Have you ever been stuck in a financial rut, where you feel like there’s no way out? Don’t worry though because most of us had our own share of those down moments so you are definitely not alone. If you feel like giving up, don’t! There is a solution for every problem.
With these helpful tips, you can actually find your way out of this financial situation.
1. Admit that you are in a financial rut.
The first step of this plan of action is to admit and fully understand your current situation, your mistakes that brought you there and a promise to oneself that you will never make the same mistakes again.
2. Have a positive mind set.
I know, it may sound hard but trust me, the way you think can affect your current and future situation. Believe in the Law of Attraction that “like attracts like.” So think positive and believe that you will be able to make your way out of this financial rut. Set affirmations and focus on financial success.
3. Have an envelope budgeting system.
It’s time to say goodbye to your credit cards and debit cards (well, for now at least). List your expenses, make a strict budget for each – like for housing, groceries, transportation, etc. and have a separate envelope for each. Only withdraw the exact amount of cash and fill those envelopes with the desired amount of cash and just spend that all throughout the month.
4. Cut out at least one expense in a month.
Do you always buy Starbucks in the morning? Do you always buy a new outfit every month? Ask yourself what you are willing to sacrifice in order save your financial situation. Pick at least one expense and commit to cutting it for a month or more.
5. Find ways to make more money.
Cutting back on expenses won’t really help you to get out of the financial rut quickly, that’s why finding ways to make more money is very important in this 5-step plan. Go on a purge and sell your old or unused belongings. Check freelance jobs online that you can do during your free time or maybe baby and/or pet sit, do tutoring… etc.