Budgeting When You Are Broke

Source: Investopedia.com

I cracked up when I read that headline.  Most of us have been broke at some point in our lifetime.  Some of us have been broker than others, but it all relative.   If you find yourself  knee deep in debt – here are 10 steps to make your financial life less stressful.

  1. Avoid Immediate Disasters
  2. Review Credit Card Payments and Due Dates
  3. Prioritizing Bills
  4. Ignore the 10% Savings Rule, For Now
  5. Review Your Past Month’s Spending
  6. Negotiating Credit Card Interest Rates
  7. Eliminate Unnecessary Expenses
  8. Journal New Budget for One Month
  9. Adjust Spending as Needed
  10. Seek Out New Sources of Income

Seeking out new sources of income is my favorite suggestion on the list. Budgeting and cutting expenses is never fun; especially after  all of the easy stuff has been cut. Although, the article suggest finding a higher paying job or a second job – my preference is something entrepreneurial.

Read Full Article Here.

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