The Guide To Improving Your Finances When You’re Broke Or Struggling

| June 13, 2017 | 0 Comments

If you’re nearing breaking point after months or years of struggling with your finances then the very mention of the word “money” can result in giving you immense anxiety. Perhaps you owe a lot of money, or perhaps you’re simply struggling to stretch your income to cover your necessities (never mind the odd meal out or any other treats to which you’d like to treat your family). This guide to improving your finances, whether you’re near-broke or simply struggling to make things work at the moment, might give you some inspiration to help you save money in certain areas so that you have funds for the things which matter in your life and the lives of those you care about.

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If you’re wasteful.

You may not be purposefully wasteful, but many of us are guilty of wasting money here and there. As suggested over at http://www.financecategory.com/strenghten-your-finances-in-under-a-month.html, the best way to save money is to simply cut down on your expenses. Before you retort that there’s nothing more you could cut back on in your life, think about all the ways in which you spend money. Necessities from your local grocery store might sometimes be cheaper if you have coupons or look out for special deals; always go for larger packs of food if the price works out cheaper per grams than the smaller packs.

It’s always smart to be conservative with the things on which you spend your money too. You need your car to get to and from work, but perhaps you don’t need to drive into town every day for odd bits and pieces; you can save money on fuel and get some exercise by walking. There are other smart ways to save on the necessities of your day to day life, as the following point explains…

If running your house costs a lot of money.

Continuing from the previous point, one of the best ways in which you could save money is to be less wasteful around your household. As cleverly worded over at https://www.thebalance.com/improve-your-finances-1389056, the best way to get more money in life is to give yourself a raise, and you can do that by cutting back on things even within your own home. Energy bills probably give you an absolute headache, but there are ways to put an end to that. Think about all the things you use electricity for on a daily basis; do you need to leave your laptop plugged in for hours on end? And next time an appliance breaks, replace it with an energy efficient solution. You might have to pay a tiny bit more, but you’ll make that money back within a couple of months based on the amount you’ll save on energy bills. Everything comes full circle, and you’ll save your back pocket.

Other ways in which you could save money around your home include cooking things in bulk. Using your oven to cook a meal is time-consuming and cash-consuming. Of course, unlike other aspects of your energy use which you can cut back on, you likely need to use an oven to make your dinner every evening. Still, that doesn’t mean you can’t work around this. You could make things easier and cheaper for yourself by cooking several meals in one go; eat one, keep the others refrigerated, and then give them a quite two-minute blast in the oven when you want to eat them.

If you owe money.

Save, and don’t spend. That’s the key to paying off money you owe, and it’s something so many people forget or fail to appreciate. You need to cut luxuries out of your life until you’ve dealt with the big debts, and don’t borrow more money in order to deal with the problem. Set aside any funds you need for necessities each month and then pool all available additional income into keeping up with debt repayments. Do this until the debt is gone, and then you can afford your own luxuries rather than borrowing more money to finance your life.

Most people are in some form of debt, so you shouldn’t feel alone; the difference between you and other people needs to be how you deal with that debt. You could check out advice here at https://www.debtconsolidationloans.com/find-reliable-debt-consolidation-loan-company/ on consolidating your multiple debts into one single payment so that it makes paying off the money you owe far easier to organize; it’s much less of a headache to pay one organization than ten. The point is that there are so many ways to deal with your financial woes, but it has to start with a little resilience and self-control.

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If you don’t have goals.

Then set yourself some goals. As mentioned over at http://www.parents.com/parenting/money/family-finances/improve-finances-in-ten-minutes/?slideId=33854, if you set yourself the personal goal of saving 10 percent of your monthly income then you could use a tiny slice of those savings to buy yourself a treat such as a box of chocolates; granted that you’ve actually achieved this goal at the end of the month.

You might struggle to stick to goals (don’t we all?), but don’t be so hard on yourself. Take things slowly, and improve through gradual steps. Set yourself a small financial goal for this month to save 2 percent of your income and then increase that month by month. You’ll find that it gets easier as you go on because you’ll feel motivated through achieving each previous goal.

If you need more money.

Perhaps you’re very good at saving money already, but your salary barely covers the things you need to buy for you and your family. One solution could be to find new sources of income, and that doesn’t mean picking up extra jobs if you don’t have the time for that. You could look into getting paid for surveys online because they require only your opinions and a few minutes of your time. You could even encourage your kids to get paper rounds so they can treat themselves to things if you’re struggling to buy them anything beyond necessities.

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