How To Approach Money Decisions During Financially Slow Months
When your paycheck fluctuates, whether you're hourly, commissioned or freelance, lean months can feel financially stressful. The key is having a game plan so you can navigate the downturn without making panic decisions or compromising your long-term goals.
MoneyLion talked with Bobbi Rebell, certified financial planner and consumer finance expert at BadCredit.org, to break down exactly how to navigate these slower periods without losing your mind (or your financial footing).
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Prioritize Bills First
During lean months, your obligations come before everything else. Rebell calls this "being a good financial citizen," and it applies even when money is tight. If you can't pay a credit card balance in full, at least cover the minimum payment on time.
“The last thing you want is for your credit score to take a hit at this time," she said. "That will cost you more in the end.”
If things are so slow that you really can’t pay a bill, Rebell recommended getting in touch with the company. Many creditors will work with you if you're upfront about your situation. You might negotiate a waived fee, reduced interest or a temporary payment plan.
This is worthwhile, Rebell says, because “most companies would rather get paid eventually than have to chase after someone wondering if they are ever going to pay."
This approach also protects your credit standing, which matters far more than short-term relief.
Go Without Convenience (Temporarily)
When finances tighten, the first things to eliminate are conveniences masquerading as necessities. As Rebell put it, “anything that’s ‘convenience’ goes out the window.”
This may mean skipping the daily coffee shop runs to brew at home or cooking meals instead of ordering delivery. These adjustments sting temporarily, but they're often reversible and surprisingly impactful on your budget.
Once your income stabilizes, you can resume your normal routine — or you may discover that the money saved makes the inconvenience worthwhile long-term.
Pause Subscriptions and Memberships
This is one of the easiest wins during a slow month. Most services, from streaming platforms to gym memberships, offer a pause feature that temporarily freezes your account. Use it. During financially tight periods, every dollar matters, and these recurring charges add up quickly.
The beauty of pausing rather than canceling is that you can reassess when your finances improve. You might decide to reinstate, or you might realize you don't miss the service enough to justify the cost. Either way, you get breathing room now.
Separate Wants from Needs
This can be tricky because “wants” are often disguised as “needs,” especially if they feel urgent. Distinguishing between the two can be even harder during slow months when emotions are heightened.
Rebell defined needs as "the things that keep your life running and maintain your ability to earn a living" like your housing, utilities, transportation to work and basic food costs.
Wants are trickier. They often feel connected to deeper needs, like the human need for connection. A dinner out with friends or attending a family gathering might fall into this category. Rather than skipping these moments entirely, look for alternatives: host a potluck instead of going to a restaurant, suggest a free activity with loved ones or find a lower-cost way to participate.
Slower months are also a good time to practice patience and delayed gratification for you and even family members. For instance, if your child wants a toy, holding off and tying the purchase to earned chores teaches both patience and accomplishment.
As Rebell noted, "the anticipation and feeling of accomplishment will make the toy much more special and take the heat (and guilt) off you."
Know What Actually Qualifies as an Emergency
It can be easy to put non-emergencies into an emergency category, especially if things are stressful and you aren’t sure what qualifies as an actual emergency.
Rebell clarified that there’s a difference between an emergency and an expense you didn’t plan for. A random car repair you couldn’t see coming and you need the car to get to work? Emergency. “The same goes,” she said, “for a medical urgent care situation.” Paying for rent or other necessary expenses, like “keeping the lights on and your life functioning,” are expenses that you can dip into the emergency fund for.
But a last-minute gadget purchase or a non-urgent home repair doesn't belong in this category, no matter how inconvenient the delay. Distinguishing between the two helps you preserve your emergency fund for actual crises and avoid derailing your finances with rushed decisions.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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