A Reader Question: What To Do When There’s No Money And No Hope

While I’m away I’ll be posting some questions that readers have sent to me along with the answers. (Names have been changed)

Reader Question:

Hi Anna! 

I have been looking for help for my spending disease for SO long. Thank you for being there for us. I am excited to start but terrified of failing. I wake in the morning and go buy coffee for 64 cents. I justify it by saying that if I bought coffee and cream at the market, more than likely the cream would spoil and then it would be a waste.

This is just a little example of what I mean. I have a MUCH bigger problem at the thrift stores (which I adore) since shoes are only $3-5. Can I change this attitude? I am not really in debt, as much as I am underwater in my income vs. living expenses. I am retired and on disability with a fixed income (SS). I am $150 a month short on just bare living. Is there ANYTHING I can do? It seems so helpless most of the time. 

Thank you for reading this and any help would be great!

Kathleen

 

Hi Kathleen,

Thank you for your email. There is definitely something you can do. Take your power back!

1. Determine what you want out of life. What are you goals? Think about it this way: what do you truly want out of life? What do you want your life to feel like everyday?

2. Evaluate where your money is really going. Look through the last 3 months of your bank statements to see it all on paper. If you use cash more than your debit card then start to track all of your spending for the next month.

3. Then, make your Wants and Needs.

4. Next, (this is what I did) cut out your Wants.

5. Set a time frame. 6 months, a year, etc. The beginning is the hardest part so I recommend a year.

6. Know that it is going to be hard.

7. It will be hard. Look back at what you wrote in your #1.

8. Keep going. Everyday look back at what you wrote in #1.

9. The end of the month comes. You’ll see that there is money left when there used to not be any money left.

10. Start the new month.

Remember that if you mess up, and you will mess up (I messed up a lot) keep going. Choose to change your life and your financial situation the next time you’re faced with a choice to spend money or not. I used to overspend every month by $200-$300 every month. I was hopeless too. I cut the spending cycle cold turkey.

It’s what worked for me. Be committed to the process.

Also, a great resource is the Community section on my blog. Connect with like-minded people and get support.

Hang in there Kathleen and stay strong.

Anna
2 comments

in Do Without, Paying Off Debt, Struggle, Take Action

2 Comments

  1. Ross Beal // November 11, 2011

    Very informative! If you or a friend is like the estimated 1 in 4 California Homeowners who owe more on their home than it is worth. Our Fresh Start Program allows an underwater homeowner to Own their Home at “Today’s Market Value” and Eliminate their Negative Equity!  

    Today, many homeowners are overpaying on an existing mortgage in hopes that someday the home value will recover, or they have decided that not paying is an option because it really makes no economic or business sense to continue to overpay on a devalued asset.

    Take less than 3 minutes to watch a quick video that provides you with an overview of this Fresh Start program: http://vimeo.com/31786629

    We are NOT associated with any Government Program. I'm sure you are aware of the Obama Administration's New Housing Plan turned out to be a Disappointment for Millions as it WILL NOT do principal reductions.

    Our legal counsel, Gerachi Law Firm, has reviewed our program and states the following: “The Fresh Start program is straightforward, legal and transparent and has undergone extensive legal review”

    If you or a friend of yours is serious about keeping their home and would like to discuss our program, my schedule is very busy so I will not be viewing this website anytime soon. However, I will be more than happy to answer any questions that you may have by sending me an e-mail to: equityrecovery@877the1stop.com

    Warmest Regards,
    Ross Beal
    Janus Group Inc.

    P.S. We pay referral fees too

  2. THE-LOUDMOUTH // January 1, 2014

    I wish I could find coffee that cheap!

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  • Anna

    Hi, I'm Anna! I paid off close to 24k in debt in only 15 months & it completely changed my life! I want you to have a debt-free life too so here you'll be able to read all about: How to do a Spending Fast®, saving & making more money, DIY's, & a lot about living awesomely with less. Let's do this!

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