what to do if you're BROKE and STRUGGLING | PERSONAL FINANCE TIPS

PERSONAL FINANCE TIPS - Here's what to do if you're broke and struggling financially. Money saving tips and frugal tips that can help if you're broke or struggling financially. Here's a look at a few reasons why you might be broke, and what you can do.

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[Natalie-Cornacchione]

Step 1: go to work
Step 2: go home and make dinner
Step 3: watch TV, work out, read, anything that doesn't involve spending money
Step 4: repeat until payday

[AllyCakes]

Sometimes we need to be honest with ourselves and admit .... We just need more income.

[Natalie-Cornacchione]

I'm starting a new job January 1st, 2022 which will finally increase my income! I'm going to be mindful of avoiding lifestyle creep and so that I can finally have extra money to save and invest. I'm so excited

Update: 7 months into the job and it's going great! My car is nearly paid off and was able to save enough to cash flow a vacation for my boyfriend's birthday!

[monicaambs]

Just learned the average American has a mortgage, car loan, credit cards, personal loans or student loans. The interest per year is a minimum of $7000.00 per year. Imagine that as a vacation. Wow 😯

[AnUrbanGypsy]

It’s truly horrible when you genuinely don’t have enough income and there’s too much month left at the end of the money. It was many years ago for me but I still very much remember it and also the sense of shame that went with it. I know it shouldn’t but it often does. I so wish family budgeting was taught in schools because it’s hard to learn from your parents if they weren’t any good at it either. As things get better, do be aware of lifestyle creep because that really can set you back. These videos are truly helpful to many people.

[alexanderharri]

I myself have went "broke" in just this past year from a "pandemic depression" I literally started spending outrageously for no apparent reason. I maxed out a few credit cards and flat out emptied my checking account. Now I'm on the path to saving money and getting myself out of debt. Your videos are truly helping me

[kevinvernal]

i used to have spending problem.
i became frugal & minimalist since 2015.
now all my debt are paid off except my mortgage.
now i have $200k in my account.

always ask this question to yourself before buying stuff… “do i really need or or just want it?”

[sylviathomas]

Out of control spending on a low income is a sure fire recipe for being broke. I love the Broken Wallet contents because the advice is tempered with truth, love, and compassion.

[fredrickconte]

There might be an economical turmoil but there is no doubt that this is still the best time to invest.

[asapasiafury]

If you broke it means your living beyond your means!!! If you don't get a good handle on your spending, you may be self-soothing get counseling to help you manage your spending. We spend when we're hurting, no self worth or self esteem issues also mental illness like depression may be a factor.

[heidi]

The bills are the problem getting so expensive and the income just doesn’t cover it x

[deeb]

Great video! I went on a spending freeze and have been working every available overtime shift. It’s difficult at first but as my credit card balances decreased, I felt motivated to continue.

[buzzybee]

Saving money is like losing weight. It can be really, really hard. For *most* people (baring the extremes) saving money is possible. It just requires effort and behavior changes for better or worse can just be hard. But you can do it. Even a lil bit helps

[color]

This video is spot-on perfection! Super helpful, and I can [now proudly] attest to the mention about investing -- at age 25 I had about $20 saved to name. Realized this was a problem, and finally took my parents' advice and started investing. Now at age 28 I'm thanking myself BIG time for having begun investing, and seeing that money grow has also empowered me (which you mentioned, too). Good stuff! Best wishes to all on their journeys xxx

[tomj]

Great video hitting all the major points and concepts. I did this over 25 years ago and never looked back. I would add that it's a journey, I continually find new and interesting ways to save money even today. Along the way you'll discover that it really is the very best way to live, filled with wonderful things like excellent home cooking and abandoning things like fast food, junk food, sugary drinks, expenses that are nowhere near worth their cost and a simplification of lifestyle that breeds relaxing free time and excess cash. The really fun part is what you can do with those savings like getting your full 401k match, fully funding your IRA/Roth IRA account and even your HSA so you can build wealth. If you want to go beyond that there's early retirement and slowly converting ALL of your tax deferred retirement accounts to your Roth IRA accounts slowly and under taxable limits so you'll never be taxed again. Hopefully more young folks will figure this out and live the real good life.

[elaibesummers]

I know my area of overspending is on ordering takeaway. I am going to start tracking my takeaway spending separately as from Monday. Great video.

[lavonnealexander]

Thank miss! Watching here from Canada 🇨🇦. I am broke but now saving 60 % of my check. I am broke from spending, will fix that for next month.

[MoneywithGab]

My favorite types of videos! I just started incorporating this type of content to my channel. It is sooo needed! Increasing the income is a major key! 🤗

[Dravlae]

You are correct about saving and investing. The other thing I would add is it can help to change the mental framework on money.

[clab]

Really like how you explained how to figure out if the issue is a spending or earning problem!