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No Financial Dependence

by Kristen Dean 2 years ago in personal finance
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How to kick the habit asking for money

I know it's a lot easier to ask people to lend you money but what if you can't afford to pay back your friend ? Now you begin to feel guilty. As the individual you may even tried to avoid your friend. It is not a matter of whether you're bad person or not. A matter of observing your finances and seeing why you cannot pay money. Lending money to a friend or a relative isn't such a lousy idea. Giving money can be helpful, when someone is in need of cash immediately. Example: If that person's electric bill is due today but he/she don't have any money left in their bank account. The actual downside of asking for money is it can turn into a bad habit. Some people have ended up asking for money from others and never pay them back. Soon the individual won't be able to afford anything because he/she owe people money. You may not be able to buy other items. You may lose track how many people you owe. The best way to get money is having side hustles. For example: sell things you don't use anymore. Websites like where you negotiate with others on what price to pay for your stuff. Getting paid from websites between $5 and $10, the more money you will be able to pay for a late overdue bill. Let's say you save $10 for 7 months; that will equal to $70 total. Good enough to buy food from grocery store. Relying on your family's bank account could keep a person oblivious to money. If you never had to work before in your life. You will be at a huge disadvantage. It's one thing to ask for $8 from your mom or dad. To not know how to obtain $8 is a different problem. One downside to being financially dependent is not taking the time to think about how much is being spend. Another example: who's been working at the same car factory for 20 years. Becomes physically disabled after a leg injury. His doctor tells him he won't be able to work. Your mother cannot work due to her mental disability. So as of now you are left with two options. Deal with having no allowance or get a job. Earning would be the better option. Why? You learn as you go along. Building connections or develop new skills. But here is the one good reason. Knowing how much you get paid per week helps you see where your financial situation is. Soon the individual will know what to do. Budget how to spend your paycheck. Also how to save some of your paycheck. You get to realize what you can afford verses what you cannot. For the most part you Will gain some money on your own. After depositing your first paycheck in bank account. You can begin counting your dollars on paper . Start to decide how much cash to withdrawl each week. Taking out cash is a way to count someone's pennies. Saving some cash in a jar is a good place to start. At this point you will be able to something in your pockets at all times. Which will give you the ability to have your own money and won't have to ask anybody to lend you anything. One trick to remember is when you're about to run out of cash. Save $2 in your wallet then deposit it in your bank. To add more money to that $2. Earn $5 from an app and it will equal to $7. Another trick is to have a side hustle. The way to have a side hustle is to know what you can sell quickly. If good at making jewelry. There is a very good chance to make sales. Another: get a investment account open. Receiving returns on your investment will help you to be financially independent. After you invest $100 in the stock market. The return from this amount of money is very rewarding. If you can't afford to put $100, start investing $10 then wait for a few months.

personal finance

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Kristen Dean

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