Financially Broke? Tips to Overcoming It

Are you broke? Do you hardly meet your basic needs? Did you hit the rock-bottom of your financial health?

And so do I! There is nothing to be ashamed about it. The important thing is we learn the lessons though it is in a hard and painful way.

Are you broke? Do you hardly meet your basic needs? Did you hit the rock-bottom of your financial health?

 

And so do I! There is nothing to be ashamed about it. The important thing is we learn the lessons though it is in a hard and painful way.

 

Foremost Tip:  Try not to dwell on your current financial predicament because it will just drag you down. It will ruin your sanity and distract you from thinking rationally. Let’s face it. Thinking for nights or days about your loans, mortgages and credit card bills will not solve the problem. It is enough to mull over about it for fifteen minutes, utmost for an hour.

 

Lifestyle Stripping Off:  This is less complicated if you have accepted the fact that you are in financial quagmire. Strip off unnecessary expenses. If we can just take time to ponder, we have lots of excess financial languages to get rid. Few things worth to mention include daily Starbucks coffee, lunch in fast food centers, weekly movies, monthly trip to the spa or beauty salon, and so on.

 

Stripping off means to prioritize your expenditures. We need to sacrifice things for good or for a certain period of time to come out victorious from our present spiraling debts.

 

Extra Source of Income. Sometimes hitting the rock-bottom draws the best of us. We learn to tap the potential we never thought we have. Use it to earn extra income. If you like writing journals, it is time to convert your hobby into cash. Look for writing gigs and there is plenty of it.

 

If you have a penchant for cooking, then start selling food stuff or perhaps combo meals for your officemates.

 

There is always (legal) means and solutions if we are desperate enough for extra income.

 

Rummage Sale. What is better way to get rid of your excess belongings at home than to sell it! How many of us brought things that we really don’t need? It has been there lurking in our cupboards waiting to be unpacked or it was a sale that time and the piece was too good to have it at half of its original price. C’mon! Get rid of unnecessary things in your life and at your home.

 

Simply simplify your life. In a way this is relevant to the ‘lifestyle stripping off’ tip.  The key to lift up our financial entrapment is simplifying our needs and limiting our wants. Why keep two cars when having one is more economical? Why pay for cable when you can watch it in the internet?

 

Financial Literacy. Let us be honest here. Not all of us are clever in money management. Some of us are just dumb when it comes to money matters. This is the reason why we are broke now because of our mismanagement with our finances. Sometimes we feel bitter for the lost substantial amount, which goes only to interests and other bills. However, it was our choices before that drove us where we are now.

 

Regret will not bring any goodness to our current situation. The important thing is we learn the lesson on how to be smart in our income and expenses. It is not yet too late to learn the basics about finances and with the advent of internet, there is no shortage of available information. It even comes with templates that you can download for use.

 

Start learning now! There are many genuine sites that offer information about personal finances or you can learn also from numerous bloggers who blog their journeys and challenges to overcoming their financial predicament.

 

These are only basic tips that we oftentimes forget. If you have more tips, please feel free to share. Let’s help each other to get out from financial debts.

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Published in: Personal Finance

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RSSComments: 8  |  Post a Comment
  1. Very informative and witty! Please post more articles ;)

  2. Thanks Citra!

  3. Hello dear friend , happy Sunday :)

  4. im here, leaving my footsteps behind ;)

    thanks for the visit, see all my blogs real soon
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    link ‘em all? =)

  5. Informative and important information.

  6. great topic! sadly, i’m in this kind of situation right now.

  7. hi…nice blog…really enjoyed reading that

  8. It’s nice info !

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