BreadBox Leadership



3 Tips for People Who Are Always Out of Money

Hey millennial…when’s the last time you checked the balance of your bank account? Today? How many times have you checked it since yesterday?

If you’re like most American’s, you’ve likely checked your account balance three times today. And why do you check it so often? Because you’re afraid you’ll run out of money.

We’ve all been there, and it’s super frustrating. The issue of money management is one of the biggest dilemmas of our generation.

So how do we fix it?

It may seem simple, but understanding and applying these three tips with finances can help improve your money management dilemmas:

1.) Get on a Budget

Budgeting isn’t as complicated as it sometimes seems. A simple definition for budgeting is "the process of creating a plan for your money.” Just like making plans for vacation, or plans to hangout with friends, budgeting is simply telling your money where to go and what to go toward.

Where do you start with budgeting?

You need a great and simple budget tool, or else you’ll get overwhelmed. Here’s two great budgeting tools:

    This is an online platform and app designed for simple and stress-free budgeting. It’s a really straightforward system that allows you to see the breakdown of where all you’re money is going. You can also input all transitions into each category of expenses (i.e. category “Food”— $8.16-Chipotle) so you know exactly where your money is going.

    If you’re in for a more simple budgeting tool, try using Dave Ramsey’s zero-based budget form! It’s simple enough to get you started budgeting!

2.) Stop spending money you don't have

Almost everyone in America has a credit card and a pile of debt. In fact, it almost seems un-American to not have a credit card or debt.

If you’re spending money that you don’t have, you’re only making matters worse for yourself. If credit card debt is causing you a lot of trouble, you may have to do something radical: cut up your credit cards. Only use the money you have. Proverbs 22:7 says, “the borrower is slave to the lender.” Do you really want to be considered a slave? If debt is your master, find ways to get rid of it!

Don’t believe debt is a problem? Check out this article by Dave Ramsey called The Truth about Debt.

3.) Honor your commitment to financial freedom

Don't cheat on your financial freedom. Much like being a committed boyfriend, girlfriend or spouse, it's wrong and destructive to cheat on your finances. 

  • Set a budget and stick to it - Be intentional - only spend what you budgeted for!
  • Commit to getting out of debt - Debt isn't normal. Run from it, pay it off, get out!
  • Find accountability - Maybe it's your spouse, friend or parents. You need people to hold you accountable!
  • Know your limits - Don't eat out every night, buy that new outfit, or "treat yo self". Stay in bounds with what you have.

If you can't honor your budget plan to financial freedom, you'll live your whole life as a slave to money. To get out from under the weight of financial slavery, become a master of the money that has held you down for so long.

There's so much more to finances then the things listed above. We'll be posting more posts about leading yourself into financial success!