What To Do When You’re Broke?

Uncontrollable circumstances may occur to us that lead us to becoming broke. One good example I am pretty sure a lot of you has experienced is a bad investment. A bad investment leads us to a problematic finance and a near-broke circumstance. When this happens, is there something you can do to get your budget back on track? Can you still save money? Of course there are things you can do. I have outline them below.

  • Stop all cash outflow.

The first thing you need to do when you are broke is to stop spending money. You can do this by cancelling all unnecessary subscriptions like cable, phone, internet, magazine and the like. Not cutting back your subscriptions will only add insult to the injury.

  • Analyze what needs to be paid.

When faced with an unfortunate circumstance such as this, we tend to do things that worsen the situation. Sit down and analyze everything that needs to be paid in the upcoming months. List them down with their corresponding due dates and set an alert when the due date is near. After the bills, analyze your debts. Follow the debt snowball method of paying the small debts first until you finally reach the most challenging larger debts.

  • Let go of your credit card.

Cut your card if that’s the only way for you to stop using it.

  • Increase your income streams.

Now that you are broke, you cannot just rely on your day job. Apply for part-time jobs during the weekend. Sell unused items to raise extra cash for other expenses.

  • Put saving money a halt.

While financial advisers motivate you to make saving money a priority, this needs to be put on a pause mode when you are broke. In fact, saving money must be your last worry when you still have bills and debts to settle. Once you get by with your finances can you make saving money your priority again.

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