What do you do when you’re broke?
You guys know that one of the topics I enjoy writing about here on the blog is frugal living. No matter your financial situation, frugal living is always wise.
But today’s post isn’t just about frugal living. Today’s post is about what to do when you hit a rough time financially – when you’re tightening your belt, scraping the bottom of the barrel, struggling to make ends meet . . . you get the picture.
If the above paragraph describes your life right now, this post is for you. Here are 5 things to do when you’re broke.
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5 Things to Do When You’re Broke
1. Re-evaluate everything on your budget
Pull out your budget and go through it line by line (with your spouse if you’re married).
Stop any unnecessary expenses. This includes things like subscriptions (and wow there are a million of them these days), regular eating out, gym memberships, that fancy coffee you like to get, etc.
You can also likely do without a clothing budget for quite for awhile, especially if you don’t have kids. If you absolutely must buy clothes, make that budget category much slimmer and shop secondhand.
2. Choose simple, cheap meals
You CAN lower your food budget and still eat well but you can’t be picky. The key is simplifying your grocery list and figuring out the best groceries to buy when you’re broke.
Rice is your new best friend. Beef is out, chicken is in. A bag of carrots and a bag of apples will go a lot farther than some of the “fancier” fruits and veggies.
3. Shop around to lower your bills
Shop around a bit for your internet, electricity, phone, insurance, etc. Don’t stick with what you have just because you’ve always had it.
I know that here in Texas you can go to PowerToChoose.org to compare electricity companies and choose the best rate. Loyalty to one company is great, but it won’t pay to keep the electricity on.
4. Brainstorm ways to increase your income
You can only cut back your budget so much. If you are already on a super tight budget you don’t have a spending problem, you have an income problem. It’s time to start brainstorming some ways to add to your income!
It was back at the beginning of this year when we were facing an income problem that I applied to teach for VIPKID. That job has turned into a really great and reliable “side hustle” for both me and Pablo.
Whether or not teaching online is right for you, there are lots of different things you can do to bring in extra cash. Read more of my ideas for making money at home here.
5. Practice contentment
I know, this probably isn’t the advice that you came here looking for, but hear me out!
The truth is that we don’t need as much as we think we do. It’s so easy to look at what everyone else has (especially these days when we can see it all on social media) and we start getting discontent. We wonder why others seem so much farther down the path than we are.
I’m not saying that we should be content to sit on our backsides and do nothing. Financial security is an important goal that everyone should work towards. But everyone’s journey is different, so don’t waste mental space wishing you had what someone else has.
Paul said in Philippians 4:11 “I have learned in whatever situation I am to be content” and this is what we should aim for.
Helpful Resources
Books:
More Than Just Making It by Erin Odom
The Total Money Makeover by Dave Ramsey 
Online Resources
EveryDollar (for budgeting)
Also, be sure to check out the frugal living section of this blog! I add new content regularly. 🙂
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