How many times have you gotten paid and seemingly as soon as your money enters your checking account, it’s already gone? And you haven’t even spent it yet! You just know where it’s all going. Some would call this being poor, but there’s a difference between being poor and being broke.
Although both terms involve a lack of money, “poor” is a mindset, and to have that mindset is way worse than being broke. Being broke is simply the actual lack of money but the mindset of changing your circumstances. That’s why you’re reading this article now.
Everyone has been broke at one point or another in their lives but it’s not somewhere you have to stay; People do indeed come out of being broke and it’s very possible for you too. But you’re going to have to understand it’s going to take patience, you might get frustrated, and you’re going to be uncomfortable.
Do you think you can endure that? It can’t be any worse than being broke, right? So why not give it a try?
If you’re in the state of being broke, you’re definitely not alone, nor are you the first person to be broke or the last to be broke. According to MarketWatch, millions of families are either struggling to make ends meet or are just one financial emergency away from a financial disaster.
As sad as that is, it’s the truth for people all over the world, and since the start of the pandemic, financial ruin among Americans is even worse. If you’re someone who is fortunate enough to still be employed, be thankful for that and follow these practical tips to stretch your money.
Analyze Your Monthly Bills
Every month you have bills to pay and your money goes to your bills first and foremost. But have you ever took a moment to sit down and look at your bills to see if there’s any wiggle room to reduce them? Most people don’t do that; they look at their bill, accept what it is and just pay it. If you’re someone who does that, stop it.
The next time your bills are due, do a thorough examination of them to see where improvements can be made. For example, aside from rent/mortgage, your electric bill is typically the next most expensive bill to pay, and although it’s a bill you can’t completely avoid, it’s a bill that can be drastically lowered by switching to electricity generated from renewable resources.
True enough, depending on where you live, you’ll have to see if it’s offered in your state but it never hurts to at least shop around and see. For example, you can shop and compare electricity plans in TX… Use this same type of analysis for your cellphone bill, car insurance, and internet; There’s always the possibility that the same services you want or need are being offered at a more affordable rate.
Never Pay Full Price on Groceries
For some people, this may be “beneath them,” but when you’re broke, nothing is beneath you. Food can be expensive, especially healthy food, but when you’re on a strict budget, that may require your eating and shopping habits to shift, just for a little while until you can get back on your feet. This means using coupons and buying generic brands.
Some people are hesitant about generic brands because they think it’s not of the same quality, and in some things, it’s not the same quality or taste, but that’s why when shopping generic, you have to compare the ingredients.
Find a name brand product you typically use and compare the ingredients on the back to a generic brand. You’ll surprisingly find that in most cases, the ingredients are the exact same and work the same. You’ll see even more savings when you add coupons to those savings. Many grocery stores have apps where you can download digital coupons to your phone or shopping card… Watch how far your money will stretch with them.
In all honesty, this same theory of never paying full price not only applies to groceries but to online shopping as well. There are all kinds of coupons and discount codes you can use to save money shopping online.
Get Comfortable With Saying No
For lots of people, one of the biggest reasons they’re broke is because they give in to the pressure of grabbing lunch or hitting a happy hour somewhere. Only you know your finances and if you can’t afford a drink, you need to stay home and not even put yourself in a tempting situation to spend the money you don’t have or can’t afford to spend. When you know you don’t have the money, learn to say no and stay home… If they’re really your friends, they’ll understand.
