Getting advice about what to do with your money, when you don’t actually have very much or (worse) when you don’t have any money at all, sounds quite ironic.
Hold on.. What does it mean to not having any money?
Are you living paycheck to paycheck? Are you financial dependent on someone- like your parents, siblings, relatives, social security, Santa Claus, etc? Do you find yourself spending money by borrowing it from someone and not earning income at all?
If you answered YES to any of the questions above, then you definitely don’t have any money.
To help you out, I’ve rounded up some money advice that can get you on the right track and maybe even clear some of your financial hurdles out of the way. Below, check out the list of 8 things you simply can afford to do-completely NO MONEY REQUIRED!
#1 Start Talking (About Money)
One of the best ways to avoid money pitfalls is to learn about the ones other people have made. Everyone has regrets about something related to managing their money – like signing up for a credit card, applying for loans, going on wild shopping sprees, or not getting insured. Go ahead and reach out to people who are close to you and older than you, and ask them to share their best and their worst money moves. It’s cost-free and the lessons you’ll learn are unbelievable. This is a great way to develop a comfort level with talking about it so it’s not such a taboo topic.
Reading finance blogs are also a great place to learn about dealing with money. I particularly enjoy reading Money Diaries series from Adulting.PH which features the average Filipino millennials about how they manage their money on a daily basis.
#2 Get You Priorities Straight
Set your goals and create a plan to achieve it. Sit down, grab a pen and paper and give yourself enough time to really get clear on what your goal is around money and how you can best achieve it. Use numbers and dates, not just words, to describe what you want to accomplish with your money. How much debt do you want to pay off—and when? Is it to get a job? Is it to support your family? Is it to buy a new house? How much do you want saved, and by what date? If you fail to plan, you plan to fail.
If you can craft a vision board, do so. It can help remind you to stay track with your financial goals and keep you motivated to start adopting better money habits.
#3 Be Grateful and Count Your Blessings
Appreciate what you have now, instead of trying to get happy by acquiring more things. Sometimes, in order to appreciate what we have, we often have to get back to the utter basics in life. Life isn’t about buying things, it’s about experiencing all the wonder and joy out there in the world. Learn to be grateful and count your blessings, because tomorrow it might all be gone.
#4 Look for Ways to Bring in More Money
Start with your current job to see if there are ways for you to make more money there. If that fails, take on side hustles to help compensate. There is money you can make outside of your 9-to-5 job that can help you pay bills. Also, look around at home and you might discover that some of your old belongings could be worth money if they’re in decent-enough condition.
#5 Ask for Money that is Owed to You
Do you have friends or clients who owe you money? This is a good time to follow up on that.
#6 Build a Safety Net (ASAP!)
Start building a safety net for financial emergencies. It’s recommended to have three to six months worth of living expenses in an emergency fund that you can turn to if an unexpected emergency expense arises. If you don’t have savings at the ready, you run the risk of having to rely on family or friends for help, or worse, falling into debt.
#7 Avoid Letting the ‘Lifestyle Creep’ Take Over
While it’s entirely okay to reward yourself, it’s also important not to squander your new gains on short-sighted purchases. Resist lifestyle inflation as your salary goes up. No, you don’t have to adopt a “no spending” lifestyle. It’s normal to want to treat yourself for all your hard work. The trick is to do it strategically.
For example, if there’s something you want, write it down, but don’t buy it right away. Think about it for a couple of days (or a month.) If you still want it after then, buy it. This helps cut down on impulse spending and helps you focus on things you really want.
OR you can create a FUN fund by setting aside a small portion of your income for enjoyable but unnecessary purchases, such as new clothes, games, eating out or travel.
#8 Invest in Yourself
Invest in yourself as much as you can, and in every way you can, from taking care of your body, to finding work you love, to improving your own talents or learning new skills. Unlike other assets, your abilities and skills can’t be taken away from you.
If you’re in a REALLY BAD money situation, the first step to turn that around is to admit you have a problem. The next step is to quit blaming others and depending on them to fix it. Make it your duty, obligation and responsibility to get your financial life in order.
Do you know someone who doesn’t have money? Share this post with them. I’m sure they’ll be grateful if you do.