3 Lessons I Learned From Being Broke

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Would you believe that years ago I was broke? I was literally living paycheck to paycheck. Worst case scenario, I have credit card bills piling up on my desk each month. I can’t even pay its minimum amount. Until I finally decided to turn my finances around.

Everyone has the capability to proceed from being broke to free; from nothing to something. I am most certain you’ve read and heard personal financial stories on how people succeed with their finances. Not to mention the many individuals who cleared out their debts in no time and now enjoying financial freedom. The truth is, you can fix your current financial situation. Whatever your state is, you can succeed in time. And like me, you too can be financially free.

Even in my “broke” state, I still thank that I was able to experience it first-hand. Being broke has taught me money lessons that were echoed in various financial blogs and books. Those financial hardships led me to who I am today. Even more, it taught me three valuable lessons that I shall cherish even at this point.

Lesson 1: Simplify your expenses.

With little to no money in your wallet, you are forced to simplify your expenses. Your weekly latte in an expensive coffee shop can wait and you can live even without it. An instant coffee will do for you rather than that latte of your dreams. You will then be able to identify your needs and your wants. From your needs, you learn to prioritize on those expenses. For instance, true food is a necessity but you can always go away with an inexpensive meal rather than spending much in a restaurant. Eating at home is far more ideal than eating out. You look for cheap bargains and deals. From there you can be able to simplify your expenses.

Lesson 2: Being resourceful.

This goes hand in hand with lesson number 1. You will be surprised just how resourceful you are when you are broke. You can be able to spend a day even with little to no money at all. Plus, you get to cringe on expenses. You appreciate long walks rather than riding a taxi. You get to join in your dad’s car in order to save on transportation. Bringing left over food is a no-brainer at all. You do your own laundry instead of entrusting it in your local laundry store. Then from there, you can see what you are really made of.

Lesson 3: Appreciating what’s important and money.

Remember the phrase, you don’t know what you have til it’s gone? Same thing when you realize you have no money at all. Whenever you get your salary you learn to appreciate its value and you would want that money to prolong in your care. From there, you would not want to spend it carelessly instead you develop a budget and save your money. Aside from knowing the value of money, you also get to appreciate the people who supported you during your “broke” phase. They were there to help you out with your finances. And you get to value those people more.

Being broke is just a phase. You will soon get over it. True it might take some time before you can pull yourself from that quicksand. But always remember the lessons that you learned so that you will not be experiencing it again.

P.S To those doing the 52 Week Money Challenge, it is Week 3 already! Did you deposit the next amount yet?

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