What Not to Do When You’re Broke
There’s no exact definition of being ‘broke’, but it generally refers to a state of financial distress where your spending is limited, bills go unpaid, and long-term investments like car repairs are out of the picture.
How do you dig yourself out of the broke hole once you’re in it? That’s what we’re here to talk about today. Here are a few things to not do while you’re broke.
Have Cable TV
While self-care is important, TV is really more a luxury than a necessity, and cable TV is one of the most expensive ways of consuming TV. In the modern internet age, a subscription to Netflix or Hulu is a far more economical and effective way of consuming a series. If there’s a series you’re hooked on, just do a quick online search to see which service offers it before taking the plunge and cutting the cord altogether.
Take a Vacation
While being broke is undeniably stressful and you may feel like you desperately need a break, it’s important to resist the temptation to go on vacation. Vacations, even simple ones, are expensive, and you’ll come home to the same mess that you had when you left, only now worse.
Taking a vacation while you’re broke is just an exercise in trading short-term relief for long-term stress.
Eating out, at even a mildly upscale restaurant, is expensive. It’s also a luxury, a non-necessity that needlessly drains your bank account of whatever’s left in it. Just as with vacationing, eating out when you’re broke may feel good at the moment, but will only feel worse in the long-term.
If you have to eat out for social or job-related reasons, limit yourself to the bare minimum of what would be polite, and order something inexpensive. Remember that the objective is not to be full at the end of the meal, but to get out of there with the least amount spent. If you’re hungry afterward you can always just cook at home. It’s not only far more affordable, but it’s also without a doubt healthier.
Ignore Your Credit Card Payments
While it may seem impossible to pay off your credit cards while you’re in a financial hole, the truth is that paying off debt needs to become a priority if you don’t want the hole to just get deeper. The interest rate on credit cards can be absolutely brutal, and the longer it’s not dealt with the worse it will grow like a rot. Do whatever you can to make your payments each month.
Not Take Advantage of Title Loans
Title loans are a type of short-term loan that’s fast and convenient and leverages the latent value of your car. They’re an invaluable tool if you’re broke or going through an emergency, and here at Tennessee Title Loans, Inc., we take pride in streamlining the process for your convenience.
If you’re broke and need a hand up, check out our title loan FAQ and see if it’s the right option for your situation. If it is, just fill out the online form at the top of the page.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.