Being broke means that you are relying on cash advances on your credit card in order to pay your rent or your mortgage, and you are praying that you are going to have enough money left on your credit line in order for you to do so.
Being broke means having more student loans than you can handle, making you nauseated when you begin to think about how long it will possibly take for you to repay them.
Being broke means being afraid to open up your credit card bills because you are legitimately afraid to see what you are going to end up owing, because you have absolutely no way of making the payments. So instead of dealing with your bills, you are getting hit with all of the finance charges and late fees.
Being broke means wanting to buy a home but having absolutely no idea where on earth you are going to be able to come up with the money for the down payment, so instead you are stuck in an apartment or a small place that you are unhappy with.
Being broke means counting every single coin that goes into your change car and scrounging under the cushions of the sofa in a truly desperate attempt to find enough money that you can cover not only the bounced check but also the overdraft fee or bounced check fee that the bank is going to hit you with.
Being broke means wanting to save money for the college funds for your children, but having no idea how you are going to swing it because you are already stretched beyond strapped and trying to pay your car payment and your mortgage payment, and you have not even begun to think about retirement saving let alone put away a penny.
Being broke means not having a single penny saved for everything or anything despite having a decent job. Should your car happen to break down, you will also break down. You do not have any money saved for the repair payment, and yet you rely heavily on your vehicle to help you get to work.
Now that you know what being broke is all about, it's time to change things around. Does reading this list fill your stomach with butterflies because you've experienced these things for yourself? If so, know that there are solutions out there - And the right money management tactics can really make a difference when it comes to overcoming your broke status for better financial health. The first step is going to be to establish a budget judging where your money is coming from and going so that you can determine where all of your money is going and how you can stop it from all rushing out the door so quickly.
Photo Credits: Phoney Nickle
Originally posted 2009-08-31 03:17:33. Republished by Blog Post Promoter
Related Posts -
Saving for a Rainy Day Having a few easy and down to earth concepts and ideas for spending less, cutting expenses and socking money away is a good way to start putting together a rainy day fund. This freed up money can be applied to your emergency fund so that you can weather any financial...... -
6 Steps to Get Back on the Right Financial Track Millions of Americans have found out this year that they are in dire financial straits and this came as a shock to most. Whether it’s a new variable rate on a mortgage, higher gas prices or just the higher cost of living, many of us are not as financially secure...... -
Preparing for the Unexpected Financially While many people do not like to talk about the idea of unemployment, being unemployed is a very real concept that can also become very damaging very quickly for anyone who is not adequately prepared. Due to poor planning and the natural process of denial, many people who were unemployed...... -
Where Do Small Businesses Go Now? Credit and money are still in really tight places, and this is absolutely no secret. What is unknown in the current economy is what small businesses should do and where they should go now. Many small businesses are finding themselves struggling and even drowning in an attempt to overcome the...... -
Top 3 Things to Learn About Personal Finance Regardless of your age, position in life, or your financial goals, there are a few things that we all need to learn about personal finance. Once you have the basics down, everything else can just flow naturally. These tips are the strong foundation upon which you can build your financial......
Related Websites -
What You Should Know about the Paper Money There are different ways that you will be able to enjoy the money that you collect. You can be a beginner or you can be a seasoned collector and you will still be able to enjoy it just as much. For many, the joy of collecting currency is simply the...... -
A Look at the Importance of the Paper for Money Whenever you have handled paper a little bit, you will notice that it becomes thin and fragile and might even rip on its own accord. This is just one of the reasons why the paper for money has to be different. The good news is that you will be able...... -
Weekly Roundup Welcome to the Sunday roundup. I hope everybody has had a good weekend so far and that you are all staying healthy and fit. Check out my Trophy Jack Crevalle. Sf Boater is paying for fish stories with pictographic evidence. Tell everyone you know about my trophy catch. If it...... -
How to Populate Your Collection with the Most Valuable Silver Coins There are a few different ways in which you can build a coin collection. You can pick up a few pieces which are worthwhile to you that will be valued in the hundreds to those in the thousands. While it is possible to buy coins which are valued in the...... -
Budget Decoration Tips: Use What You Have One of the most popular budget decoration tips is to use paint over other materials, because paint is cheaper and more easily changed. But if you want to be even better to your budget than dipping in to buy several gallons of paint, there are many ways you can use......
- Penny Ireland Europe Coins: World Coins & Paper Money
- Caps, Hats Buffalo Bills Football-NFL Fan Apparel & Souvenirs Sports Collectibles
- Personal Saunas Pools & Spas Yard, Garden & Outdoor Living
- Bag Retro Single Surfboard Fins Surfing Surf Store
- Opticals Personal, Field Gear Surplus Militaria Collectibles
Categories:
bad debt, Debt, Personal Finance
Tags:
1 comment so far ↓
If you’re living on a poverty-level income, “the right money management” isn’t going to make you wealthy.
Leave a Comment