Has tax time or a health expense done a number on your bank account? If you are flirting with overdraft, you need to take action to right your financial ship – here’s how you can go from being busto to robusto in a matter of months.
1) Craft a strict budget (and stick to it)
You got into this situation by having no plan – you’re going to climb out of it by creating one. Create slots for each expense, both fixed, variable, and discretionary. In order for this to work, the limits you set need to ensure you end up with a surplus at the end of every month.
Make sure you allow enough for food so you can eat relatively healthily while spending less, and enough to pay for fuel or transit passes. The biggest area you should cut: recreational spending.
Note that this doesn’t mean you should cut it to zero – if you do, you’ll lose your mind at some point and relapse, reversing whatever progress you made in the interim.
For example, heading out to the bar may not be the best idea while you recover the status of your bank account, but playing with crypto you already have on your account may be ok, provided you don’t blow it all and have to redeposit.
There are many sites on the net which accept crypto players – as for the e-coins that are accepted, they have all them listed on their menu screens. Find one that suits you, and get online and play blackjack, slots, or whatever game that strikes your fancy – who knows, you might hit the jackpot!
2) Cut out everything that’s not necessary to live your life
Have a gym membership? Cut that out – your basement and the trails that run through your local park provide you with all the space you’ll need to stay/get healthy, all at no/minimal cost.
Still have cable? Cancel it – there’s more than enough entertainment on YouTube for no cost, and on services like Netflix for drastically less.
There are countless other examples that can be found throughout your life – if it doesn’t put a roof over your head or put food on the table, consider cutting back on it or jettisoning it completely.
3) Cook all your meals
Food is necessary for us to get by from one day to the next, but it is a highly variable expense. Save huge amounts of money by cutting lunches out – that $12 lunch could be prepared by you at home for a tenth of that cost or less.
Sure, this can take a lot of time, but this can be reduced significantly by batching all your meals for the week by cooking them all up on Sunday night – buy a bunch of Rubbermaid containers and get to work!