By Dave Omokhodion
Everyone always have financial challenges at certain period of time. It might not be as serious as to some people. And what could be termed as 'broke' might not mean the same thing to everyone.
Notheless, not having money to do what someone want to do at a particular time can be referred to as being broke or short of money. The situation can be so painful.
Sometimes it could be avoided if you plan ahead of it. But in a situation where it can not be helped there are ways you can handle the situation.
1. Recognize and assess the situation on time. Don't be mad at yourself. Take stock of your income, the expenses you are making , the debts on your table, and savings you have, if any all.
2. Consider those essential expenses you can attend to like rent, utilities and food, and focus solving them.
3. Cut down your expenses. Reduce non-essential spending, cancel subscriptions, and negotiate bills.
4. Seek assistance. If possible reach out to local non-profits organisations, churches, or government agencies for help.
5. Sell off those unuseful items in your possession to generate cash. They can be anything, ranging from electronics, clothes or household items.
6. Don't rely only on your regular income, consider a side hustle too. Explore part-time job or engage in buying and selling.
7. Always communicate well with your creditors. Explain your situation and negotiate payment plans or temporary relief.
8. Find a way to manage debt repayment. Focus on high-interest debts first, like those from microfinance banks, online loans companies and individual money lenders.
9. Try to build an emergency fund. You can be setting apart some money to address unexpected expenses.
10. Stay positive and patient. Carry a winning attitude outlook.
Remember, being broke is a temporary situation. By taking proactive steps and seeking help when needed, you can work towards financial stability and recovery.
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