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18 Ways To Survive When You’re Broke. by saninng (m): 11:17am on October 13
Sani Ibrahim
Abubakar Tafawa Balewa,University
Agricultural economics and extension
100Level, Nigeria.
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These personal finance tips will help you keep going when you
have no money and start moving towards financial freedom.
How do you deal with having no money? When you are broke
it can be hard to see the way out of your current financial
situation. These tips will help you survive this time of your life
and moving forward on the path to financial freedom.
Tired of being broke? These personal finance tips will help you
keep going when you have no money and start moving
towards financial freedom.
1. Keep a positive mindset
Right now might be a tough time for you financially, but realize
it will pass. Nothing is permanent and you just have to do the
best you can to get through it.
Stressing and having a negative mindset isn’t going to change
the situation, it’s only going to make you feel worse. Take it
day by day and focus on the positive.
2. Try a no-spend challenge
Turn saving money into a game to stay motivated. Try not
spending money for a week or do a 30-day no-spend
challenge. Certain necessities like groceries are allowed, but
any extra spending is not allowed.
3. Find free activities to keep busy
If you are broke, staying in and moping about the situation
isn’t going to help. Go for a walk, check out a book or movie
from your local library, or look for free activities in your
community. Keeping busy will take your mind away from your
current financial situation.
4. Skip grocery shopping for a week
How much does your family spend on groceries per week?
Try skipping the grocery store for a week and eating what you
already have in your cabinets and freezer.
I try to do this once a month to keep my grocery costs down
( and use up what I have already).
5. Sell items you don’t use for extra cash
Chances are you have plenty of things around the house you
don’t use anymore. Clean out the closets, basement, or
garage and sell them for some quick cash. Try Facebook buy/
sell groups, Craigslist, or any other local community groups.
6. Take a close look at your budget
When money is tight, a budget is a necessity. Create a budget
so you’ll know how much money is coming in and where it’s
being spent.
7. Cut unnecessary expenses
When you first find yourself with no money left at the end of
the month, you should start by taking a look at what expenses
you can reduce/eliminate.
For example, subscriptions for music, tv streaming, and
gaming can be reduced or eliminated. Also, you can have
leftovers to save on food waste or create a meal plan to cut
your grocery costs.
8. Consider ways to reduce your fixed expenses
There are times we end up in a situation where there’s no way
out other than making a significant life change. Whether it’s
becoming a one car family, moving in with family, or selling
your home, sometimes choices like this are necessary to begin
moving forward.
If you’ve already tried other methods to cut expenses and get
your finances on track, it may be time to make more drastic
changes.
9. Put the credit cards away
To get on the right track financially, you have to stop using
credit cards as a crutch. I know I’ve been in the situation
where my checking account was empty and I pulled out the
credit card to make purchases anyway. I should have just
gone without instead of getting further in debt.
If at the end if the month you find you are making up the
difference in your budget by pulling out the credit cards, it’s
time to put them away. Cut them up, freeze them in ice, do
whatever you need to avoid using your credit cards.
The first step in improving your situation is to stop digging a
bigger hole.
10. Take responsibility for your actions
Try not to blame everyone else for your situation. Realize that
you have made decisions that led you to where you are today.
Taking responsibility for your own actions is an important step
to avoiding the same mistakes.
11. Find additional sources of income
One of the quickest ways to get out of a financial hard spot is
to increase your income.
It could mean working overtime, picking up a part-time job, or
taking odd jobs like dog walking or babysitting. Do you have a
unique skill such as photography, sewing, or computer repair
where you can offer your services for money?
12. Pay your bills on time
Whenever possible, try to pay your bills on time.
13. Learn ways to live more frugally everyday
There’s always ways to stretch a dollar. From being more
conscious of your utility usage to meal planning to cut your
grocery costs, little savings will add up!
14. Track your expenses
You can’t get your spending under control until you know
where your money is going. Start tracking your expenses each
month so you can get a clear financial picture. Once you
identify where you are spending money, you can start looking
for ways to cut those expenses.
15. Find an accountability partner
Whether it’s a spouse, family member, or trusted friend, find
someone that will help to hold you responsible for your
actions. They can help you celebrate your wins too!
16. Learn your weaknesses
Think about where your financial weak spot is. Do you like to
grab fast food for dinner on busy days? Do you end up with
more that groceries in your cart at Walmart? Or maybe you can
resist shopping when you have a coupon or discount code?
Once you know where your biggest weakness is, you can take
steps to overcome it. For example, find quick easy meals to
cook on those hectic nights or stick to cash budgeting for your
groceries.
17. Set clear financial goals
A clear picture of what you want for yourself is a must! You
need to know what you are working towards to stay motivated.
18. Carry cash for trouble spots
We all have areas of our budget that are difficult to keep in
check. Whether it’s clothes, entertainment, or groceries,
there’s a simple way to keep spending under control.
Use cash. Take out cash for the budgeted amount for your
trouble category and then when it’s gone, it’s gone. When we
are using a debit card, it’s hard to define a specific budget in
our head. The visual of having cash helps keep us on track!
How to deal with being broke
When you have no money, it’s easy to feel hopeless about
your situation. Finding ways to save money, increase your
income, and manage your money better will get you on the
right track financially!

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