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Advice / Succeeding at Work / Money

10 Signs You're Not Making Enough Money—and Tips to Help You Earn More

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Financial stability is more than just a number in your bank account—it's a key factor in your overall mental well-being and your ability to plan for the future. When you're constantly worried about covering the next bill, that stress can affect every aspect of your life. It’s not uncommon to feel like you're not making enough money—but recognizing the signs early can help you take control before things get worse.

In this article, we’ll explore the signs that you might not be earning enough to support your lifestyle, followed by actionable steps you can take to turn your financial situation around. Whether it's cutting back on expenses, negotiating for a raise, or finding new income opportunities, there are solutions to help you get on the right track.

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10 signs you're not making enough money

Recognizing these key indicators can help you take proactive steps to improve your financial situation.

1. You rely on credit cards to make ends meet

If you’re regularly using credit cards to cover basic expenses like groceries, rent, or utilities, it could be a sign that there’s not enough money to meet your financial needs.

While credit cards can offer short-term relief, relying on them can lead to a dangerous cycle of debt. “High-interest rates and minimum payments can snowball into larger financial burdens, making it harder to regain control of one’s financial situation,” says financial coach Becca Heissel.

2. You can't cover essential bills

If you're consistently struggling to pay for essential expenses like rent, utilities, or insurance, it’s likely that your income isn't keeping up with your financial needs. When you find yourself delaying or splitting up payments just to keep the lights on, it's time to assess whether your current income is sustainable.

3. You don't have an emergency fund

A crucial aspect of financial health is having a safety net for unexpected expenses. If you lack an emergency fund or have less than three months' worth of expenses saved, this may be a sign you're not earning enough to save for emergencies. Without a financial cushion, even minor emergencies like car repairs or medical bills can push you into debt.

4. You're living paycheck to paycheck

Living paycheck to paycheck is one of the most common indicators that you’re not making enough money. If you struggle to set aside any money beyond immediate expenses, or if you’re left with nothing at the end of each pay period, you may need to reevaluate your income and budgeting habits. This constant financial stress can affect your mental health and leave little room for long-term financial planning.

5. You're not saving for the future

If you’re not able to contribute to retirement accounts, investments, or long-term savings, it could be a sign that your current income isn’t sufficient. Saving for the future is essential for financial security later in life, and a lack of contributions to these accounts can limit your ability to retire comfortably or handle future life changes.

6. Your debts keep growing

If you find that your debt keeps piling up, especially high-interest debt like credit cards or payday loans, without making significant progress in paying it down, this is a red flag. High debt balances can make it harder to break free from the cycle, and if you're struggling to pay off the principal while interest keeps accumulating, your income may not be enough to cover both current expenses and debt repayment.

7. You can't afford basic health care

If you're unable to cover medical bills, afford health insurance, or even pay for routine doctor visits, it could indicate that your income isn't sufficient for basic life needs. Health care is a vital expense, and being unable to prioritize your well-being because of financial limitations can lead to both physical and financial stress in the long run.

8. You're working multiple jobs and still struggling

Many people take on multiple jobs to make ends meet, but if you're working more than one job and still barely getting by, this is a clear sign of income imbalance. Juggling several sources of income without achieving financial stability could indicate that your primary job isn't paying enough to cover essential expenses.

9. You avoid social activities due to money concerns

Declining invitations to social activities because of financial concerns is another indicator that you are not earning enough money. If you frequently avoid going out with friends, attending events, or participating in activities because you're worried about the cost, it's a sign that your income isn't allowing for even modest discretionary spending.

10. You're constantly anxious about money

Feeling persistent anxiety, stress, or even experiencing insomnia over your financial situation can be one of the most telling signs that you're not making enough money. Constant worry about how to pay bills, handle debt, or manage unexpected expenses can take a toll on your mental well-being, indicating the need for a financial reset.

How to turn the situation around

If at this very moment, you’re thinking “I don't make enough money,” it’s time to take proactive steps to improve your financial situation. Here’s what to do when you don't make enough money:

Reevaluate your budget

Start by taking a close look at your current budget. Assess where your money is going and identify non-essential expenses that can be cut. “Many individuals make the mistake of viewing budgeting as a restrictive exercise rather than a proactive strategy for financial empowerment,” Heissel says. “They often focus on what they can’t spend, leading to anxiety and frustration. Instead, I encourage clients to prioritize their goals and view budgeting as a tool for achieving their aspirations.”

This shift in mindset can help you feel more in control of your finances and enable you to allocate funds more effectively.

Increase your income

If budgeting alone isn’t enough to reduce your financial stress, consider ways to increase your income. This could involve negotiating a raise at your current job or exploring higher-paying job opportunities. (You can find more than 400,000 jobs here on The Muse, hi!)

“In today’s economy, effectively asking for a raise involves thorough preparation—researching industry standards and preparing a case that outlines your contributions and value to the organization,” Heissel says. “Communicate this confidently and be open to negotiations.”

Take advantage of side hustles

Exploring side jobs and freelance work can be a great way to boost your income and create additional financial stability. “For those looking to build a side hustle while maintaining a full-time job, my practical tips include setting clear goals, managing time effectively, and leveraging existing skills or passions,” Heissel says. “It’s crucial to treat the side hustle as a business venture, complete with a plan for growth and sustainability.”

Whether it's freelance writing, graphic design, tutoring, or any other skill, a side hustle can provide not only extra cash flow but also valuable experience and networking opportunities.

Pay off debt strategically

Managing existing debt is crucial for financial recovery. “Prioritize essential expenses while simultaneously identifying areas where you can reduce discretionary spending,” Heissel says. “My rule of success is simple: Know what you want, know how much it costs, and know your numbers.”

By using proven debt payoff methods like the snowball or avalanche techniques, you can tackle your debts effectively. The snowball method involves paying off your smallest debts first to build momentum, while the avalanche method focuses on paying off debts with the highest interest rates first to minimize total interest paid. Both strategies require discipline and commitment, but they can lead to significant relief over time.

Build an emergency fund

Creating an emergency fund is an essential step in achieving financial security. Even if your budget is tight, start with small, manageable contributions. Aim for a few hundred dollars as a starting point and gradually build it up to cover three to six months' worth of expenses. This fund can serve as a safety net during unexpected financial challenges, preventing you from falling back into debt.

Invest in yourself

Investing in your education or skill development can significantly increase your earning potential. Consider taking courses, attending workshops, obtaining certifications, or even watching YouTube videos related to your field. Upskilling can open doors to new job opportunities, promotions, or even entirely new career paths, all of which can help improve your financial situation in the long run.

Talk to a financial advisor

When your financial situation feels overwhelming, seeking guidance from a professional can be incredibly beneficial. A financial advisor can help you assess your current financial health, create a personalized plan, and offer insights into investment opportunities and strategies for saving. Look for an advisor who understands your unique circumstances and goals to ensure you receive tailored advice that aligns with your aspirations.

FAQs

What if I can't make enough money?

If you're struggling to make enough money, start by evaluating your current financial situation. Create a budget to identify areas where you can cut expenses. Consider seeking a raise or finding higher-paying job opportunities. Additionally, exploring side hustles can provide an extra income stream. Consider consulting a financial advisor for personalized guidance.

Why do I struggle so much to make money?

Struggling to make money can stem from various factors, including job market conditions, skill gaps, or personal financial habits. Reflect on your current career path, assess your skills, and consider opportunities for upskilling or further education. Identifying and addressing these challenges can help improve your earning potential.

How can I increase my income quickly if I'm struggling financially?

To quickly increase your income, consider negotiating a raise with your current employer or exploring job opportunities that offer better pay. Side hustles, freelance work, or part-time jobs can also provide immediate additional income. Focus on leveraging your existing skills or interests to create income-generating opportunities.

What are some effective side hustles for extra income?

Effective side hustles vary based on your skills and interests, but some popular options include freelance writing, graphic design, tutoring, pet sitting, or ridesharing. You can also consider selling handmade goods or participating in gig economy platforms, like Uber, Uber Eats, TaskRabbit, and Fiverr. The key is to choose something that fits your schedule and leverages your skills.