programs throughout this article, but I will make sure to include ideas on where to find more information as well as give you a list of websites that you can go to for further details.

If you have debt troubles, it's vital that you look into and take advantage of programs that were designed to help people with financial problems and you should never be ashamed of using them. In fact, it's likely that you contributed in some way financially to funding these programs either through tax payments or by payroll deductions.

Debt can be unbearable and scary, which may make you feel hopeless. Today, I want to give you the tools you need to realize there are solutions out there that can help relieve some of the stress.

  • Read: 4 Things You Need to Do Immediately If You Want to Pay Off Debt

THE EARNED INCOME TAX CREDIT

If you are employed, the Earned Income Tax Credit is a frequently overlooked means of increasing your income. If you have had a change in your income or have recently been laid-off, you may be eligible during the year in which you have financial problems.

The amount of the credit you receive is based on the size of your family and the amount of your income. If you are working and your total income falls below a certain amount, you qualify for the credit even if you do not have to pay taxes that year.

To find more detailed information here about the Earned Income Tax Credit.

  • Read: The Saver’s Tax Credit – What Is It and Do You Qualify?

UNEMPLOYMENT COMPENSATION

Losing a job or having your hours reduced significantly can have a significant impact on your financial well-being. You should always think about unemployment compensation and should apply as quickly as possible after your employment has been terminated or reduced for any reason.

Keep in mind; if you were fired or quit voluntarily, you might not be eligible for benefits. Each state administers its own program with guidelines established by the federal government.

One of the resources to look into is The National Employment Law Project (NELP) which has some useful publications on unemployment compensation.

SUPPLEMENTAL NUTRITION ASSISTANCE PROGRAM (FOOD STAMPS)

SNAP is a resource that can help you supplement your food budget if you have fallen on hard times. Your income must be below program limits which vary by family size.

You can apply for SNAP food assistance by filling out an application form at your local SNAP office. These are usually found in public assistance offices in your community. In some cases, you can call and have them mail you an application or some states let you apply online. You can find more information about the application process in different states on the U.S. Department of Agriculture website.

If you apply and are denied, do not take that as your final standing. Sometimes, the agency improperly denies applications because of confusion about eligibility requirements or because of arithmetic mistakes.

If you would like more detailed information about SNAP, or if you would like to review program manuals, regulations or pamphlets, make sure to check out your local public assistance office. You can also find a lot of helpful information from the Food Research and Action Center or the U.S. Department of Agriculture.

  • Read: These 4 Side Hustles Can Earn You up to $50 per Day

OTHER FOOD ASSISTANCE PROGRAMS

If SNAP is not n option for you or your family, make sure to check out other local community programs.

For example, if you are pregnant or have a child under the age of five, you should look into assistance from the Women, Infants, and Children Program (WIC). This program is usually administered by local public health departments and provides vouchers for supplemental food that is important for the health of mothers and to the early development of their children.

There are also some programs that provide meals or snacks for school children, including the national school lunch program as well as school breakfast, afterschool nutrition, and summer nutrition programs.

Make sure to check out local unions, churches, and community groups that offer food services for people who are having financial difficulty. They can help distribute food and might have cafeterias where you can turn to for help. You can find specific locations based on where you live by going to www.feedingamerica.org.

OTHER WAYS TO INCREASE INCOME

Taking a second job, increasing over time, or collecting debts owed to you by others are all ways you can improve your income. Do you have space in your home which you could rent? Do you have a marketable skill which you are not using to its full potential?

If you have decided to stay home or not to work, financial difficulties create an opportunity to reconsider. The decision to go back to work needs to be weighed against the potential increased costs of child care, taxes, and other living expenses.

There are a lot of options and ways to increase your income. Make sure you pursue all avenues and read my article, 20+ Ways to Make More Money.

RESOURCES

  • The Earned Income Tax Credit 
  • The National Employment Law Project (NELP)
  • U.S. Department of Agriculture
  • Food Research and Action Center
  • Women, Infants, and Children Program (WIC)
  • Feeding America
Share2
Pin551
Share
Tweet
Email
553 Shares

Filed Under: Extra Income, SAVE MORE Tagged With: CONQUERING DEBT SERIES, EXTRA INCOME, MAKE MONEY, PAY OFF DEBT

Previous article:
« Instant Pot Super Seed Steel Cut Oats
Next article:
How To Cut Expenses When You Have Financial Troubles »

Hello, I'm Kumiko, but everyone just calls me Miko. Welcome to my blog, The Budget Mom. I am an Accredited Financial Counselor® , and mom to a rambunctious boy. Come along with me as I strive to live a life I love on a budget that I can afford. Read more about me.

RECENT YOUTUBE VIDEO

Ryen & I are talking about our June 2022 budget numbers! Not only do we show where our dollars went, but we also discuss if we stuck to our budget limits.

In this video, we are going over some heavy spending I had in June (thank you, sinking funds!) and Ryen gives an update on her debt payoff timeline. 

What do you do with your budget after the month is over, and you’re ready to begin a new month? Most people don’t realize it, but your spending throughout the month gives you some incredibly helpful information.

One of the first steps to creating and sticking to a realistic budget is tracking your expenses. Your spending is the underlying foundation for creating a budget and ensuring that your budgets in the future are successful.

If you are not aware of where your money is going, you can’t make the best decisions for your dollars. Today, I am going to show you how to extract all of the vital information from your expense trackers using the "Where Did My Money Go?" Worksheets.

CHAPTERS:
00:00 Introduction
09:57 Miko's Budget Category Breakdown
12:46 Miko's Investment & Savings Breakdown
14:21 Miko's Spending Comparison to May 2022
15:10 Ryen's Budget Category Breakdown
17:18 Ryen's Debt & Savings Breakdown
18:22 Ryen's  Spending Comparison to May 2022
19:08 Conclusion


➡️ HOW I TRACK MY SPENDING: https://bit.ly/3aIe89I
➡️ HOW TO USE A BUDGET CALENDAR: https://bit.ly/2IzF2Vj
➡️ FINDING YOUR WHY: https://bit.ly/3aJUryj
➡️ THE BUDGET MOM'S FINANCIAL FREEDOM STEPS: https://bit.ly/3cfJXsp
➡️ HOW TO GET STARTED WITH THE CASH ENVELOPE METHOD: https://bit.ly/2vQJaO5
➡️ HOW TO CREATE A PLAN OF ATTACK TO PAY OFF DEBT: https://bit.ly/2wDETxF

ABOUT ME

I'm the blogger behind https://www.thebudgetmom.com. I have a rambunctious 6-year-old son, live in Washington, and I'm passionate about helping people with money management and personal finance. Let me know what you like to learn more about! Leave me comments and suggestions on my video and let me know!

YOU CAN FIND ME AT:

📝 BLOG: https://www.thebudgetmom.com
📘 FACEBOOK: https://www.facebook.com/thebudgetmom/
📸 INSTAGRAM: https://www.instagram.com/thebudgetmom/
📌 PINTEREST: https://www.pinterest.com/thebudgetmom/

GET STARTED

➡️Start Here: https://www.thebudgetmom.com/start-here/
➡️Free Email Course: https://bit.ly/2UYgNFf
➡️Free Resources: https://bit.ly/2PDmTHz
➡️GET 10% OFF my popular Budget-by-Paycheck Workbook - Coupon Code TBMYOUTUBE https://bit.ly/2CR7U9n
JUNE 2022 BUDGET RECAP | Budget By Paycheck + Budget Tips
YouTube Video UCqP6K5GNGvQXSI10xNIAkxA_QFxVLJaDXUw
Load More... Subscribe
Free Resource Library

Recent Posts

  • Should I Take Out a Personal Loan to Pay off Credit Card Debt?
  • What to Do When Your Credit Card Company Sues You
  • Sam’s Club vs. Costco: Which Is Best for Your Budget?
  • Why Does Your Credit Score Drop When You Pay Off a Debt?
  • What You Need to Know About Student Loan Forgiveness

Blog Categories

Amazon Associates Disclosure

The Budget Mom, LLC is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

  • Cart
  • Shop Policies

Start With My Friday Newsletter

Every Friday I send you a short helpful email with my popular Friday freebie. Join my 500k+ subscribers!

About

  • Home
  • ABOUT TBM
  • Contact
  • Start Here

Important

  • DISCLAIMER
  • PRIVACY POLICY
  • Subscribe

Favorites

  • YouTube
  • Blog
  • Live Rich Planner
  • Budget by Paycheck

Start With My Friday Newsletter

Copyright ©2022, The Budget Mom®
This website contains affiliate links, which means that if you click on a product link, I may receive a commission. This website is a participant in the amazon services llc associates program, an affiliate advertising program where I earn advertising fees by linking to amazon.com.
  • How financially fulfilled are you? Take this 2 minute quiz to get your score!
    Click Here to Start