There’s no worse feeling than having a few measly pennies to your name and worrying about not being able to afford your basic needs. While being broke is a stressful experience, it’s possible to get through it with a bit of patience and know-how. Here are five things to do when the sight of your bank account makes you want to cry:
Source Emergency Cash
If you have zero dollars in your bank account and aren’t expecting income soon, your first step is to borrow some emergency cash to get you by for the next few days. If you’re in urgent need of money for emergency costs or repairs and don’t have the option of borrowing money from friends or family, look into fast online loans. Stay away from predatory payday lenders. Instead, search for Online loan providers that offer small amounts of money at low interest rates and flexible, manageable repayment terms.
Track Your Expenses
It’s easy to spend money left, right and center when you don’t keep track of where it’s going. To make sure you’re being wise with your funds, draw up a list of every expected expense and income for the upcoming month. Having a physical list will help you to feel more in control of your finances and allow you to see where your cash is going. If you want to find out how much you can spend each day, take away your expenses from your monthly income and divide the amount by thirty. This will give you a rough estimate of how much you can afford to fork out without going over budget.
Sell Some Old Items
While it may seem like an extreme measure, selling off items you don’t need anymore can be a lifesaver in times of financial need. Most people have hundreds, if not thousands, of dollars’ worth of belongings in gathering dust in their homes or storage. Go through items such as clothing, electronics, furniture, hobby items, and appliances and make a pile of everything you haven’t used in the last year. Then, plan a yard sale or take photos of each item and upload it to a local classifieds site.
Get Smart with Groceries
According to the USDA, the average monthly grocery bill for Americans is as much as 33% of their household income. We all have to eat, but fortunately, there are some easy ways to significantly cut down your grocery budget when times are tough. Opt for grains and legumes over meat. Canned or frozen vegetables are substantially cheaper than fresh produce and last longer. Additionally, stock up on basic pantry staples like pasta and rice, which are can form the base for a variety of healthy, simple and cheap meals.
Start A Side Hustle
Being broke is an unpleasant experience. However, it’s also the ideal time to get creative and make the most of your unique skill set. Whether you enjoy writing or have a knack for building tree houses, there’s someone out there who will pay for it. Alternatively, canvas your neighbourhood with some flyers offering to mow people’s lawns, walk their dogs, clean their homes or wash their cars – you’d be surprised at the number of people who would rather pay someone else to do their chores for them when they can afford it!
Being flat-broke is an unfortunate reality that most of us have to endure at some point in life. Rather than wallowing in your miseries, get proactive by actioning the above tips – you’ll thank yourself when your head’s above water again!
By Sarah Williams