Tuesday, 11 February 2020

What to Do When You Don't Have Money - 10 Options to Explore When You are Broke

What to Do When You Don't Have Money


One of the most frequently asked question on The Millionaires Giving Money Blog is What to do When You Don't Have Money. Unfortunately, in this day and age there are people who are broke and need help with money. The number of people living on or below the breadline is mind-boggling. The good news is there is help out there. If you're having financial difficulties there are places where you can get help with money. In this post, I will be sharing 10 options on what to do when you don't have money. If you have any questions regarding personal finance please leave a comment below or contact me direct. Remember, if you are in financial despair there is always a way.

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What to Do When You Don't Have Money



Option 1: Are You Entitled to Welfare When You Don't Have Money?


Here is what to do when you don't have money, the first question you need to ask yourself is are you entitled to welfare benefits from the Government. The Government has a whole range of benefits for it's citizens who are experiencing financial difficulties. If you are unemployed you can get unemployment benefits, if you are struggling with rent you can get rental assistance. If you are in financial despair there are emergency benefits that will pay immediately. All you have to demonstrate is that you are broke and need money quickly. The best way to get advice is to go to charities and ask for help, these organisations know all the ins-and-outs of the welfare benefits systems and they will help you.


Options 2: Ask Parents for help When You Don't Have Money


No one likes to turn to parents for money, the dreaded lecture on personal finance is enough to deter kids from pestering their parents. However, this is exactly what to do when you don't have money. Swallow your pride and ask for help, usually after the dreaded lecture on personal finance your parents will start to offer emergency financial assistance to help you when you are most vulnerable. Reassure your parents that you have every intention of paying the money back and if that is not enough ask for a loan where you sign a contract agreement so everything is professional. 


Option 3: Ask Friends for Help When You Don't Have Money


Asking close friends what to do when you don't have money can be very useful. Informing your close friends about your financial hardship will not only lighten your load but they might be prepared to help. No one likes to see a friend going through financial hardship. Just mention your situation and that you have nowhere to turn to. Your friend will almost always help you even if it is a few hundred dollars to get you back on your feet.

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Option 4: Selling Stuff When You Don't Have Money


Option 4 on the What to do When You Don't Have Money is to sell stuff. We all have stuff around the house we no longer need and could serve a purpose to other people. Re-purposing is all the rage at the moment. All you have to do is have a look around your house and find items you no longer need and then put them up for sale on sites like eBay, Amazon, Craigslist and many more. You can definitely make money this way when you need emergency financial assistance. Have a go and see how much money you could make to remedy your financial despair situation.


Option 5: Get an Under The Table Job When You Don't Have Money


Many people are experiencing financial hardship when they lose their jobs. Unfortunately world economies are experiencing hardship and a lot of people are going unemployed. During these uncertain times getting an under the table job is what to do when you don't have money. Under the table jobs include painting, decorating, gardening, teaching, and many other jobs. In total there are hundreds of under the table jobs that you could do and these jobs are near you. When you are experiencing financial hardship you should see how much money you can make with under the table jobs. Even if you could supplement your income by 1000 dollars every month this would be very useful for getting you out of financial despair.


Option 6:  Ask Charities For Help When You Don't Have Money


Charities like the Salvation Army are here to help you when you ask questions like - what to do when you don't have money. Find a charity that provides emergency financial assistance and advice, explain your situation in detail and ask them if they can help or at least point you in the right direction. Trust me, this is the best thing to do when you have hit rock bottom and the only way is up. Get all the advice from these invaluable organisations and put it into practice and see how your circumstances change. You will get a place to stay and food and you will be given all the resources you need to claim welfare benefits. You can then start to think about getting a job which will inevitably lift you out of poverty and financial hardship.


Option 7: Apply for Bank Loans When You Don't Have Money


When you're about to go broke it might be time to ask your Bank for a loan. I know this might sound like unusual advice when you ask what to do when you don't have money, I mean who will lend to a person who is about to go broke. If your credit score is still in tact the Bank may approve your loan without needing to know your situation, you could then use the money to bridge yourself and get another job. This way you won't need emergency financial assistance and you could go on as normal and then repay the bank once you have more income coming in. This is a risky strategy but when you don't have money, desperate situations call for desperate actions.


Option 8: Make Money Online When You Don't Have Money


What to do when you don't have money? make some money online of course! Did you know that you can easily make 100 dollars per month just taking surveys online, if you knuckle down and really hone in on a skill and provide good value you can make a lot of money online. Make a list of all your skills and see if there are any web platforms that will allow you to monetize your skills. For example, if you love to design website offer your services on sites like Fiverr.com. If you have exceptional design talent you could design t-shirts and other merchandise on sites like Redbubble.com and Amazon Merch, there are so many opportunities to make money online and I'm just scratching the surface. Give this option some serious thought because if you can bring in 1000 dollars additional income every month it could come in really handy.


Option 9: Up Your Financial IQ - What to Do When You Don't Have Money


If you're always asking questions like what to do when you don't have money it's time to do some self reflection. Chances are your financial IQ is low and needs supplementing. You should definitely read Personal Finance Books such as Rich Dad Poor Dad, 7 Habits of Highly Effective People and many more. If you don't like the idea of reading you can listen to audio books on sites like Audibles.com. Your aim is to become knowledgeable in personal finance to a point where you have absolute clarity on what you have to do to get yourself out of financial despair and no longer needing emergency financial assistance all the time.


Option 10: Practice Good Personal Finance When You Don't Have Money


When you hit rock bottom and you're asking questions like what to do when you don't have money it's time to practice good personal finance. You should learn to budget and get your finances under control. Learn to really slash your expenses and I mean reducing your expenses by about 50%. Learn to boost your income by 100% and you'll instantly feel better about your money. Always save your surplus money and build up an emergency fund. Once you have a sufficient emergency fund you can start investing your money. Seriously! If you put these good habits into practice you will start to feel good about your money.

If you have any questions on what to do when you don't have money please leave a comment below or send me a message and I'll try my best to get back to you. All The BEST. 

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