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How to Stop Being Broke and Finally Break the Cycle

So you’re ready to stop being broke? You hate living paycheck-to-paycheck and want to change.

Well, the first step towards changing your life and gaining control of your finances is to admit you want to change, and acknowledging how much you need to change.

Only you have the power to change your financial situation.

When it comes to life, money and even being your own boss, no one can change your mindset but you.

We all get stuck inside this rat race called life. Going around and around on our wheel like a caged hamster. We are moving forward, but never progressing.

Please know you’re not alone!

The key is to not STAY at this stage of your life. Don’t get stuck here.

What happens when you finally figure out you want to change and you’re sick and tired of being normal and broke?

Here’s how to stop living paycheck-to-paycheck and finally break the cycle of being broke.

1. Be prepared to take action

The amount of effort and thought you put into changing, is the amount of results you will see.

In other words, if you don’t apply yourself to changing your financial habits and only put in a mediocre amount of effort, the results you’ll see will also be mediocre.

Maybe that’s what you’ve experienced in the past after trying to change your finances, and failing.

But this time has to be different!

You have to change your mindset to be ready for a radical change and not care what other people think. This is the only way to see the drastic changes you’re hoping for and to stop the cycle of being broke.

However, this kind of change takes courage. Essentially, you have to be a phenomenal person living in a nominal world. And that’s a tough thing to do.

Once you decide you don’t want to be normal anymore, that’s when you’ll see more positive results in your finances. It’s time to stop being average and embrace that fact that you can change and you will.

Yes, it’s painful. It takes effort and sacrifice, but it’s worth it.

You won’t change until you’re sick of being broke, enough to start taking action. I know we are all discouraged and tired of being broke. Have you had enough?

If you’re unhappy with your job, then why don’t you quit? It’s completely pointless to do the same things, over and over but expect to see different results.

2. Know your type of money problem

There are only two ways to stop being broke; you have to spend less than you make, or increase your bottom line.

Do you have a spending problem, or an income problem. Or both?

Spending wisely is a major part of experiencing financial freedom, but spending less has it’s limits. There is only so much you can cut back on, before you have to start earning more money.

This is where having a side hustle or taking on virtual assistant work comes in. Determine what kind of money problem you have and then take steps to remedy it.

If you have a spending problem:

  • Go on a spending challenge – For the next 14 days (or 30 or 60, however long you want to) vow to go on a spending challenge where you’re only allowed to use cash, or a direct debit from our checking account, to pay for all your expenses. You could even go on a spending fast where you don’t buy anything besides essentials for a certain period of time.
  • Start budgeting mindfully – Even if you have irregular income you can create a successful budget that you can actually stick to. The goal is to track your spending so you can become more mindful with what you buy and where your money goes. And it doesn’t have to be restrictive at all!

If you have an income problem:

  • Take on extra work – Ask your boss for some overtime at work or talk to your co-workers about taking over work for them. If that’s not an option, take on a weekend gig working somewhere locally. Look for local jobs on Craigslist and the classifieds.
  • Start a freelance side hustle  – In addition to your day job consider freelancing on the side. Can you offer services as as a freelance writer, business consultant, virtual assistant or social media expert? Look over your resume and see what you can use as a lateral skill to start a freelance side hustle.

3. Don’t be afraid to ask for help

Your income potential is only limited by your mindset and your skills. You really can earn as much money as you want! But you have to know what your strengths and weaknesses are.

Be confident in your abilities and find help for the areas you’re not so confident in. It’s not bad to have confidence in your career and to be good at your job.

And you can’t be afraid to put in the work. You have to be a problem solver, not a problem creator.

4. Push past the fear

When was the last time you did something that was scary and just a little crazy (in a good way)? Exactly.

But how do we know we’ll fail if we don’t try? We limit ourselves with fear, insecurity and by not making the necessary sacrifices. What is the price you are willing to pay for financial freedom?

Nothing in life is free.

If you aren’t paying with money you’re paying in time. If you’re ready to try and open to failure or success no matter what, it’s time to take action.

5. Commit to not being broke (finally!)

The key to stop being broke for good, is to admit that you’re going to make mistakes but that you’re still open to trying. Don’t give up just because things are difficult.

We’ve all made mistakes, and will continue to make them. But you have to push past the fear and jump off the hamster wheel.

It all starts with a simple decision to start changing. So go ahead and try something new today!

Take a leap of faith, because you will never know until you try.

 

How to Stop Being Broke and Finally Break the Cycle - Learn how to stop being broke and finally break the cycle of being broke for good. Manage your money successfully and build wealth with these simple tips. Stop living paycheck to paycheck every month!

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