6 Things You Should Be Doing If You’re Broke


Wealth / Monday, August 20th, 2018

Being broke sucks! Not having the money you need to purchase the things that you need or want can be frustrating and overwhelming.  The good news is, you can make changes that can get you out of this bad financial situation.  If you are broke and living pay check to pay check or direct deposit to direct deposit there are things you should definitely be doing to change your financial situation. In this blog post, discover 6 things you should be doing if you’re broke.

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6 Things You Should Be Doing If You're Broke

6 Things You Should Be Doing If You’re Broke

(1) Changing the Way You Think

This might sound odd but one of the first things you should be doing if you’re broke is changing the way you think.  Chances are you have been struggling with your finances for quite some time.  Your problem could stem from how you think about money and your finances.  

In the video below Kris Krohn of Limitless TV explains what to do when you’re broke to stop being broke.

(2) Evaluating Your Situation

Taking a good honest look at your situation is essential to changing your financial situation.  There are multiple reasons you can be broke during periods of your life. Are you spending too much money? Are you unemployed? Do you have issues with saving money?  All of these can contribute to being broke.

Take the time to evaluate your financial situation.  Look at your situation objectively and without emotion and determine the areas of your finances that require a change.

(3) Reducing Expenses

Reducing your expenses will go a long way towards not being broke.  Tracking your spending and making a budget is one of the first steps to reducing your expenses.  It’s hard to spend less if you don’t know where your money is going. 

Once you have established your budget you can investigate ways to reduce your expenses and stretch your budget.  Believe it or not, there are ways to save money on groceries, save on items for your kids, and just about all of the necessities of life. 

With a little planning, you will be managing your personal finances like a pro.

Download a copy of our free Monthly 50/30/20 Budget Worksheet.  It’s a free excel spreadsheet to help you create and maintain your budget.

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Things You Should Be Doing If You're Broke - Saving Money

(4) Saving Money

Now you might be thinking, “how can I save money if I’m broke?” Saving money when you’re broke is just a matter of making saving a priority.  It is not easy, however, it is an essential element to your personal finance strategy.

(5) Making Extra Money

If you are broke you should definitely be looking for ways to make extra money.  Depending on your situation this might be by finding a job, working for a promotion on your current job or starting a side hustle that will help you add additional income.

There are multiple ways to make extra money online.  Some yield immediate returns like taking online surveys, testing websites, or teaching English online. There are other methods that require more time an effort, however, they yield much bigger results.  Here are a few ways to make extra money without getting a traditional job.

Things You Should Be Doing If You're Broke - Making Extra Money

(6) Spending Wisely

Learning to spend wisely will ensure that you make the most of your income.  It will help you make the most of your budget and help with saving money.  Comparison shopping, using cashback apps, and shopping online are just a few ways to spend wisely when you’re broke.

Here are a few articles that will teach you how to spend wisely when you’re broke.

Things You Should Be Doing If You're Broke - Take the First Step

Taking Action

The hardest step is always the first step. If you are broke it is imperative that just get started.  It might seem impossible at first but you can change your financial situation.  Living broke will be a thing of the past if you simply take action.

Leave a comment and share your best practices for staying financially healthy.

Things You Should Be Doing if You're Broke

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14 Replies to “6 Things You Should Be Doing If You’re Broke”

  1. Living in Los Angeles, I constantly feel broke and I feel like I am always scrambling for money. I’ll definitely have to take a few of these tips to heart — especially the spending wisely. I do spend quite a bit on clothes!

    Thanks for sharing! x

    Michelle
    dressingwithstyle-s.com

  2. These are some great ideas! I like to earn extra money any way I can. Mostly, I use grocery rebates and coupons among other things. Also, I am always on the lookout for a side job that pays decent! Being a stay at home mom means I really have to get creative with the ways I earn money, but it is certainly not impossible.

    1. Thanks Joanna! When looking for ways to make extra money at home check out online tutoring, teaching English, testing websites, and proofreading. You can make some good side cash with these options.

  3. It’s been a long time since I felt broke, and I don’t miss those days at all. It was such a struggle when I was a single parent just trying to make it from pay cheque to pay cheque – this are great tips for anyone who is in that situation! I’ve been really trying to impress on my son not to take on debt – living within your means is the single most important thing you can do to reduce financial stress – and it’s so much easier to do if you aren’t trying to pay of debt. Great article 🙂

  4. Great tips! I need to do better at being more frugal … one way we spend too much money is we like to eat out, but I have found buying my groceries and preparing meals definitely saves us money. Also, putting away some money the beginning of the month helps (emergency savings). Thanks for sharing your ideas and the links, very helpful!

  5. 1st step is always hardest. Saving money is one of the hardest things to do at least for me but its important. I never save money in a form of cash. I always buy the prize bond. In this way, I can not only save money but I also get more money when any of my prize bond number selected in the draw.

  6. I’ve been working on my money mindset this year and I completely agree number 1 is so important. Changing the way you think is huge in this process ?

  7. Excellent steps to take. You are right about changing the way you think. I know many people who talk about being broke but actually lead very extravagant lives. They just want more than they already have.

    1. Thanks Charlotte! Mindset is super important. And yes there are those who like to say their broke but they just have very poor spending habits. This is where self-evaluation comes into play. You have to give an honest look at yourself and how you handle your money.

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