Why Are You Broke?
Short on Funds? Need more money? Broke?
It’s important to take the time to realize why you are broke and in your current predicament.
When we’re in a bind, it is often so easy to push things under the rug.
We often avoid facing the truth of the circumstance to realize how we ended up in such a financial mess.
Could it be that you have a great job, paying a good salary, but you are spending more than you make?
Not saving money or mismanaging your money?
Are you busy trying to keep up with the Joneses? You know, your neighbor gets a new car and you decide you definitely need a new car also.
Your dire financial straits may be the result of a job loss (without a financial cushion, i.e. emergency fund), medical bills, or a myriad of other reasons.
Realizing why you are having financial troubles is the first step in correcting and improving your finances.
Know that if you’re spending more than the amount of income you have coming in, it’s a roadmap to disastrous times and becoming broke.
It’s time for a healthy financial revelation so that you can change the trajectory of your financial situation.
Let’s look at some areas to work on to get you out of the Bondage of Broke.
BREAKING the BONDAGE of BROKE
The following are strategies for coming out of being broke:
• Bring in more income.
• Create a Budget
• Pay off debt
• Save. Save. Save. Create an Emergency Account
• Continue to work on you and build your skills.• Release clutter and become more organized.
Now, let’s look more in-depth at those strategies.
Bring in more income.
I have written an eBook of inspirational strategies to help you get out of your Bondage of Broke and live the life you want and desire. Learn about creating a budget, ways to kickstart your finances, lucrative side hustles to bring in more income, and more!
Order your copy of my eBook here (shown below).
Order my ebook here for strategies on improving your finances.
Use my ebook ‘Help! Broke and Need Money Now?’ to find a side hustle so you can begin to generate additional income.
Some of the ways you can find extra money is by negotiating a raise on your job, signing up for bank bonuses, or even being a participant in focus groups.
Again, use my eBook to explore more income-producing opportunities.
Create a Budget.
Creating a budget makes you aware of how much money you have.
Creating a budget also creates a priority for where that money is going.
With a budget, you can track whether you are on target for reaching your goals.
Pay off debt.
Dave Ramsey’s debt snowball method is a popular approach to paying off debt.
You pay off your debts from the smallest one to the largest.
Once a small debt is paid off, that amount is then rolled over (thus the name ‘snowball’) into paying off the next smallest debt and repeating the process.
Others pay off their debt by paying off the most expensive debt first. Still, others decide to begin wiping out debt by means of loan consolidation.
It’s up to you to decide how you’re going to pay off debt.
Just make sure that you’re not creating additional new debt in the process.
Order your copy of my eBook:
Help! Broke and Need Money Now?
Save. Save. Save.
So far, we’ve covered the concept to bring in more income, create a budget, and pay off debt.
Now, it’s time to save some money, and particularly, to stash money to create an emergency fund. I’ll cover emergency funding more in the next section.
Continue to work on you and build your skills. Increasing your skills and learning valuable new things is a way to position yourself to make more money.
Learning new skills rewires your brain and stimulates the neurons in your brain.
The process of learning creates a healthier brain. Who among us doesn’t want a healthier brain?
Release clutter and become more organized.
Bring more order into your life by removing clutter from your environment.
This will help you become more focused and organized.
Since retiring, releasing clutter in the form of magazines, an overabundance of dishes, and clearing my closets of clothes I seldom wear has been an uphill battle that I’m slowly winning.
After cleaning and organizing my kitchen drawers, it is now visually freeing to open them and be able to immediately see which utensil I want to use, instead of rummaging around in the drawer.
Sometimes it’s just the smaller things that make for a smoother life.
Clutter can be both physical and mental though. You may need to let go of some things from the past that are mentally cluttering.
Multi-tasking can also cause mental clutter that contributes to being unfocused.
These strategies will get you started on the path to breaking the bondage of broke and having a more financially secure future.
Get started on it today. Your future self will love you for it and it’s what you deserve.
Share your comments below to let me know how you’re going to get started to breaking your bondage of broke.
Order my ebook here for strategies for improving your finances.
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