The First Question To Ask Yourself If You’re Financially Strapped
Eliminate as many leaks from your budget as possible.
At some point, you will likely be financially strapped in your lifetime. Some people are financially strapped longer than others, but just because you’re financially strapped doesn’t mean you have to remain there for the rest of your life. It’s a temporary situation, if you make it temporary, and I would know because I used to be financially strapped.
So, what’s the first question to ask yourself if you’re financially strapped?
The First Question To Ask Yourself Is: “What can I cut?”
In other words, where can you cut your spending; what can you immediately drop from your budget so you can eliminate as many leaks from your income as possible?
The problem with the financially strapped predicament is that it’s easy to continue perpetuating a financially strapped situation.
A perfect example is you’re working, you’re raising kids or helping family (or not), you’re paying bills, you’re managing debt, you don’t make enough income as is, and sh*t just keeps popping up. You’re so busy that you decide to eat out more often than you should because you need convenience and don’t have time to grocery shop or cook or don’t want to eat basic. Not only that, but you got five TV subscriptions because you need to relax and watch all your favorite shows, right? But oh man, sometimes you need to let it air out, so you get a little shopping in on Amazon (or wherever your favorite place to spend money is). Or maybe you need a little pick me up so you get yourself a new outfit, pair of shoes, watch, etc. Well, some of you even go a bit further, and you’re finally getting close to paying off your car, and you decide to get a new one with a bigger car note attached to it — even though you know your finances are out of whack.
I think you get the point. Maybe none of this resonates for your specific situation or maybe it does.
The point is convenience, dopamine hits, stress, and moments of relief from life can rob you of financial independence, and financially strapped people frequently dig themselves further into the holes they’ve been existing in because of these elements.
If you want to stop a leak, you must put a plug in it, but eventually, you have to apply a permanent fix, or that plug will come loose.
Discipline is the fix, and eliminating unnecessary spending is the plug.
Here’s why: You can eliminate unnecessary spending temporarily, but if you don’t have the discipline to maintain less spending, the leak re-opens like a wound, and you remain financially strapped — financially bleeding out.
I was listening to a podcast the other day by Noah K. One of the women he interviewed stated that her financial success is because of discipline.
Discipline will you take so frickin far if you consistently implement it.
Are you financially strapped or strained? If so, what are you willing to sacrifice to create space for you to breathe, build wealth, eliminate debt, and cultivate financial independence?
Most people are unwilling to apply the fix (discipline) or the plug (cut the unnecessary spending).
My expenses used to be extremely meager; I maintained extremely meager expenses for so long that I created the space to breathe financially. This takes discipline and some upfront sacrifice, but it’s worth it.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
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And the second question is: How can I make more money?