The second option can actually be the easiest and best, though it will take some effort.

Option #2: Plug the holes (Spend less).

Impossible, you may say. Three steps will help you.

Step 1: Identify the leaks.

Keep receipts and write down the exact amount you. It only takes a few minutes a day or week. At the end of the month look through and see how you have spent your money. It can be shocking learning where all the money is leaking out.

Step 2: Identify the leaks that can be reduced plugged.

Some can be plugged others may be reduced. Americans spend an average of $3 a day at vending machines. If this describes you, that will save you over $90 a month if you cut back. Evaluate and see what leaks can be taken care of.

Step 3: Plug the leaks.

Now that you have identified what can be cut out, do it. Reduce the spending. Take the necessary steps. Will it be painful? Probably! You have two choices in life:

Choice #1: Short term pain (spend less), long-term gain (Financial freedom).
Choice #2: Short term gain (spend more), long-term pain (Financial bondage).

How is your money bucket? If it is leading you towards financial bondage, take action now. Either plug the leaks or increase the income. Financial freedom is found in a sound money bucket.