There are few people in this world who can honestly say they’ve never experienced financial hardship; probably because 1% of the population control almost half (about 45%) of the world’s wealth. There’s a reason they say money can’t buy happiness though, so instead of dwelling on the negatives, focus on how you can make things better.
If you’re in a bad place right now, don’t feel disheartened. You are not alone and there are many who’ve made it out the other side and experienced great personal growth because of it. That may not seem very helpful to you right now, but if you want to improve your situation, you need to be in the right headspace. Settle down in a comfortable space with your favorite beverage, have a pen and paper ready to draft your new plan, and read on to discover four strategies that can help you through these tough times.
Ditch the plastic
Repeat after me: “my credit card is not my friend.” If I’m desperate I’ll consider a money loan, but living on credit leads to a spiral of debt. It may seem counterproductive to replace one kind of loan with another, but there are many options out there that actually have far more favorable terms than credit cards do. You’ll also generally only have one at a time, thus naturally limiting your spending. Bonus points for this one if you use it as a way to consolidate your debts into a single payment that has lower interest.
Make it a game
This tip will be particularly helpful if you have children, but humans are hardwired to want to do things they enjoy so if you can find a way to turn saving money and regaining your financial independence into something fun, you’re more likely to stick to your plan. This will look different for everyone but deciding on a goal as a family should always be your first step. From here, create mini activities such as teaching your children how to find the lowest price per unit item at the supermarket and turning it into a scavenger hunt.
Walk it off
You’d be surprised at how expensive transport actually is. Cars need fuel, registration and insurance, not to mention regular services and other maintenance. But on the flip side, public transport is nowhere near as economical as it claims to be. Consider walking to places that are close enough, or if you’re inclined to do so, find out what bike tracks are in your area and where they lead. This one comes with two bonuses: you’re raising your fitness levels while lowering your everyday expenses.
Have a budget
We’ll keep this short since we’re sure you’ve heard it all before. If you don’t already have one, or if your current one isn’t quite working out as planned, now is the time to sit down and work out a budget. Knowing what’s coming and going from your household is important and during the course of setting out what funds get allocated where, you might even be able to save some cash from areas that seem vital but simply aren’t when you really get down to it.
At the end of the day, money comes and goes at whatever rate it pleases if you don’t take control, identify what changes you need to make, and put measures in place to improve your situation. Remember, “this too shall pass” and one day you’ll be sitting in your lounge room with your family enjoying your new financial freedom.
About Jammie Morey
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