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For one, the cost of housing is astronomical, and then theresinflationto drive expenses up.
Thankfully, there are several strategies that can help make it work.
Here are some actionable steps you could take if this is your situation.
Keep in mindseveral changes coming to your paycheck in 2025.
This can significantly offset living expenses, he said.
Melanie Musson, finance expert withInsurance Providers, agreed that this is a good strategy.
That will give you a way to split the cost of rent.
you could also get a roommate if you own your home.
She said another strategy is to apply for housing assistance.
Leverage the Sharing Economy
Use platforms like TaskRabbit or Uber to supplement your income during off-hours.
Negotiate Remote Work Options
Arrange forpartial remote workto reduce commuting costs.
Utilize Local Resources
Take advantage offree community events, libraries and public spacesfor entertainment and learning.
Many cities offer free museum days or discounted cultural passes for residents.
Optimize Your Spending
Salahi recommended using cashback credit cards strategically for everyday purchases.
Invest in Yourself
Focus on upskilling to increase your earning potential.
Many libraries offer free access toonline learning platformslike LinkedIn Learning or Coursera.
Build a Robust Emergency Fund
Aim to save three to six months of living expenses.
According to Salahi, this provides a crucial safety net and reduces financial stress.
Experts said these can provide substantial tax savings and reduce out-of-pocket expenses.
Consider a Side Hustle
Leverage your skills or hobbies to create additional income streams, Salahi advised.
Websites like Etsy or Fiverr can be excellent platforms to monetize creative or professional skills.
Overall, experts said to keep at it.
Dont settle for your income, Musson advised.
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