What you shouldn’t do when you are broke

Nobody ever plans to be broke. You probably know you’d be broke, I mean, your bank account statement is that transparent. Thing however is that there is usually some sort of hope. Maybe the check will come through, maybe your debtor will finally pay your money. Maybe maybe. Until there is no more money!

There was a time I was so broke that I could not afford sachet water. Fortunately, I didn’t have to bother about moving around because I stayed indoors all through. It was during my Masters program so I could afford to stab classes or anything school-ish. But there was no food, there was no water. That was how broke I was.

Of course, I made bad financial choices on some occasions. We can’t deny that we don’t know why we got to the broke point. It’s either you are not earning enough or you are spending too much. For me, it was both. I don’t know how to explain that, maybe some other time.

While I was brainstorming on what to write, I came across Kezzygrace’ s post on what to do when you are broke. I was immediately inspired to share my thoughts on what not to do when you are broke. I didn’t even read hers just yet. I wanted to be done pouring out my own thoughts and heart’s content on this.

Take a loan 

It’s very uncomfortable to be broke. All your thoughts are on how to end it immediately. If what you have to do to make it end is to take a loan, you are immediately up for it but just wait a second. Try to wait this period out.

Instead of taking a loan, wait for this period to go away. Try asking trusted friends for a few Naira to pull through. Sometimes you just have to drop your ego. Everyone’s been through rough times in life. They may not be financially related but be assured that people have gone through a lot to get to some points in their lives.

This is where I say it is important to build solid relationships. Build relationships with people, not for now, or what you can immediately get but for the sake of having one more person to go through life with. You might even be the one to lift someone up.

Try not to take a loan. This may be financial disaster upon financial mess. It is a set up for sleepless nights especially if you don’t have a clear cut plan on how to repay.

Pretend like you have more than enough

I don’t know what unrealistic standards you might have set for yourself in the face of the public but know that it will ruin you more than give you image accolades. If you cannot afford anything, politely decline. If when you are broke is when they come with aso-ebi worth thousands of Naira, simply pass.

Don’t be tempted to show-off what you don’t have in a bid to appear financially buoyant. We know that the state of being broke is relative. For some people, it might mean not being able to afford an outfit worth hundreds of thousands of Naira. For some, it might be not being able to afford sachet water during their Masters program.

If your broke state allows you to still throw a few bucks around without you sinking, oh well. If it doesn’t, why go too far to please or exaggerate your financial status?

Move on when it’s over

No o, don’t just pretend like being broke is a one off thing o. See, if you don’t take it seriously, you are going to go broke again and again. While you are in the state of being broke, or just while you are recovering from this financial downtime, take time to assess and examine yourself.

Where did you go wrong? What did you do? Do you have to cut back? Do you have to earn more? How can you earn more? Should you set up an emergency savings plan?

Begin to brainstorm on how this won’t occur again or occur too frequently. Going broke can cause you to make bad decisions on your life generally so it’s best to not be in this position if there is something you can do about it.

How did you pull through when you were broke? What did you do? Please share in the comments section.

Related:

8 Practical Ways to Save Money
Realistic ways to stop impulse buying

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