Money doesn’t come easy. Unfortunately we can’t just go and pick it off a tree in the backyard. Money comes to those who work hard – or get lucky. However the get lucky part only comes to a very select few so let’s stick with money comes to those who work hard.
Sometimes we can do everything right and the money just doesn’t work out. One bad decision such as an investment or not so great spending habit can have a devastating snowball effect on our finances. I once loaned a family member money and when they didn’t pay me back as planned I got behind on all my other bills – including my rent.
When you’re in tough financial times it can seem like you’re never going to get out of them, but trust me you will. I’ve been broke and I didn’t think I would get through it, but I did. There were a lot of tears and even more sleepless nights, but I knew it was temporary as I worked towards my goal of paying off all my credit cards.
The only way to get through tough financial times is to change your habits. If you want to get out of debt sooner than later follow these easy (yes they’re not that bad) tips to help you get there:
Cut your living expenses
This is the first change I made after I lost my income during the market crash. BF and I moved to a cheaper apartment which was inconvenient and small, but we saved $400 a month by doing so.
Cancel your cable
Cable packages are the bane of my existence and honestly you don’t need them. Yes it’s nice to watch TV but with the internet you can get Netflix for under $10 a month. I think we can all agree that’s much better than paying $130 (or more) for an all inclusive cable package.
Ditch your friends
This sounds terrible because when you’re going through a tough time you want your friends by your side. However not if they’re trying to cheer you up by going out. Dinner and a movie or a night out dancing can be expensive and if you’re experiencing financial struggles you probably don’t have $50 to spend on one night out with friends. Stay in and put the savings towards your debt repayment.
Get help if you need it
The truth is sometimes we just can’t do it alone. Talk to your financial advisor or a credit councillor if you need help setting up a plan to get back your financial wellbeing. Talking to a bankruptcy councillor really helped me figure out my options and how to take the first step towards paying off my debt.
Find a second job
Sorry to say but more income may be the only solution to your problem. Saving money on expenses can definitely help pay off your debt sooner and even start to rebuild your savings – but only if you put that extra money towards your goals.
Getting a second job can help speed up the process because it’s all money that you don’t need to live, so you can put it towards your debt. Yes you’ll be tired, and yes it will be a lot of work but keep telling yourself it’s only temporary until you’re debt free.
