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Are you feeling weighed down by the challenge of overcoming financial adversity to reach your dreams?
You’re not alone. Everyone faces tough money matters in their lives, from struggling to pay bills and manage debt or save for retirement, to creating a budget that will help them live within their means.
But don’t let it hold you back!
With the right strategies and guidance, anything is possible, even when it comes to turning around an often frightening financial situation.
In this article, we’ll explore 14 time-tested strategies for triumphing over financial adversity and achieving your dreams.
Whether you’re just starting out on your journey or stuck in a rut halfway through, these tips can help you get past the bumps in the road.
So buckle up: Here’s how to begin chasing those dreams with confidence!
#1. Learn A New Skill Online
Learning a new skill or two can be a great way to earn additional money.
These days, plenty of online courses (some of which are free) teach everything from coding to web design and digital marketing.
With the right knowledge and skills, you’ll be able to open up more job opportunities and potentially make more money than ever before.
#2. Decide What You Actually Need
If you want to be successful at achieving your financial goals, it’s important to distinguish between what you need and what you want.
Make a list of the things that are absolutely essential for your lifestyle or goal-setting: rent/mortgage payments, groceries, gas/transportation costs, etc.
Then make a list of nonessential items like designer clothes, an expensive meal out, etc.
Knowing what you need and want can help you stay on track and ensure that your income is spent in a sensible and responsible way.
#3. Take Drastic Steps
If money is extremely tight, you might have to take drastic steps, like selling your house and moving in with a friend.
Or you could bring a roommate in.
Selling your car and taking public transit is another option.
None of these are ideal, but in some cases, it is what has to be done.
#4. Stay Positive
Not having enough money is a stressful experience.
Unfortunately, that chronic stress can sink you even further, making it difficult to see a way out or find the energy to work toward it.
The most important thing you can do right now is stay positive.
Although positivity alone isn’t enough to get you out of a tough financial spot, it will greatly improve your overall mental well-being and help you make it through this difficult time.
#5. Barter With Neighbors
Developing a connection with your community is quickly becoming a focus in many areas where money isn’t as easy to make.
When you can rely on your neighbors for things like food, fuel, and other essentials, you can build a network of people actively working toward the betterment of your community.
Of course, you have to get started.
See if you can barter with neighbors for various things that you need that you can’t currently spend money on.
Maybe they have something they’re looking to give away or they’ll perform a service for you.
Just make sure you have something to offer in return, whether it’s physical labor or something of value that they need.
#6. Find New Income Stream
Besides cutting down on spending, the only thing else you can do to improve your financial situation is to find a new income stream.
Whether that’s a part-time job, a side hustle, or something else, there are ways to bring in more cash.
I’ll include a few ideas below to help you get started!
#7. Talk With Your Creditors
Crushing debt is often one of the biggest causes of an inability to afford day-to-day expenses.
It’s stressful, and it only snowballs, making it difficult to pay back over time.
It also ruins your credit and prevents you from moving up in the world.
If you can, reach out to your creditors to explain your situation so that you can see what can be done about it.
Some creditors may aim to reduce your overall debt burden by lowering your interest rate so you can get caught up or even offer you more time to pay so you don’t feel as stressed.
Even though it can be easy to avoid debt entirely, tackling it as soon as possible is the best course of action.
#8. Think Outside The Box
Living extremely frugally during trying times takes immense creativity.
Ask anyone who’s ever done it before or is doing it currently.
Look for ways outside of traditional advice to help you save more and become financially free.
Maybe you’ll sleep in your car and shower at the gym.
Maybe you’ll look for extremely cheap foods and supplement with equally affordable vitamins.
Whatever it is, put your nogging to use to help you work through this bump in the road so you can get back on your feet faster.
#9. Avoid Get Rich Quick Ideas
Get rich quick ideas are never what you think they are.
Most of the time, these schemes are run by people who sell courses and consulting services for high prices while making people think that getting started is easy and cheap.
Once you’ve bought in, you then realize that you need a lot of money, time, and skill that you might not have.
Put simply, if something sounds good to be true, it generally is.
#10. Slash Spending
If you’re feeling strapped for cash, the most important first step to take is to slash your spending significantly.
While it’s not always ideal to cut out non-essentials, it’s much better to be able to afford the things you need rather than buy into things that won’t help you maintain your life.
Whether it’s streaming services, subscription programs, or simply extra purchases that aren’t a must, look for ways to cut down on your spending.
You might even be able to leverage coupons or rebates to save on your essential purchases as well.
#11. Sell Unused Things
Unless you picked up on the decluttering and minimalism trend going around a few years ago, there are probably things sitting around your house that have gone unused or even unopened.
You can make money on these things rather than continuing to leave them sitting around and taking up space in your house.
If you’re only thinking locally, you can use platforms like Facebook Marketplace or OfferUp to find buyers in your area who might want your stuff.
If you’re looking to expand your reach, you might want to consider platforms like eBay (only if you don’t mind shipping some of your things).
Don’t forget, you can also make money off of unused things by renting them if they’re still in excellent condition.
From things like cars and motorcycles to clothing and instruments (and even places like parking spaces and campground space), there’s a platform out there that can help you make money off of your stuff.
#12. Network
Networking is critical in today’s world.
After all, almost everything we do relies on socialization.
Networking now can help you connect with people who might be able to help you get your foot in the door of a job, give you ways to build a side income, or even help you find people that you can sell things to.
When in doubt, network it out.
#13. Talk to Your Boss
Bosses are people too, despite a wide range of horror stories that might not always show this being the case.
They might have been through the same thing at one point.
Talk to your boss to see if they might give you a raise or an advance on your paycheck (if your troubles are only temporary and you need a minor boost).
Not all bosses are going to be open to this conversation, but some might surprise you.
If it’s a firm no, consider looking for other ways to make money on the side or even looking for a new job that will pay you more so you aren’t struggling financially.
#14. Find Free Alternatives
There are seemingly endless supplies of free things in the world today.
From free movies and concerts in the park to borrowing items from neighbors instead of buying.
With a little thinking, you can find many items that you don’t have to pay for.
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I have over 15 years experience in the financial services industry and 20 years investing in the stock market. I have both my undergrad and graduate degrees in Finance, and am FINRA Series 65 licensed and have a Certificate in Financial Planning.
Visit my About Me page to learn more about me and why I am your trusted personal finance expert.