morereb10: To be candid guys, you need to get real. I don't know about ladies but guys tend to make stupid decisions and still spend unnecessarily when they are broke and this has to stop. You have to find away to distinguish between your needs and your wants.
The worst nightmare for anyone is being broke. No one wants to be in a state where we don't have money to do some things but guess what, sometimes we find ourselves their and its no juju from the village or one uncle pursuing you, it is simply because of bad financial decision
So you need to stop winging and get on with your life and make smarter decisions next time. But before such a time, their is need to cut-down on certain expenses. It doesn't matter if you are broke for a short while or you are broke for a very long period, there are things you need to do to adjust to the financial situations, to prevent you from acquiring lots of debt.
These are the seven things you need to avoid..
1. Pretending to have money you don't
Seeing is believing. People tend to believe what they see. If people see the way you spend money, they think you have money, and they expect you to spend. Though you really don't have to let people know your financial situation but don't pretend you have when you don't. It will ruin your finance totally.
2. Paying for subscription services
If you are broke, you need to cancel some unnecessary subscriptions that are not helping matters. Cancel subscriptions on cable tv, social clubs, gym membership, for the period you are broke. Once you bounce back, then you can re-subscribe. It won't affect your life if you don't have some things but it can affect your finance and financial goals if you subscribe to some things and you have to pay through your nose. Try to adjust.
3. Hanging out with friends
When you are in a broke state, reduce how much you hang out or party with friends. Spending time with friends outside your house or their house automatically means you would spend money, which you can't really afford when you are broke. If you won't be paying for drinks or food or getting free food and drinks, then stay put at your house.
Find an alternative way to have fun with your friends.
4. Paying bills late
Try not to pay your bills late. They have a way of adding up, finding a way to eat up into the little you have. It is cheaper to pay your bills earlier, than having an accumulated sum which can disrupt your finances.
5. Spending savings or emergency fund unnecessarily
If you are broke and you have a savings or an emergency fund you can fall back on. Try making the best out of it till you get out of your broke state. Only spend your emergency savings on emergency situations and savings on important things. Make your savings and emergency savings last for a long period. Remember, spend on what you need, not what you want.
6. Eating out
If you have the habit of eating out and ordering food to be delivered to you, you need to quit it. It would leave you totally broke. Buy food stuff at a market or supermarket, take it home to cook. You get value for your money.
7. Sticking to old spending habits
The reason why you are in your broke state is probably because of your bad spending habits and your bad financial decisions. You’ll need to review and check your financial habits and decisions and find possible ways of improving on them, so you don't find yourself in such financial situation in the future.
