5 Things You Can Do With Your Finances During Hard Times

TL;DR: Financial stress is real, but small steps can make a big difference when times get hard. This guide covers five things you can do with your finances to feel more in control over your money, no matter where you’re starting from.

Bills don’t stop, gas prices fluctuate, and the rising cost of groceries can make you feel like you’re behind financially. However, feeling behind doesn’t have to mean staying behind. 

The truth is, financial stress affects millions of Americans — and there’s no shame in feeling stretched thin. What matters most is knowing that even the smallest steps can make a meaningful difference. You don’t need a financial makeover overnight; you can take it slowly and intentionally.

In this article, we’ll share five easy things you can do with your finances when strapped for cash, whether you’re looking to build a budget, tackle debt, or simply feel more confident about your money. 

1. Respond Thoughtfully Instead of Panicking

Financial stress is valid, but making reactive financial decisions based on fear and anxiety can often make the situation worse. Before you act, pause and respond thoughtfully: 

• Write down what you know to be true vs. what you fear might happen.
• Talk to a trusted family member, friend, or financial advisor before making any major moves.
• Focus on what you can control, and let go of what you can’t. 

 

2. Build or Revisit Your Budget

Budgeting during hard times is essential. Start by working with a budgeting app, Google spreadsheet, notebook, or a financial planner, and regularly review: 

• Total monthly income 
• Fixed expenses (rent, utilities, and loan payments)
• Variable expenses (groceries, gas, and dining)
• Savings goals 

One budgeting tip you should consider is the 50/30/20 framework, which allocates 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. This won’t look perfect for everyone, but the 50/30/20 rule is a great starting point. 

Remember to use the online banking tools available to you and review your expenses often to update your budget whenever your income, expenses, or goals shift. 

 

3. Cut Spending Where You Can

Take a deep dive into your monthly expenses. Are there any memberships or subscriptions you no longer use? Are you ordering too many packages or getting takeout more often than you should?

Review the last 30-60 days of your bank transactions to identify patterns and perform a simple spending audit. Once spending has been cut, redirect your freed-up money toward bills, debt, or a 3-6 month emergency fund in a savings or money market account. 

 

4. Refinance or Consolidate High-Interest Debt

If high interest rates or credit card debt are putting pressure on your monthly budget, refinancing or consolidating your high-interest debt might be worth exploring. Refinancing your debt allows you to replace an existing loan with a new one at a lower rate to reduce your monthly payment or the total interest you pay over time.

Debt consolidation combines multiple debts, like credit cards and personal loans, into a single, manageable payment, so you’re only working with one due date and interest rate instead of several. You may want to refinance or consolidate if you have:

• High-interest credit cards carrying a balance from month to month
• Personal or auto loans taken out when rates were higher or before you improved your credit score
• Multiple debts that feel difficult to keep track of

Done thoughtfully, consolidating your debt can be a smart way to simplify your finances and keep more money in your pocket each month. 

 

5. Find Opportunities to Strengthen Your Finances

Improving your financial status isn’t only about cutting back. Sometimes, the biggest wins come from finding new ways to grow. Here are some personal finance tips to consider:

• Pick up freelance work, tutoring, or gig work using skills you already have.
• Move your money out of a basic checking account and into a money market or certificate of deposit (CD).
• Increase contributions to your Roth IRA or employer 401(k) after managing your debt and establishing an emergency fund.
• Take advantage of employer benefits you may not be fully using, like HSA contributions or tuition reimbursement.
• Be cautious of scams promising quick money or guaranteed returns.

Start Where You Are Today

You don't have to tackle all five things to do with your finances at once. Start with what feels most urgent and go from there; even the smallest step forward is progress. 

When you're ready to talk through your options, Advantage Plus is here. Stop by your local branch or give us a call — we're happy to help.

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