7 Money Management Tips For Anybody Feeling Trapped In Life

If you are feeling financially trapped in life, here are 7 money management tips to get in a better situation.

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Money has this amazing power to trap people in life and make them feel hopeless. However, regardless of how hopeless your situation feels, I believe if you set your mind to something, you can achieve it. In this video, I share 7 money management tips for anybody feeling financially trapped in life.

1. Deprive Yourself Until You Have Some Stability

The truth about many people's situation is that the only way they can get in a better financial situation is if they spend a year or two depriving themselves and solely focus on getting in a better situation. Deprivation, however, should not be viewed as a bad thing but as tool to speed up the process to get in a better situation. If you spend 1 to 2 years going full force to get in a better financial situation, you can spend the rest of your life not held down by money.

2. Hustle Hard Until You Have Some Stability

Another truth is that if you want to get in a better financial situation, you will also have to spend 1 to 2 years hustling hard to make more money to get in a better financial situation. Just like depriving yourself, hustling should not be viewed as a bad thing, but as a tool to speed up the process. If you hustle to get in a better situation, you can spend the rest of your life not held down by money.

3. Know That These Extreme Changes Are Just Temporary

Many people choose not to make decisions that lower their quality of life because they view it as permanent changes; however, these extreme changes you make are just temporary. It is important to know that when you choose to make drastic changes to get in a better financial situation, that eventually you can go back to enjoying the things you enjoy without the financial burdens attached.

4. Sit Down And Make A Plan

Many people who are in a bad financial situation choose to not create a plan because they feel as if they are hopeless and it is a waste of time; however, it is impossible to get in a better situation unless you create a plan. When you create a plan you have a guide on how you are going to get in a better financial situation. Don't let your bad situation be an excuse for not taking action.

5. If Your Plan Isn’t Working, Examine Your Plan

Some people create financial plans and when their plan isn't working, they just continue on thinking that it'll eventually get change; however, if your plan isn't working, you should sit down and examine exactly why that is. In the video below, I explain exactly how to do that.

6. Only Focus On The Things You Can Control

When it comes to personal finances, many people default as a victim and focus on all the things that are out of the control; however, doing that is a complete waste of time. It is important to focus on the things you can control like how much money you're spending, how much money you're making, and how you can get in a better situation. That is a much more productive strategy.

7. Hope Dies Last

No matter how bad your situation is, it is important to never lose hope. As long as you live with hope in life, you will eventually reach your goal and get to a better place, so never give up!

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[ElAgustin]

What's a decision you need to make to get in a better financial situation?

[canadafree]

Remember when buying nothing, is that you will still have the money to buy it later should you still want it. Money is freedom.

[sanggu]

*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*

[victorbaird]

1. Deprive yourself until you have some stability. 1-2 years
2. Work hard until you have some stability
3. Extreme changes are temporary
4. Sit down and make a plan
5. Examine plan if no results
6. Only focus on the things you can control.
7. Hope dies last

[SpiritualMother]

🎯 I’m SICK of spending my money with corporations. I dropped my cheap Planet Fitness membership because I was tired of the recycled air, dust bunnies in the corners and dirty mirrors. BUT there’s a family owned Mexican restaurant I adore that does a 5 star job. Keep the money you don’t like spending and find places that give you value and make you feel appreciated when you do splurge. The park is a magical place to exercise. Love your work. I’m inspired to make videos again! 💐

[brooke]

I majorly cut back 3 years ago, paid off my car, eliminated all debt and started saving like crazy. It wasn’t easy but was worth it. I sleep better and don’t have anxiety anymore. Best thing I could of done for my mental health and future! It’s nice to see the numbers go up every month and feel so content in what I own already

[StevenNybida]

This has a certain kind of irony to it. If you do stick with a plan of self-deprivation, after a year you won't want to go back to your old self. You'll just keep living lean except that you'll be enjoying it like playing a sport. You'll be constantly looking for innovative and new ways not to spend money.

[tinanolan]

Great video I did this for 2.5 years and finished paying off my house. Debt freedom in these uncertain times is a blessing.

[kaceykelly]

Videos like this should be part of the high school and junior college curriculum.
If more people had this knowlege, we could take back our power from big corporations and be truly independent.

[Revert]

Just wait for the tide to turn. After a while you will see that your are not sacrificing when you were not spending. You sacrifice when you spend on junk.

[deniseclarke]

Absolutely love the video it's a million per cent true for me. Last year I hit 67, I came out of a 22 year abusive relationship with no savings, a mortgage, and credit card debt. I secured a well paying job working from home, cut my expenses to a minimum, concentrated on paying off my mortgage and credit cards with a plan to retire in March 2024 withsomething. As I write I've paid my mortgage and credit cards (now debt free), and majority of my earnings are going into savings. Will I have a huge fortune to retire? No but I have learned to be happy and manage on far less. Every day I get up to start working I am hating it as I realise the most important thing for me is my time, so many things I want to do, but I will not give in now, counting down the weeks to utter freedom. If I can do it anyone can as I never thought I could be this controlled. Thank you again your videos have been a huge wake up call for me.

[ses-eioc]

I did all these thing to get out of 100K in debt in four years. Dave Ramsey's full quote is "Live like no one else so you can live and GIVE like no one else." That was my main goal for getting out of debt. It's really hard to give when you are drowning in debt yourself. Everyone should make this one of the reasons to get of out debt imo. Great video as always!

[barbaramurphy]

Very true I spent 48 years in a miserable marriage because I felt financially trapped. Thank God I finally came to my senses & got out & I wouldn’t go back for all the financial stability in the world!

[caroc]

El Agustin,
Oh my gosh I hope a lot of people listen your advice. I’m going through all the advice you are taking about and finally I am finally getting out of debt and I’m getting on a better place I feel happier than ever, proud at this point I feel like nothing can stop me for this amazing journey.
Thank you! For tha YouTube video’s I learned more in the 10 minutes of the videos than I ever did learn in most of my life 😅, if you wonder I’m in my 50’s .

[irisbrown]

This needed to be said out loud, thank you Austin

[amy]

So true - two years of hustling to change your financial projection is what dave Ramsey calls baby steps 1-3. Getting out of debt and having an emergency fund changes financial projection.

[oyvind]

Thanks for sharing. This saved my life. My future self are thanking you for creating this video

[Xshadowkiller]

Thank you Austin. You've helped bring some clarity into my situation. You've inspired me to follow through with using my CDL. As much as the massive lifestyle change terrifies me, it's temporary; and soon I can go back to enjoying the things I'm so scared to go without - debt free. I hope you're right, and that my future self with thank me and say that this is worth it; because it's for sure going to be a hustle! Pray for my safe travels around the west coast.

[ximenaordonez]

Gracias! Gracias! Gracias! Buen trabajo Agustín!!!❤

[OrianaMalina]

Awesome content Austin! I enjoy listening to you talk, give advice and sing!The end to this video-priceless!!!