Watch this if you're tired of being broke

As of July 2023 — sixty-one percent of consumers were living paycheck to paycheck, according to the New Reality Check: The Paycheck-to-Paycheck Report. In addition, 64 million Americans have debts that are in collections. Due to being stuck in the cycle of living paycheck to paycheck, there is little room for savings, breathing room, or achieving financial goals.

When you spend more than you make you will always be broke waiting for your next paycheck. It doesn’t matter how much you make, if you spend it all you will be broke. The inability to say no to things you can’t afford will keep you broke due to your excessive buying above your income level. If you can’t pay cash and must use debt then you can’t afford it. If you are broke you can’t afford it. Living beyond your means insures staying broke due to overspending.

For a lot of people, budget is a filthy word. However, your budget is your guide to financial freedom. So, it’s kind of a big deal.

Here are some tips for building a budget if you don’t have one:

- Track your income. You should include your salary, any side hustles, and any other sources of income you may have.
- Categorize your expenses. Expenses can be fixed (rent, utilities) or variable (groceries, entertainment).
- Allocate your income. Fixed expenses should be deducted first, followed by debt payments and savings.
- Leave room for flexibility. Don’t forget to budget for unforeseen expenses and occasional indulgences.
- Track your progress. Keep a regular eye on your spending and adjust your budget as necessary.

The key to financial stability is not just numbers; it’s a mentality.. a mindset. So, cultivate a positive attitude and be proactive. Also, remember that progress takes time and effort. To stay motivated through, celebrate your small victories.

#wealthbuilding #successmindset #millionairemindset

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