What do you do to avoid being broke?

Authenticity101 · Jul 28, 2023

Being broke is one of the worst situations one can get into. It causes so much distress and instability in your life. That is why I try to never go broke by doing the following:

1. Managing money well.

Whenever I earn money, I have learnt to avoid immersing myself into a celebration or extravagance. Rather, I sit down and budget the money well. I focus more on how I can invest the money to earn more rather than how I can spend it all.

2. Having several sources of income.

This one saves me from the agony of losing a job or an investment going rogue. When I lose on one end, I have something to fall back on.

So how do you avoid going broke?

AruneBend · Jul 28, 2023

well there are a lot of things you can do in order to avoid being broke firstly is saving or investing it will help if you lose your source of income

Bisolami · Aug 1, 2023

Abigael said:
Being broke is one of the worst situations one can get into. It causes so much distress and instability in your life. That is why I try to never go broke by doing the following:

1. Managing money well.

Whenever I earn money, I have learnt to avoid immersing myself into a celebration or extravagance. Rather, I sit down and budget the money well. I focus more on how I can invest the money to earn more rather than how I can spend it all.

2. Having several sources of income.

This one saves me from the agony of losing a job or an investment going rogue. When I lose on one end, I have something to fall back on.

So how do you avoid going broke?

I am very good when it comes to saving money and I always try to spend as little as I can so that I will not go broke quick. Going broke is very bad and I don't ever want to be in that condition anymore

Shortie · Aug 1, 2023

Being able to avoid being broke I would say is easy but it is not always the case. You do need a lot of willpower and you do need to be strict with yourself when it comes to things such as saving money or even investing.

If you are someone that tends to spend money the minute you get it, that is one issue that you would need to get yourself out of. Set yourself goals and stick to them and you will notice a huge difference.

Johnson2468 · Aug 1, 2023

I try to avoid being broke by looking for more source of income every day and I also learn by do research to be better at what I do presently

Gicel · Aug 1, 2023

To avoid being broke you should save some money for your future. You should also spend your money wisely and intelligently. Do not spend your money beyond your means and avoid lending money with higher interest.

Bisolami · Aug 2, 2023

Shortie said:
Being able to avoid being broke I would say is easy but it is not always the case. You do need a lot of willpower and you do need to be strict with yourself when it comes to things such as saving money or even investing.

If you are someone that tends to spend money the minute you get it, that is one issue that you would need to get yourself out of. Set yourself goals and stick to them and you will notice a huge difference.

This is not good to be spending money as you are getting it because we are not going to have any savings at the end of the day but saving some money and spending some will save you from being broke

kirubel · Oct 31, 2023

Personally the right thing to do not to get btok and financially unstable is managing the way we spend our money and our earnings and also having more than one course of income is a good way of making our financial capacity strong.

cherry123 · Nov 8, 2023

it is to have different sources of income. it is good to have multiple sources of income so that you can always rely on different sources to avoid going broke

olaniyi · Dec 14, 2023

Mostly I engage my myself in on some minor source of income to avoid being broke like passive income and post to pay site to get myself financially stable for the main time

Starmix · Dec 17, 2023

Save, invest, and invest more avoid you to go broke. Don't live beyond your means if possible live on frugality. Be a wise spender. It's also advisable not to apply for loan, it kills your hard earned money.

Golden9 · Dec 18, 2023

Simply make sure that your expenses are less than your income. You can choose to reduce your expenses while income remains stable, or increase income while you maintain the amount of expenses you usually have.

eldavis · Dec 18, 2023

I am always making sure I manage what I have and do not spend more than what I need. Then another thing that helps me is ensuring that I have other online gigs as well.

Starmix · Dec 19, 2023

Work harder, save more and invest the secret of avoiding brokenness. If possible live without means and don't spend your money for the nonessential things. You'll get used to it that leads you to live in too much poverty.

Stardom22 · Dec 19, 2023

I normally avoid that worst situation by engaging myself in an active regular work as my job with another small businesses as a side hustle for me for that matter.

nomad · Dec 20, 2023

When you are making money, you need to save money and also invest money. When you lose income source and become broke, you can use your savings and investment to pay your bills

Nite · Dec 21, 2023

nomad said:
When you are making money, you need to save money and also invest money. When you lose income source and become broke, you can use your savings and investment to pay your bills

Having savings and investments can be incredibly beneficial. They can provide the necessary financial support to pay bills and other expenses. Using the emergency fund from savings can help cover immediate needs, while tapping into investments can help generate additional income.

Pousinha · Feb 12, 2024

Depending on the family (and country) we were born, things won't be so easy. I come from a country and family of savings hoarders, but in my current country, a large part of the population live on borrowed money and debts. They don't inherit money (sometimes only a crestfallen house to divide into many siblings) because they come from broken and indebted families. And a lot of time, when they have money in their hands they don't save a single penny, as the day after they have spent all into futilities.

eldavis · Feb 12, 2024

That's true though, the family you come from and your location also plays a major role when it comes to things like this. I grew up in a family that didn't really support borrowing. Due to this I always try my best to ensure I don't have to borrow.

Starmix · Feb 13, 2024

Live in frugality while you are still struggling financially. You must also think of the best possible way to find extra income to avoid getting broke. There are earning sites online, so there is no reason to be broke.

What do you do to avoid being broke?

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