Tired of Struggling Financially?
Are you tired of struggling financially? If so, these tips will help you change your money mindset and get yourself out of debt.
Living the paycheck to paycheck cycle can leave the happiest person feeling stressed and burned out. So making some money changes are essential to living a life you love. In fact, according to. CNBC 90% of Americans say money affects their stress level. Yes, money is one of the leading causes of stress.
So today, you are here looking for ways to change and I congratulate you on taking the first step to stop struggling financially. Use these easy tips to start changing your finances around and live a debt-free life.
5 Tips to Try if you are Tired of Struggling Financially
When you are struggling financially, trust me, the struggle is real. Finding ways to get out of debt and help pay the bills can cause unnecessary stress in your life and it is no wonder you are ready to take steps to change your money situation.
People often ask, “Why am I broke?’
Perhaps you have a family and you need to put food on the table or your kids need new things such as shoes and clothing. All of these needs make it seem impossible to get ahead. Moreover, you may continue to have surprise expenses which make it feel like trying to build savings is a lost cause.
Asking the question, “Why am I broke?” is the first step to learning to get ahead in life.
The next step is taking action and finding ways to use financial discipline to continue to grow.
Did you know your brain is like a muscle? If you start changing small habits, such as money habits, you form new pathways and connections that will lead to big life-changing habits.(building wealth)
One of my favorite sayings, when I am feeling overwhelmed with a task, is “A journey of one thousand miles beings with one small step.” And so your financial journey begins. Take that first step and create that first small habit in your brain to change the way you think about money and stop living paycheck to paycheck.
Use these seven tips listened below to stop struggling financially
1. Stop Overspending
If you feel like you are struggling financially, it is possible you are overspending. If you are overspending, you will need to break your bad money habit and stop using spending as an emotional fix or hobby.
It all starts with making sure you have more money coming in than you are spending. This leads to our next point: budgeting.
2. Use a Budget
First things first, if you are tired of struggling financially, you need to learn how to budget. I know, I know, budgets sound SO confining, but you can change your perspective on this and think of your budget as YOU telling your money where to go. It helps to write down your spending for a week or two, so you can really gauge how much you are spending. Then use your take-home pay to determine if you have enough to cover the bills and needs. Once you have everything in place, find areas you can cut out of your budget and use frugal living to help you save money so you can finally get ahead financially.
Don’t have time to do all of this yourself? Try one of the apps listed below:
Use Personal Capital to keep up with all of your finance in one place. Use the free tools to help start investing and learn your retirement readiness. This app got 4.7 stars on the app store, so you know it is reliable.
Use digit to keep track of all of your funds in one spot. Digit will help you stay on budget and reach your financial goals. Try it free and learn how to save at the touch of a finger.
3. Trim Your Budget
If you want to stop struggling financially, trimming your budget is key. You can learn how to trim your budget by living frugally and saving money. If you feel trimming your budget is not your thing, you can let the professional do it for you.
Why not try out the popular money-saving app, Trim. Trim will help you find areas where you can save.
Sign up for a free trial here
-See just how much you can save during the free trial and if it is working, stick around.
4. Start getting money back
One way I like to stay ahead is by making money on things I need to buy like groceries or clothing. Did you know you can earn money and gift cards with the following apps? They are easy to use and you can stack cashback offers with coupons and other apps. Check them out:
- Ibotta – My favorite cashback app, offers rebates on your groceries. I have earned the most money-back from this app thus far, as I am at $ 450-lifetime savings. It is easy to use and just takes a minute after you grocery shop to upload your recipes. Check out Ibotta today and get a $10 sign up bonus (check now because sometimes they offer $20). Check it out here
- Fetch – Fetch Rewards can be stacked with Ibotta to earn even more. Fetch is a great way to earn points for gift cards on things you already buy. Earn points just by uploading your receipt, but earn even more if you bought any of the name-brand items they are promoting. It is a great way to earn gift cards to your favorite stores. Check it out here
- Dosh – Dosh is another free app that can be stacked with the above cashback apps. Just link your cards and earn a percent back with things you buy from stores listed in Dosh. It is an easy way to earn passive money, from things you are already going to buy. Check it out here
- Rakuten – Rakuten is an online shopper’s dream. If you order most of your groceries online, you can use Rakuten to earn cashback on your food or other items. It is easy to use and you can download a browser extension so you don’t forget. Plus you get a $20 bonus when you sign up and use it! Check it out here
5. Meal Plan
Meal planning is essential to learn how to stop being broke and living paycheck to paycheck. Food is an essential part of your budget, but it is also one of the easiest areas of your budget to cut.
If you frequently order out or buy fast food, you can save money by eating at home. If you are using the food you already have, you can plan meals accordingly.
Then make your grocery list and only shop every few weeks so you are not in the store spending more money.
You can literally save hundreds per week by meal planning.
Not in the mood for meal planning? Why not try $5 meal plan and let them do the work. $5 meal plan is a service that provides meal plans and grocery lists for any diet type including keto, paleo, gluten-free, and more.
Try a $5 meal plan for free here and see if it help s you save money.
6. Set up an Emergency Fund
An emergency fund will help you with the crazy things that happen in life. If you set up an emergency fund, you will be prepared in case of job loss, medical bills, and/or an unexpected bill.
It is best to save 6-9 months of your total expenses in an emergency fund, but if you do not have the proper funding, start small and buildup at least $1000. After you reach this goal, continue saving what you can to build up enough to cover you in case of job loss or any other unexpected bill or emergency you will face.
One idea to help your money grow, but still, have access to it, is to find a high yield savings account or money market account. We recommend CIt bank as its interest rate is above the national average and money can be withdrawn if needed. If you are going to have an emergency fund, then why not make money on it? It is a win-win for you and will help put your financial struggles behind you.
7. Cushion/Rainy Day Fund
Not to be confused with an emergency fund, a rainy day fund is not set aside for an emergency, rather things you WILL eventually need to pay for. For example, you will need to replace your water heater in your home at some point. This money will come from your rainy day fund. Again, you can put your money in a high yield savings account and split the money into “sinking funds” set aside for a specific purpose such as a down payment, house repairs, and your emergency fund as mentioned above.
8. Invest Your Spare Change
If you have started to dig yourself out of your financial struggle and have built up some financial discipline and money-confidence, it is now time to invest your money so it can really grow and you can begin to build wealth and a nest egg for yourself. I find many first-time investors are nervous and simply do not invest due to fear of losing money, which is totally understandable. Yet, if you want to try your hand at investing with low risk, check out the Acorns app. This app rounds up payments from your credit card and invests the money. Since you are starting with a small amount of money, you can feel more confident and build up to investing in another platform such as the Robinhood app.
The truth is, investing is really not that difficult if you invest in safe funds and keep it simple It becomes tricky and risky when you are investing in single stock companies that have the potential to fail. But with acorns you can start small and build your porfoio.
9. Stop Wasting Time (Side Hustle)
One easy way to stop struggling financially is to find a side hustle. The average American watches 35 hours of television per week. (Source: Business Insider) That is a lot of time wasted. You could be using that time to make more money.
I realize everyone deserves a break, but what if you cut your t.v. time down to just two hours per day. You would have three hours to side-hustle and more make money to help pay down debt, set up an emergency fund, and a rainy day fund.. Once you have a money surplus, you can cut back on your side hustles.
Click here to learn how to make money fast
Click here to see the Ultimate list of side hustles (75 Ways to Make Extra Money)
Another thing you can do instead of watching television is to read personal finance books. Try reading one or two personal finance books to help you change your money mindset and get some tips that will work for you. Click here to see a list of my top seven personal finance books.
10. Be Intentional With Your Money
Learn to be intentional with your money. Start tracking your spending and instead of wasting money, tell your money what to do. Have financial discipline and live with intention. You will feel amazing once you have your finances under control and are free from money-stress. Use the tips listed above to make sure your moeny is working for you and you have enough moeny coming in to pay for what you need. Try living frugally until you get ahead and then put money in a sinking fund, specifically for spending.
More Related Frugal Living Posts:
Frugal Living Tips With the Biggest Impact
10 Benefits of Living Below Your Means
75 Frugal Living Tips That Are Surprisingly Easy
What is Frugal Living?
“Tired of Struggling Financially” Final Thoughts…
If you have asked yourself recently “Why am I struggling financially?” then it is best to find the cause and change your money habits. If you are reading this and are aware of your problems, you are in the right place and ready to change your situation. Use the tips above to help you stop being tired of your financial issues. You deserve better and only YOU can make it better. Have a look around the blog for more money tips.
What is your biggest struggle when it comes to moeny? Leave me a comment. I would love to hear from you.