What to Do When You Don’t Have Enough Money

Setting financial goals and building a powerful budget may sound ideal, but what happens when you just don't have enough money right now to make it work? What if you're just in survival mode? Follow this step-by-step thought process to build an actionable plan for focusing on what matters today and finding hope to get ahead tomorrow.

Step 1: Identify the Problem

Your first step is to start breaking down the vague problem of “I don’t have enough.” Whether it was looking at your bank account balance, receiving an unexpected bill in the mail, or simply a gut feeling in the middle of the night, something prompted you to feel like you didn’t have enough or couldn’t make enough money.

We’re going to break down and quantify “not enough” further in the next two steps, but first I want you to simply differentiate if this is a long-term issue of lack, a temporary season of insufficiency, or simply an illusion born of fear.

Long-Term Lack: Have you been struggling for a while to scrape together enough money for your lifestyle obligations, your business obligations, or both? Is this a big picture income and cash flow problem?
Temporary Insufficiency: Or, is this simply a season you need to endure until you’re able to reach a certain objective? Maybe it’s a slow season for your business, or you’ve had to take some unexpected time off of work, or a large one-time expense came up that hit your bank account hard and you just need time to replenish.
Fear Illusion: Sometimes we simply convince ourselves that our financial situation is worse than it is. This is especially common when it’s been a while since you’ve taken a look at your numbers, updated your budget or financial records, etc. But it can also happen during emotionally stressful seasons for no other reason than the fact that you simply feel like something bad is going to happen.

If your problem is that last point and you’re able to identify it as such, then at least you know that you have a mindset and awareness issue rather than a financial one. However, if you’re in either of the other boats or you’re simply not sure yet, then continue into Step 2.

Step 2: Define “Not Enough”

How much is “not enough?” And that amount is “not enough” for what? It’s time to get really specific about your true financial problem here.

This section is going to involve collecting some numbers and making lists. It will take you a little bit of time depending on the depth of your financial crisis, but I assure you that the effort will be worth it if you give it your focus.

Especially in seasons of panic like this, looking at the numbers can be a very scary ask. But the unknown is even scarier. Getting the reality onto paper (or spreadsheet) so that you can assess your situation objectively is how you take back control and win against the fear, the guilt, and the shame. You can do this!

I’m going to ask you to create three lists. For each of these, I want you to take note of what the expense is, the approximate amount you need (round your numbers up when in doubt!), and the approximate date that you need to have that money available. You’ll also want to organize within each list in a chronological and then priority order to help make it easier to prioritize your plan!

And a final note for these lists: Don’t stress too much over the precise details and decimal points. We’re just trying to get an idea of your financial landscape, so some quick tallies and rounded numbers are perfectly fine at this stage. Look through your bank statements for the most recent “normal” financial months you can find, grab the info you need, and move on.

List #1: Immediate Obligations - What are your most immediate, pressing needs for the remainder of the month? (Or, if it’s near month-end, for next month?) Focus on the reality for now, not the ideal - which means keep that Netflix and Disney Plus subscription on the list unless you’re actually going to cancel them right away. Anything that you might cut can go to the bottom of the list, but until then, if it’s likely to need to be paid soon it should be on the list. Think bills, debt minimums, food, transportation, business subscriptions, inventory or materials costs for providing your products/services, paying your team, etc.
List #2: Next In Line - What’s next on the radar that you need to be able to prepare for as soon as possible? How far forward you look will depend on whether you consider this a temporary or long-term financial issue. While I’m usually a fan of thinking on a 12-month radar for your budget, when you’re struggling to find “enough” money to cover the basics that can be overwhelming. So just focus on the near future! Will you also have to cover the items from List #1 in a subsequent month as part of your emergency plan? Do you have any other atypical expenses coming up? Any non-monthly subscription renewals, annual fees, etc.?
List #3: Desires & Goals - If you know for sure that your definition of “not enough” is struggling to cover the first two lists, then you don’t need to do list #3 right now. But if you’re feeling that you have enough money for the bare minimum but aren’t able to get ahead on other goals and wants you have for your life and/or business, then here’s where you can list those goals out!

When you have these lists, compare the amounts with the current balance in your bank account so that you can identify the degree of urgency for your financial plan.

If you can’t cover the items on List #1, urgency is HIGH.

If you can’t cover the items on List #2, urgency is MEDIUM.

If you can’t cover the items on List #3, urgency is LOW (but still important).

Step 3: What Will It Take?

By this point, you should have a much clearer (and more objective) idea of where your financial problem lies. So the question becomes, what will it take to finally have enough?

Yes, I want you to identify an actual dollar amount of how much you need to cover the items on your lists. However, I also want you to ask yourself whether you need time, action, or a bit of both to get ahead of your expenses again.

Are you just waiting for your next paycheck?
Do you simply need some additional cash flow, indefinitely or for this season? (Maybe through selling some belongings, doing part-time work or odd jobs, running a launch or sale for a business revenue injection, etc.)
Do you need to lean on outside support? (There is no shame in asking for help!)
Do you need to rethink the big picture of how you earn money for yourself or through your business?

This is the part that varies so widely due to individual circumstance, and I wish I could give you a one-size-fits-all answer. But only you can take an honest look at your personal and/or business circumstances and identify what the next steps are. Now’s your chance to step into that power and take back control over your financial future!

(Even if the answer is to simply wait out the season and endure.)

Next Steps: Make It Last

I want to leave you with one last question: How long will the solution you chose above last?

If you’re simply going to wait for your next paycheck, what is it about that paycheck that will solve the problem that caused you to end up here in the first place? Or is it only a temporary fix to a bigger problem?

How are you going to make sure that the cycle is broken forever, and you don’t find yourself desperately scraping together “enough” just to get by?

The work that we did in this post was a one-time financial plan, some might even call it a budget.

But once you’re out of survival mode and are able to breathe a little again, I want you to go beyond that.

I want you to create a budget system that allows you to be super intentional with every dollar from this point forward. A system that you can maintain for the long-term so that it helps you not just to build wealth and finally get ahead of your expenses, but also to preserve that wealth so you don’t have to face this struggle again (or are at least extremely unlikely to).

Below you’ll find a list of free resources on this site that can help you start doing just that:

Until next time!

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