If you’re sick and tired of being broke, living paycheck to paycheck, and not having a solid source of income it’s time to take control of your finances! Because let’s be honest being broke sucks. Whether you need to work on your spending habits, learn how to save, or find ways to earn more money, you can find a way to stop being broke.
Stop playing the blame game
You can make mistakes but you aren’t a failure until you start blaming others so stop looking out the window and look in the mirror. It’s no one’s fault you’re broke and you should stop blaming anyone including yourself. The bigger question should be: What are you doing about it? Are you going to sulk about being broke for the rest of your life or are you going to work harder to make your situation better? Get your ducks in a row and start figuring out how you’re going to get yourself in a better situation.
Live below your means
Stop spending money you don’t have, try as much as possible to live below your means. You don’t need to eat out or buy that coffee in the morning just to try and keep up with you friends. You’re not doing yourself any good. Stop acting like you have money if you don’t have. It’s okay to be broke, what’s not okay is you not doing anything about it or making your situation worse.
Evaluate your situation
Every moment you start thinking about how broke you are is a moment you’re wasting instead try and ask yourself where did the rain start hitting you. While there may be some things out of your control or reach like not finding a job or not getting paid good money at your job. There’s some other factors you can work on to help you with your situation like your spending habits or a second job.
Have you ever tracked your money to see where you’re spending it on? You’d be surprised how much money you spend on non-essentials. In this era, there’s multiple free apps both on iOs and android to help you create a budget if you’re not financially savvy. This will go a long way in making the most out of your income.
Start a side hustle
Find a way of making more money. If you have a 9-5 job look for something to do between 7 and 11 PM because that could make all the difference when it comes to your finances. If you’re unable to find a job try and develop new skills that eventually you can monetize or can earn you that promotion you’ve been longing for at work. The more you earn the more you can save for future investments. Start a side hustle, an online business, and in this digital era, you can operate online and still be successful.
The Money Rule
Make sure your budgeting habits follow the 50/20/30 budget rule. This rule states that 50% of your income should go towards essential needs. 30% should be used to wants and 20% towards savings. After you apply this rule you may not be left with much. In the long run, it’ll be worth it.
Impulse buying is a problem we have all experienced at some point. The instant gratification that comes with impulse buying is very satisfying but also very short-lived. If you want to buy something impulsively just ask yourself, Is it within my budget, where does it fit on the 50/20/30 rule, will I be happy about the purchase in one month? We’ve all bought something and then a week later we ask ourselves did I really need it?
Avoid get rich quick schemes
A lot of people have lost money in get rich quick schemes. They promise very high returns for very little investment. You may be tempted to invest your little savings in these schemes but just put in the work and the hours and you will reap the benefits.
Avoid debt like the plague
Avoid small loans because every time you borrow these small expensive loans you are robbing your future self. These loans are deducted from your income and you end up spending way more. At times loans are unavoidable but if you can avoid the small loans unless you’re getting a loan to finance a business.
Motivation is what gets you started, habit is what keeps you going. The journey of a thousand miles starts with one step. If you’re broke you should be automatically motivated and always be hungry to make more money so you can better your situation. You should no longer be in the business of making excuses. Make it happen with whatever you have. Stop reading lifestyle magazines and blogs, instead follow motivation handles on your social media channels and you will see a huge improvement in your lifestyle. You are what you read and consume.
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