Last Updated on Apr 8, 2020 by James W

Many of us do have points in life where we have more bills than income. It may be that you have lost your job or suffered a financial emergency and suddenly you are in a tight spot. Your expenses exceed your income and that feeling of dread, desperation, and panic starts to creep in.

It happens even to the best of us. Sometimes, it is because of our own making and others, a factor of circumstances beyond our control. Either way, you don’t need to feel ashamed or down on your luck if your finances are in ruins. Regardless of the reason, you ought to take action and actively try to fix your finances.

Here are a few tips on what you can do when expenses outweigh income.

  • Assess and analyze

It’s possible to push through even when your bills are more than your income. However, to avoid being overwhelmed, you need to know where you stand. This will make it easier for you to take the necessary measures and recover from your financial setback.

Take the time to analyze your financial position and go through your bills while taking your income into consideration.

  • Cut the fat

According to 2011 report, in the US, most people spend about 15% of their household incomes non-essential items such as entertainment. Draft a checklist of all your monthly expenses. If it’s not contractual or essential, it’s time to eliminate it. No excuses. Rent, loans, credit card payments are all contractual and should be prioritized together with necessities like food.

  • Increase your income

This is a proven strategy for fixing your finances. However, this is easier said than done. But you should know that this doesn’t always mean looking for a part-time job, a side gig or odd jobs. You can auction some of your unused household items online and get some extra money to offset your bills. This combined with cutting your expenses can do you a world of good.

  • Prioritize your bills and debts

Decisive action is necessary to put your financial life back into equilibrium. Even after cutting out the unnecessary expenses, you might still need to decide on which bills to pay first. This will ensure that the most important items are taken care of. Secured debts should up the list of your priorities considering that if you don’t pay them, you could lose important assets such as your car or home. Once all the secured debts are settled, you can then focus on the other debts and bills.

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Know when it’s time to get a cash loan

Despite taking all the above steps, when your debts have ballooned, it can be hard get back on track. At this point, most people opt for quick cash loans to bridge the gap as they maneuver to fix their finances.

However, before you get a cash loan, prepare a list of all your essential expenses to ensure you don’t misuse the money and end up in the same hole.


Founder and chief editor of Blogger, Affiliate Marketer, Tech and SEO geek. Started this blog in 2011 to help others learn how to work from home, make money online or anything related to business and finances. You can contact me at