How to Make Ends Meet When Money is Tight

Money is tight for many Albertans these days, and the stress of juggling bills and daily expenses can quickly become overwhelming. It’s not just about feeling uncomfortable—financial strain can impact your health, relationships, and overall well-being. According to a recent CityNews poll in Edmonton, 54% of Albertans are struggling to make ends meet, and that number jumps to 63% for those with children at home. Even steady jobs and decent wages don’t always guarantee you’ll be able to cover basic necessities like rent, food, and utilities. Many hardworking people are either living paycheck to paycheck, barely making ends meet, or simply not making ends meet at all.

The good news is that there is help and hope. Recognizing that something needs to change is the first major step. Whether you have a spending problem, an income problem, or both, you deserve a financially stable and fulfilling life. It’s time to believe in yourself and take action. The following steps will help you get started on a path towards better financial health and peace of mind.

1. Assess Your Financial Situation

Before making any changes, you need to know where your money is going and why. Start by getting a clear picture of your finances—what’s coming in, what’s going out, and what might need adjusting.

Track Your Income and Expenses

Gather your pay stubs, bank statements, and receipts. By listing all sources of income alongside all monthly expenses, you’ll get a true sense of where you stand. To stay organized and accountable, consider using budgeting tools or apps. As you get started, it may also help to identify warning signs of debt to catch issues early and address them promptly.

Evaluate Needs vs. Wants

Not all expenses are created equal. Essentials like housing, groceries, and medical costs are non-negotiable, while streaming services, takeout meals, and gym memberships may need to be cut or reduced. Knowing the difference between wants and needs will help you prioritize where to spend and where to save.

Beliefs & Mindset About Money

Your mindset plays a huge role in how you handle money. Negative beliefs can hold you back from reaching financial stability. Consider exploring ways to shift your money mindset and remind yourself that you are not your money. If you need inspiration, try adopting mantras to inspire better money habits that align with the life you want to create.

2. Create a Budget

A well-structured budget is like a roadmap guiding you toward your goals. It helps ensure that every dollar you earn has a purpose—whether it’s for necessities, paying down debt, or building savings.

Set Financial Goals

Start by defining what you want to achieve. Whether it’s becoming debt-free within a few years, saving up for a home, or simply breaking out of the cycle of barely making ends meet, having clear goals will keep you motivated. For help with structuring these aims, consider learning how to set SMART financial goals.

Allocate Funds

Once your goals are clear, break down your income into categories like housing, food, transportation, and savings. The key is to stay flexible—adjust as needed and keep improving over time. If you need guidance, here’s a handy resource on 5 simple steps to revise your budget and some great tips to save money on necessities.

3. Reduce Expenses

If you’re having difficulty making ends meet, reducing expenses can feel like a straightforward but challenging strategy. The good news is that small changes can add up quickly.

Cut Non-Essential Spending

Limit takeout meals, reduce entertainment expenses, and shop around for deals. Even small cuts, like using coupons or canceling an unused subscription, can free up extra funds. Saying “No” to the extras will save you money, whether it’s a no spend weekend or sticking to a cash budget even when it’s tough. Try these 10 quick changes to save money and tap into these extra tricks to save even more..

Lower Essential Costs

Call your service providers and negotiate better rates on insurance, phone plans, and internet. Reducing utilities by conserving energy and water can help too. For even more tips, check out our 8 tips to cut expenses and manage money in difficult times.

If you’re resorting to high-interest, short-term solutions, learn about alternatives to payday loans and frugal habits to save money to minimize unnecessary costs.

4. Increase Income

If trimming the budget isn’t enough, it might be time to focus on earning more. This could mean taking on an extra job, freelancing, or retraining to move into a better-paying field.

Explore Side Gigs or Part-Time Jobs

Whether it’s freelance writing, online tutoring, or delivering food, side hustles can provide much-needed financial relief. Not sure where to start? Learn what a side hustle is and why you need one to boost your monthly income.

Sell Unused Items

Declutter your home and sell things you no longer need. The extra cash can help cover a bill, build a small emergency fund, or go towards paying down debt.

Maximize Current Employment & Upskill

Talk to your employer about opportunities for a raise, overtime, or career advancement. Consider retraining or learning a skill that pays well. Upskilling can put you on track to a higher income and greater stability. If your income varies month-to-month, here’s the key to living on an income rollercoaster to keep you afloat in uncertain times.

5. Manage Debt Wisely

If you owe more than you can pay, you’re not alone. Evaluating your debt options and taking strategic steps to reduce what you owe can make a big difference.

Understand Your Debt

List your debts, their interest rates, and monthly payments. Getting a clear picture will help you decide which debt to tackle first. This resource on how much debt is too much debt can help you understand when your debt load has become unmanageable.

Negotiate with Creditors

Many creditors are willing to work with you. Ask about lowering interest rates or setting up a manageable payment plan. Paying off high-interest debt first can save you money in the long run. For step-by-step guidance, check out 7 steps to roll down your debts or consider ways to get out of debt in Alberta.

Consider Debt Consolidation

Combining multiple debts into one monthly payment can simplify your financial life. Learn more about debt consolidation pros and cons and explore debt consolidation options in Alberta. If the situation is dire, find out how to avoid bankruptcy or consider if an Orderly Payment of Debts (OPD) program is right for you.

6. Seek Assistance

Going it alone can be tough. Don’t hesitate to ask for help—there are plenty of resources and people who understand what you’re going through.

Educate Yourself

Learn more about personal finance through financial education courses, books, and reputable blogs. Tools and calculators available on Money Mentors’ resources page can guide your journey.

Government and Community Programs

Check out affordable advice for life in Alberta or explore making a plan to manage your debt through federal resources. Local community programs may help with housing, utilities, or food assistance.

Non-Profit Organizations & Debt Help

Non-profits and counselling services, like Money Mentors’ debt help, offer guidance and support. You may find a sense of relief in working with professionals who understand the local economy and the unique challenges of living in Alberta.

Friends and Family Support

Consider talking openly about your financial challenges with trusted friends or family members. While borrowing money from loved ones should be approached with caution, emotional support and practical advice can go a long way.

What Next?

If you’ve made it this far, you’re already taking positive steps to regain control of your finances. By assessing your situation, creating a budget, reducing expenses, increasing income, managing debt wisely, and seeking assistance, you can gradually improve your financial health. Remember: mindset matters. You are not defined by your current money challenges, and by taking small steps every day, you can change your story.

The journey won’t be perfect, and it won’t be easy, but with patience, discipline, and courage, you can move forward. If you need more support or want to share your own experiences, consider participating in online discussions like this Quora thread or joining the conversation on Reddit’s personal finance forum.

Take it one day at a time. Believe in your ability to make positive changes. And remember that help is available when you need it. You deserve financial stability and freedom—starting now.

Have questions?

Need more information or want to talk to an accredited financial counsellor for peace of mind? Let us help.
Call 1-888-294-0076 or book an appointment. It’s free for all Albertans.