How To Bounce Back From Being Broke
The state of not having enough resources or funds to take care of your immediate needs and periodic expenses is popularly referred to as being ‘Broke’. This state should not be misinterpreted as being poor, as they’re two different things entirely.
The period of brokenness occurs when there’s deficiency in the in-flow of income in contrast to previous times (month, weeks or year). In this period, the ability of available funds to cater for most of your expenses is really low. This period is a very uncomfortable one and one most do everything to break from its shackles, the reason for this is because longevity of the period might lead to huge debt or bankruptcy.
In this article, we would be looking at the various tips to employ in order for you to bounce back from this financial state of being. Without any further delay, here are the tips to bounce back from being broke:
• PRIORTIZE YOUR SPENDING – One of the most effective way to maintain an healthy living and at the same time gradually bounce back from being broke is by prioritizing your spending. This act helps you ensure that you’re spending on things you need according to their order of importance and helps you prevent wasteful spending. Placing your needs on order of importance helps ensure that you take care of pressing ones and brings you satisfaction amidst of being broke.
It also gives you the opportunity to save up money from foregone expenses which can accumulate to become something to liberate you from your state of brokenness.
• SHY AWAY FROM LOAN – The mistake most people make when they’re broke is that they rush into collecting loan from friends, family or some financial institution. This act can’t help you bounce back from being broke; rather it increases your financial burden and makes it difficult for you to break out of this state.
The reason for the above claim is because large part of any income you generate would be channeled towards paying back your loan making you neglect some pressing need you need to take care of. Collecting loan when you’re broke only help you manage the situation, it doesn’t take you out of it. The only exception to this case is if you invest the loan you collected and it yields tangible profit, even as at that, you’d need to clear off your debt before you can be financially stable. Collecting loan should be your extremely last resort.
• DON’T BE LAZY – However funny this may sound; it’s the most important tips of all. Laziness is not condoled when you’ve got a normal in-flow of income, talk less of when the flow is much reduced. You need to be ready to work double the times you do work when your earnings were enough to take care of your needs. Avoid being lazy and say no to procrastination, because this two factors can escalate your condition into a more serious one.
• SEEK FOR HELP – Seek for help from family and friends. They’re various forms by which help can come be it in form of a contract, appointment with remuneration that’s better than your previous income, gift of cash or materials that can be converted to cash, offer of partnership and so on. Seeking for help is another vital tip towards bouncing back from being broke.
The period of brokenness is a temporary one, but if these tips are not employed, it might either be permanent or the duration would be delayed. This reason is why you must ensure that you properly go through the above points and apply it in daily living to avoid being in this state for long.